Boeing Co. posted a $234 million quarterly loss after absorbing more than $2 billion in one-time costs. The aircraft maker also pared its earnings forecast for the year.
The second-quarter loss was 37 cents on a per-share basis, Boeing said in a statement. It was the first quarterly loss for Boeing since 2009. The deficit compares to a year-earlier profit of $1.1 billion, or $1.59 a share.
Boeing (Chicago) also said it expects a 2016 profit of $6.40 to $6.60 a share, down from its previous forecast of $8.45 to $8.65 a share. The aircraft maker said its forecast for “core” earnings per share is now $6.10 to $6.30 a share, down from its previous forecast of $8.15 to $8.35 a share.
Boeing on July 21 first provided details of the one-time costs for the second quarter.
The largest one-time cost totaled $847 million, or $1.33 a share, when Boeing decided not to invest money to refurbish two 787 test aircraft so they could be sold.
As a result, the aircraft were reclassified as a research and development expense. Previously, the planes had been listed among 787 program inventory. The two planes were produced in 2009.
The company also absorbed $814 million, or $1.28 a share, in costs after deciding to continuing making 747-8 aircraft at a rate of 0.5 per month and not increase the rate to one a month starting in 2019. The costs reflect a lower estimated total of 747-8 Freighter aircraft to be produced. Boeing also had $393 million, or 62 cents a share, in costs for the KC-46 Tanker program.
Boeing did post a 1% increase in second-quarter revenue to $24.8 billion. The commercial airplanes division delivered 199 aircraft during the quarter up from 197 a year earlier. The division’s revenue rose 3% to $17.5 billion. Boeing said it has a backlog of almost 5,700 aircraft valued at $417 billion.
“The underlying operating performance of the company remains solid,” CEO Dennis Muilenburg said in the statement.