Boeing profits slashed for Q1

BOEING’S first quarter (Q1) profits dropped 50 per cent: down to US$610 million from $1.21 billion for Q1 last year.

Boeing says that the drop is due to it having to cut production because customers have been deferring delivery of new aircraft.

Revenue increased slightly by three per cent to $16.5 billion.

“The expanded global economic downturn is presenting unprecedented challenges in our commercial airplane markets,” said Boeing chairman, president and chief executive officer Jim McNerney (right).

“We believe we are better positioned than most companies to withstand the ongoing pressures of this economy and we are not hesitating to take necessary actions to preserve our financial strength and maintain our ability to invest and grow for the long term.”

Share this story

Related topics

Latest news

Wings for Aid scoops TIACA Award

By Damian Brett

Wings for Aid has been named as the first winner of TIACA’s first sustainability award, sponsored by CHAMP Cargosystems. The…

Read More

Lockheed Martin LM-100J gets FAA type certificate

By Damian Brett

The Lockheed Martin LM-100J commercial freighter received its type certificate from the Federal Aviation Administration on November 15. The aircraft…

Read More

It’s plane sailing for Bei Bei the panda

By Damian Brett

FedEx has flown a four-year-old male panda, Bei Bei, from Washington DC to Chengdu. Accompanied by one panda keeper and…

Read More