Boeing Reduces Production of 777Jetliners, Raises Dividend
Slowing sales forces Boeing to cut production of its 777 jetliners, but the company also raised its dividend and authorized a share buyback.
Boeing (BA) - Get Report is cutting production of its 777 passenger jetliner to five begin next summer, due to a slowdown in sales. That represents about a 40% production cut, and it will also lead to the elimination of jobs. But the company said the cutback in its 777 won't alter its financial forecast. Boeing is also increasing its dividend by 30% and authoritizing 14 billion in share repurchases, which was more than analysts expected. Reuters reports Boeing has booked 17 orders for 777s this year, down from 58 in 2015.
