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Business/Financial

Boeing’s Defense Unit Hit With $933 Million In Charges In Third Quarter

By Cal Biesecker

Wednesday, October 25th, 2023

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Boeing’s Defense Unit Hit With $933 Million In Charges In Third Quarter

The MQ-25 Stingray test asset, T-1, conducts deck handling maneuvers on Dec. 12, 2021 while underway aboard USS George H.W. Bush (CVN-77), the first testing of the MQ-25 model at sea. (Photo: U.S. Navy)

Boeing [BA] on Wednesday reported third quarter results that included $933 million in charges at the defense business, with work on the new Air Force One aircraft knocking $482 million off the bottom-line. In addition to the VC-25B aircraft program, Boeing posted a $315 million loss on a satellite constellation for an undisclosed customer, and $136 million in other charges, $71 million of which is for the Navy’s MQ-25 unmanned aerial refueling aircraft due to higher-than-expected production costs to complete…

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