Boeing Reports Huge Loss Due to Several Defense Contracts in US
Aerospace giant Boeing reported a surprise $3.3 billion third-quarter loss Wednesday as it struggled with swelling costs on several defense programs, including the US presidential jet Air Force One.
The performance woes in defense – which also affected the KC-46 refueling and military transport aircraft and the T-7A Air Force pilot training system – reflect the drag from supply chain problems that have plagued the broader economy, as well as the restrictive nature of government contracts.
Investors initially took the…