Archive for Thursday, July 24, 2003

Boeing reports second-quarter loss

July 24, 2003

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— Boeing Co., struggling in both the commercial space and airplane markets, reported a loss of $192 million for the second quarter on Wednesday and said it expected 2004 profits to fall well short of previous forecasts.

The results, dominated by a $1.1 billion charge reflecting the problems in its satellite and launch businesses, signal Boeing's first back-to-back quarterly losses since 1997, after its takeover of McDonnell Douglas.

Despite a continuing strong performance from its portfolio of defense businesses, the world's largest aerospace company lowered its estimate for next year's earnings by 35 cents per share to a range of $1.75 to $1.95 a share.

It also narrowed its forecast for 2004 deliveries to between 275 and 290 airplanes -- tightened from 275 to 300 -- although it said it remained on track to deliver 280 planes this year. It pegged revenue at $52 billion for next year instead of a range of $52 billion to $54 billion.

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