Fake medicines kill almost 500,000 sub-Saharan Africans a year: United Nations Office on Drugs and Crime (UNODC) reportRead more Climate crisis and migration: Greta Thunberg supports International Organization for Migration (IOM) over ‘life and death’ issueRead more United Nations (UN) Convenes Lake Chad Countries, Amid Growing Regional CrisisRead more 11 Disruptive Startups Selected for Cohort 3 of the Africa Startup Initiative Program (ASIP) Accelerator Program powered by Startupbootcamp AfricaRead more Africa Data Centres breaks ground on new Sameer facility in NairobiRead more Coffee with a human face: A union that improves livelihoods for Ugandan farmersRead more Trends Predicted to drive the retail industry in 2023Read more Vantage Capital exits Pétro IvoireRead more Afrobarometer charts path for Round 10 surveysRead more Unified communication and collaboration trends for 2023 (By David Meintjes)Read 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.

  • bio
  • twitter
  • facebook
  • latest posts

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.