AMERICAS: Boeing reports $1.6 billion loss in Q3

The Boeing Co’s troubled 787 and 747-8 programmes, along with the global economic recession dragged down its third-quarter earnings, causing the company to report a US$1.6 billion loss Wednesday. “We look forward to getting the 787 and 747-8 in the air soon and moving forward with flight test and certification for these two important programmes,” […]


The Boeing Co’s troubled 787 and 747-8 programmes, along with the global economic recession dragged down its third-quarter earnings, causing the company to report a US$1.6 billion loss Wednesday.

“We look forward to getting the 787 and 747-8 in the air soon and moving forward with flight test and certification for these two important programmes,” said Jim McNerney, Boeing’s chief executive.

Last month, Boeing disclosed a $1 billion charge on its delayed 747-8 Freighter program and earlier in August, Boeing had announced it would take a $2.5 billion charge on its 787 Dreamliner program. On Wednesday, Boeing announced that it wrote down another $138 million on the program between
August and September.

Both Boeing and Airbus have been faced with increasing requests for delivery deferrals or order cancellations as airlines struggle with steep air traffic declines. Boeing booked 96 gross orders for commercial jets in the quarter but logged in 17 cancellations. The company delivered 113 aircraft in the third quarter.