fbpx
Stylish and compact, these new Canon instant printers make creative pursuits easyRead more Nigerian Law Enforcement agencies open investigations on Hawilti and company executives for criminal breach of trust, cheating, defrauding investors schemeRead more Famine looms in Somalia, but many ‘hunger hotspots’ are in deep troubleRead more Launch of the 3rd Edition of the Choiseul Africa Business Forum, a Must-Attend Event for the Business Community in Africa October 19th & 20th, 2022 in Casablanca, MoroccoRead more World’s Biggest Afrobeats Music Festival Afro Nation Extends Partnership with APO Group until 2025Read more Master Trainer (MT) National Meeting on Sustainable Coffee Practices Organized by The International Islamic Trade Finance Corporation in Collaboration with The Sustainable Coffee Platform of Indonesia (SCOPI)Read more Thai Ambassador met the Thai Community in Dar es Salaam and Zanzibar and visited the Buddhist Temple in TanzaniaRead more Generation Africa awards US$100,000 to two young agripreneurs from Kenya and Uganda in the fourth annual GoGettaz Agripreneur Prize Competition at the African Green Revolution Forum Summit in Kigali, RwandaRead more Medicaid Cancer Foundation and AstraZeneca celebrate Prostate Cancer Awareness month with the launch of Project Icon NigeriaRead more Eight Tokyo International Conference on African Development (TICAD8): President Barrow Discusses Inclusive Development in The Gambia with United Nations Development Programme (UNDP) Assistant AdministratorRead more

Boeing reports $1.2 bn loss on 777X delay, Russia costs

show caption
Boeing has again pushed back the timeframe for first commercial deliveries of the 777X, shown here at the 2021 Dubai Airshow./AFP
Print Friendly and PDF

Apr 28, 2022 - 06:16 AM

NEW YORK — Boeing reported a $1.2 billion first-quarter loss Wednesday, hit by a series of new one-time costs on its Russia business, the Air Force One presidential jet and the new 777X plane.

The big US aerospace company now expects first deliveries of the 777X in 2025, resulting in a $1.5 billion hit to earnings. Results were also dented by costs of $1 billion connected to Air Force One and a second military aircraft, the T-7 Red Hawk, and $212 million related to the conflict in Ukraine.

The loss marks the latest round of disappointing results for the commercial jet maker, which has also suspended deliveries of its 787 jet due to a series of production issues.

Revenues came in at $14 billion, down eight percent, and — as with profits — missing analyst estimates.

Work on the 777X began in 2013, but the timeframe has been repeatedly pushed back as Boeing works to address certification questions from US air safety regulators. Under the most recent schedule prior to Wednesday’s deliveries, Boeing was to commence deliveries in late 2023.

Shares tumbled 4.2 percent to $160.10 in pre-market trading.

MAORANDCITIES.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.