Delays of 787, military aircraft hurt Boeing's 2Q as profit falls 19 percent

Delays hurt Boeing Co.'s second-quarter profit, which fell 19 percent because of late delivery of military aircraft and rising costs from the postponed introduction of its 787 jetliner. But the Chicago-based company, the world's second-largest commercial airplane maker after Europe's Airbus, reaffirmed its forecasts for 2008 and 2009, saying productivity gains would overcome the quarter's setbacks. Boeing posted profits of $852 million, or $1.16 per share, for the three months ended June 30, compared with $1.05 billion, or $1.35 per share, a year earlier. Revenue remained essentially flat at $17 billion. Analysts polled by Thomson Financial, on average, expected profit of $1.23 per share on revenue of $17.24 billion. Today in Business with Reuters The results included a previously disclosed charge of $248 million for Boeing's... [read full story]