Factory Problems Delay Boeing Satellites
Boeing Co. disclosed that production problems had delayed delivery of three commercial satellites, at least one of which had been rejected by its customer. The Chicago-based company also said an export-related tax break that has been ruled illegal by the World Trade Organization saved Boeing $195 million last year.
The disclosures came in a filing with the Securities and Exchange Commission. Boeing also said its 717 jetliner program had a “forward loss†of $250 million stemming from production cuts. It’s forced Boeing to cut production on the Long Beach line to one 717 aircraft a month from 3.5. Boeing’s five other jet programs also have cut production.
Boeing’s shares rose 11 cents to $27.95 on the NYSE.
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