Boeing posts $1.2bn loss as 777X production delayed
Boeing Co.
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US aerospace giant Boeing posted wider first-quarter losses on Wednesday as it took a hit from costs on its Russian business and its new 777X aircraft.
Dow Jones I.A.
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The company reported losses of $1.2bn compared with a $561m loss in the same period a year ago.
Boeing said it would pause production of the 777X, which has not yet been certified by US regulators, until next year, leading to $1.5bn in abnormal costs starting in the second quarter.
First deliveries of the 777X are now scheduled for 2025. Results were also affected by costs of $1bn connected to Air Force One and a second military aircraft, the T-7 Red Hawk, and $212m related to the war in Ukraine.
Revenues came in at $14bn, down 8% and missing analyst estimates of $16bn.