BOEING REPORTS FIRST LOSS IN NEARLY 7 YEARS

The Boeing Co., absorbing billions in writedowns related to two of its newest commercial jets and a military fuel tanker, reported its first quarterly loss in nearly seven years. Yet revenue for the Chicago aerospace giant rose one per cent to US$ 24.8 billion. Charges totalling US$ 3 billion before taxes, led to Boeing’s first down quarter since the third quarter of 2009, when it lost US$1.6 billion. The Boeing Co. reported losses of US$234 million. The adjusted per-share loss was 44 cents, which was better than Wall Street had expected. Boeing also lowered its full-year earnings to the range of US$6.10 and US$6.30 per share, from US$ 8.15 and US$ 8.35. The report of a quarterly loss comes days after one of Boeing’s key suppliers, Rockwell Collins, publicly called out the company for being behind on US$30 million to US$40 million in bills for various equipment.