New York: Boeing reported a bigger-than-expected loss Tuesday fuelled by $280 million in additional costs in outfitting two US presidential planes, but said broad-based revenue growth showed progress after several troubled years.
The US aerospace giant scored an eight percent increase in revenues to $24.6 billion on increased commercial plane deliveries and higher volume in defense, space and security.
Boeing reported a second-quarter loss of $428 million, smaller than in the year-ago period, but bigger than projected by analysts.
The results included $280 million in losses on the VC-25B program for the presidential plane, Air Force One, which has been beset by delays and cost overruns.
The latest Air Force One expenses are for "additional production and certification resources," Boeing said in its earnings press release. The original 2018 contract was to modify and outfit two 747-8 aircraft for presidential use.
Boeing described certification efforts for new 737 MAX and 777 planes as on track with US air regulators. Boeing has said the first of these planes -- the 737 MAX 7 -- as in the "last throes" of the process.
Chief Executive Kelly Ortberg said he was pleased with the company's progress. When Ortberg joined Boeing about two years ago, the company was reeling after crashes and safety problems.
"Our focus has been on restoring trust," Ortberg said. "While there is more work ahead in the second half of the year, the momentum we are building continues to move Boeing in the right direction."
Shares of Boeing rose 0.2 percent in pre-market trading.
