This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Boeing Posts $1.6B Loss on Charges

CHICAGO ( TheStreet) -- Boeing (BA - Get Report) reported an expected third-quarter net loss after it said it would take charges for delays in two key programs, and it reduced full-year earnings guidance.

The aircraft maker cut full-year 2009 earnings guidance to between $1.35 and $1.55 a share, down from $4.70 to $5, to reflect delays in the 787 and 747 programs. Analysts surveyed by Thomson Reuters had been looking for earnings of $1.53 a share.

For the quarter, Boeing reported a net loss of $1.6 billion, or $2.23 a share. Analysts had estimated a loss of $2.12 a share. Revenue rose 9% to $16.7 billion; analysts had estimated $17.2 billion.

> See The 787 Boeing Dreamliner

The loss reflected charges of $3.59 a share, including $2.46 a share related to 787 cost reclassification for the first three 787 aircraft, and 99 cents a share for 747 charges. While those charges were expected, Boeing also disclosed a charge of 14 cents a share for spending on the first three 787 aircraft in August and September.

The charges were "partially offset by solid performance in other commercial airplane programs and the company's defense business," Boeing said Wednesday. A year earlier, Boeing earned $695 million, or 96 cents a share.

"The 787 cost reclassification and the 747 charge for increased costs and difficult market conditions clearly overshadowed what continues to be otherwise solid performance across our commercial production programs and defense business," said CEO Jim McNerney, in a prepared statement.

Boeing Commercial Airplanes' revenue guidance remains unchanged at between $34 billion and $35 billion, while 2009 delivery guidance remains at 480 to 485 aircraft. Revenue guidance at its Integrated Defense Systems division remains unchanged at $33 billion to $34 billion.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
BA $152.67 2.60%
AAPL $126.35 2.50%
FB $83.18 -0.14%
GOOG $551.83 0.64%
TSLA $194.50 5.10%

Markets

DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs