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Jul26
The Boeing Company Takes Loss After Government Settlement
The Boeing Company (BA) yesterday reported a quarter loss only because of a $1.1 billion dollar charge in settling a previously announced charges to settle government investigations into its defense unit and to cover the costs of delayed surveillance aircraft.  Boeing which is outselling Airbus in planes this year by nearly 2 to 1, has lowered this year's forecast but has upped next years on strong sales of new planes. 
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Boeing reported a loss of USD$160 million for the second quarter, compared with a profit of USD$566 million in the year-ago quarter.

Revenue rose 2 percent to USD$15 billion.

boeing_logo.jpgThe loss came after a USD$615 million settlement with the US Department of Justice, announced last month, to end two high-profile criminal investigations into its hiring of a former Air Force weapons buyer and its appropriation of thousands of Lockheed Martin rocket program documents.

Boeing also took a charge of USD$496 million to cover the extra costs of delayed surveillance aircraft being produced for Australia and Turkey. Last month, the company said it would take a charge of USD$300 million to USD$500 million for the delay.

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