Boeing reports first quarterly loss in nearly 7 years

Boeing, 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 1 percent to $24.8 billion, and company shares rose steadily before the opening bell Wednesday.

Charges totaling $3 billion before taxes, led to Boeing’s first down quarter since the third quarter of 2009, when it lost $1.6 billion.

Boeing also lowered its full-year earnings to the range of $6.10 and $6.30 per share, from $8.15 and $8.35. The revenue outlook remains the same at $93 billion to $95 billion.

Despite the rough quarter, analysts believe that Boeing showed underlying strength and shares rose nearly 2 percent in midday trading.

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 $30 million to $40 million in bills for various electronic and cockpit equipment.

“Boeing is delinquent and Boeing has contributed to some of our underperformance here this quarter in cash flow, which is disappointing, but we’re working that with them,” Rockwell Collins CEO Kelly Ortberg said Monday when the company posted earnings. (AP)