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Business

Boeing Reports Larger Q2 Loss, Cites $280 Million Charge on Air Force One Program

Boeing posted a bigger-than-expected loss in the second quarter, partly due to a $280 million charge on its long-delayed Air Force One program. The aerospace giant reported the financial results on Wednesday, revealing a loss per share that exceeded analyst estimates. The additional costs on the presidential aircraft program, which involves converting two 747-8 jets into Air Force One, have been a recurring issue for Boeing. The company has faced production delays and technical challenges on the project. Boeing's overall revenue also fell short of expectations, contributing to the wider loss. The company is working to stabilize its commercial airplane business and address supply chain problems. Boeing's stock fell in after-hours trading following the earnings release. The Air Force One program has been a significant burden, with Boeing previously warning of potential write-downs. The latest charge adds to the cumulative losses on the program, which have now exceeded $1 billion. Boeing continues to negotiate with the U.S. Air Force over the terms of the contract. The company is also dealing with other challenges, including production slowdowns and regulatory scrutiny. Despite these headwinds, Boeing reaffirmed its commitment to delivering the new Air Force One jets, though the timeline remains uncertain.

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