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By Doug Cameron and Andrew Tangel Boeing Co. reported its sixth consecutive quarterly loss but said it is at an inflection point as production and delivery of new jetliners hinge on vaccination rates and trade relations between the U.S. and China. The aerospace giant resumed deliveries of 737 MAX and 787 Dreamliners during the quarter but continues to be dogged by quality problems. The company booked a charge on its work replacing the presidential jets that fly as Air Force One because of issues with a supplier. The patchy recovery of global air travel remains the biggest issue for Boeing and its huge supply chain, with domestic markets in the U.S. and some parts of Asia recovering to pre-pandemic levels while Europe and long-haul travel struggle.
By Doug Cameron Boeing Co. said its work on replacing the Air Force One presidential jets is behind schedule, taking another charge on the loss-making program that has added to the financial pressures from the stuttering recovery of its commercial airliner business. The aerospace giant is contracted to deliver two converted 747-8 jumbo jets by the end of 2024, but has been forced to switch suppliers for some of the interior work on the planes. It took a $318 million pretax charge on the project in the latest quarter, the second in a year and the latest drag from a defense unit that it is relying on to carry it through to a recovery in commercial airline traffic.
Boeing reports loss as Air Force One work drags foxbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foxbusiness.com Daily Mail and Mail on Sunday newspapers.
Aerospace & DefenseBoeing extends CEOâs retirement age, a vote of confidence during crises
Sanjana ShivdasEric JohnsonSanjana Shivdas
3 minutes read
Greg Smith, Boeing CFO, is seen during the 53rd International Paris Air Show at Le Bourget Airport near Paris, France, June 17 2019. REUTERS/Pascal Rossignol
Boeing Co (BA.N) announced the retirement of its finance chief for the past decade, Greg Smith, sending its shares down as the unexpected departure rattled investors while the crisis-hit jetmaker signaled stability by prolonging its chief executive.
Boeing extended the company s standard age-65 retirement to age 70 to allow CEO Dave Calhoun to serve in the top job, a vote of confidence and a play for continuity as the U.S. planemaker battles to recover from the coronavirus and 737 MAX crises.