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Business/Financial

Defense A Bright Spot As Commercial Woes Pummel Boeing

By Cal Biesecker

Wednesday, January 27th, 2021

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Defense A Bright Spot As Commercial Woes Pummel Boeing

A KC-46A tanker takes off from Boeing Field outside Seattle en route to McConnell Air Force Base, Kansas, Jan. 31, 2019. The program suffered $275 million in charges in the fourth quarter of 2020. Photo: Boeing

Boeing [BA] on Wednesday posted dramatically wider losses in its fourth quarter and full year on a bevy of charges, mainly related to its commercial aircraft programs, but the defense segment partially offset declines elsewhere. Most of the approximately $8 billion in charges stemmed from the 777X widebody passenger aircraft program, which took a $6.5 billion hit due to changes to market demand and timing of deliveries, changes in production rates and initial accounting quantities, and delays due to design…

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