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

Boeing said a $1.2 billion first-quarter loss Wednesday, was hit by means of a series of new one-time costs on its Russia enterprise, the Air Force One presidential jet, and the new 777X plane.

The huge US aerospace agency now expects the first deliveries of the 777X in 2025, ensuing in a $1.5 billion hit to earnings. Results had been also dented through fees of $1 billion linked to Air Force One and a second navy plane, the T-7 Red Hawk, and $212 million associated with the battle 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 at the 777X commenced in 2013, but the time frame has been repeatedly pushed lower back as Boeing works to address certification questions from US air protection regulators. Under the maximum latest timetable previous to Wednesday’s deliveries, Boeing becomes to begin deliveries in past due 2023.

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