Boeing Reports a Loss for Last Quarter

Recommended Sources

About Government Industry

BNET Government provides daily industry trends and global news coverage with insights for managers and executives within the world wide business of government contracting. We analyze new and interesting contract awards, government policy changes, and the trends in procurements and spending. There will also be discussions of the sector with a focus on small and innovative companies and business lines. The world's governments spend billions each year on a variety of hardware and services and the site will discuss how the money is being allocated.

Boeing reported a loss for the last quarter of last year. CNNMoney.com also reports that aerospace company is lowering expectations for 2009. The company also has plans to cut about 10,000 workers company wide to control costs. Analysts had predicted that Boeing would make about $7.00 a share in 2009; while the company announced that it expects earnings to be around $5.05 to $5.35. The company posted a $56 million loss compared to $1 billion profit reported in the comparable quarter in 2007. Boeing is waiting on several large government contracts including the KC-X tanker and the CSAR-X competition. Boeing had won the CSAR-X but lost the contract on protest and are awaiting a new decision based on updated proposals. The KC-X was successfully protested by the Illinois based company and the Department of Defense plans a new competition soon.

Tags: ERROR: brand required [TR|ZD|BN] e.g. searchapi.php?brand=TR&mode=document

Matthew Potter works supporting US Army aviation programs. He holds degrees in history as well as studying at the Defense Acquisition University. He has written for Seeking Alpha and at his own website, Defense Procurement News.

BNET User Analysis

Voice your 2cents

Web Buzz:

Boeing posts quarterly loss; slashes view, plans 10,000 job cuts

MarketWatch - 300 days 20 hours 1 minute ago

NEW YORK (MarketWatch) -- Boeing Co. lowered its 2009 earnings outlook on Wednesday to reflect weakening economic conditions, saying it plans to more than double job cuts to about 10,000 as the aerospace giant weighs the possibility of a modest production cut for the year. "The global economy continues to weaken and is adversely affecting...
Ireland’s pubs vow to go green to cut costs

Belfast - 198 days 9 hours 37 minutes ago

Pubs across the Republic of Ireland are set to go green in a bid to cut costs — and combat a predicted 10,000 job losses over the coming years. They will install water-saving devices in toilets and switch off lights in unoccupied areas in a bid to slash energy bills. The Vintners Federation of Ireland, which represents rural pubs, is to launch...
Glaxo to ax workers in $1.45B restructuring

Fierce Pharma - 292 days 18 hours 18 minutes ago

In news that the market read as ominous, GlaxoSmithKline wouldn't forecast its 2009 numbers. And in news that Glaxo employees must have considered ominous, the company confirmed its intent to cut more jobs--and in the new spirit of withholding info, refused to estimate how many. Here's the thing: The last time Glaxo unveiled a restructuring...
The Market Loves The New York Times Layoffs

Silicon Alley Insider - 243 days 15 hours 51 minutes ago

It's not enough cost cutting for us , but the market loves the New York Times layoffs and pay cuts . The stock was up over 7.00% to $4.89/share last time we checked. Cut the newsroom 30% like we want and maybe the stock get a little closer to its 52-week high, $21.14 Join the conversation about this story » See Also:
Goodrich Continues Trend of Strong Earnings for Aerospace and Defense

BNET Government - 292 days 15 hours 47 minutes ago

The majority of the big defense contractors that have reported had strong quarters. Boeing was the only major one so far to report a loss. Northrop Grumman would have had a profit except for acquisition write downs. L-3 did record business and now Goodrich reports strong numbers. CNNMoney.com writes that for 2008 income was up over twenty-four...