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Boeing Posts Quarterly Loss, Blames Strike ImpactJanuary 28, 2009 By: Travel Agent Central Contributor
Boeing Company’s fourth-quarter net income declined to a loss of $56 million, or $0.08 per share, reflecting the now-settled machinists' strike. Revenues for the quarter declined 27 percent to $12.7 billion, due primarily to the effects of the strike which reduced commercial airplane deliveries by approximately 70 units and revenues by an estimated $4.3 billion. For the full year of 2008, net income fell 34 percent to $2.7 billion and revenue fell 8 percent to $60.9 billion.
"The progress we made in many areas of Boeing during 2008 was outweighed by the impact of the strike and our performance on some key development programs," said Chairman, President, and CEO Jim McNerney. "Our imperative going forward is improving execution where it needs to be improved, maintaining strong performance across all our production programs, and preserving our financial strength to grow in these challenging economic times."