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Tuesday, March 19, 2024
March 19, 2024

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High product, labor costs hit Boeing’s profit

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NEW YORK — Aerospace giant Boeing Co. saw its quarterly earnings plunge 9 percent compared to last year, with the Chicago-based firm posting $1.2 billion in profits.

Revenues were up 2 percent to $22.6 billion but that was not enough to offset higher costs for Boeing’s products and labor.

Boeing is currently in the process of reducing its 160,000-person workforce by about 4,500 to help keep its costs under control.

The company delivered 176 commercial jets during the quarter, down from 184 during the same period last year.

During the first three months of this year, Boeing’s products and labor costs increased to $19.1 billion, up 3.2 percent from the same period last year. It also spent an extra $148 million — or 19 percent — on research and development as it prepares to roll out a new generation of its popular 737 and 777 jets.

Boeing said it had profit of $1.83 per share. Adjusted earnings came to $1.74 per share.

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