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Boeing reports third-quarter loss Design changes cause Boeing loss
(30 minutes later)
Boeing has announced worse than expected third-quarter figures, reporting a net loss of $1.6bn (£974m). Aircraft maker Boeing has blamed a third-quarter net loss of $1.6bn (£974m) on rising production costs and poor market conditions.
The loss at the world's second-largest plane maker compared with a profit of $695m a year earlier.
The latest results reflect charges incurred to modify Boeing's 787 Dreamliner and the new updated version of its 747 jumbo jet.The latest results reflect charges incurred to modify Boeing's 787 Dreamliner and the new updated version of its 747 jumbo jet.
The loss was steeper than anticipated and has led to the company cutting its profit forecast for 2009. The steeper-than-anticipated loss has led the company to cut its profit forecast for 2009.
Shares in the firm dropped 2.4% to $50.64 in pre-market trade after the loss was announced. Shares in the firm fell 2.4% to $50.64 after the figures were announced.
The loss compares with a profit of $695m made in the same period a year earlier.
In August, Boeing said it would take a charge of $2.5bn because the first three test Dreamliners were undergoing so much modification that they had no commercial market value.In August, Boeing said it would take a charge of $2.5bn because the first three test Dreamliners were undergoing so much modification that they had no commercial market value.
The company then added a $1bn charge for higher costs and lower demand than it expected for the 747-8.The company then added a $1bn charge for higher costs and lower demand than it expected for the 747-8.
Boeing also said that it would postpone the first flight of the freighter version of the 747-8 to 2010.Boeing also said that it would postpone the first flight of the freighter version of the 747-8 to 2010.