Boeing reported a second-quarter net loss of $428 million, or 67 cents a share, as a $280 million charge on the program to build the next generation of Air Force One aircraft pushed results well past analyst expectations.
Stripping out one-time items, Boeing’s loss came to 76 cents a share, more than double the 30-cent shortfall analysts had penciled in, according to CNBC
Quarterly revenue climbed 8% year over year to $24.56 billion, topping the consensus estimate of $24.25 billion. The Air Force One charge came inside Boeing’s Defense, Space & Security segment, which swung to an operating loss of $15 million in the quarter from operating profit of $110 million a year earlier. The company said it took the $280 million VC-25B loss as it ramped up investment in additional production and certification resources, and said it still expects first delivery of the aircraft in 2028. “While we’re making progress on our development programs, you’re never done until you’re done,” Chief Executive Officer Kelly Ortberg said in a note to staff, according to CNBC.
On the commercial side, Boeing’s results improved. The Commercial Airplanes segment posted revenue of $11.8 billion, up from $10.9 billion a year earlier, as deliveries climbed 14% to 171 planes from 150 in the same period last year. The segment’s operating loss narrowed to $322 million from $557 million a year ago.