Boeing Co removed 210 aircraft from its order backlog and took an impairment cha...
- Boeing Co removed 210 aircraft from its order backlog and took an impairment charge over customer financing losses on Wednesday following the near-collapse of India’s Jet Airways.
The adjustment pushed the world’s largest planemaker behind European rival Airbus in the race for business this year as both companies grappled with cancellations that outweighed new orders in the first quarter. As a result, Boeing net orders for the first quarter slid into negative territory, with a total of minus 119 net orders after cancellations, despite a slew of new wide-body sales.Boeing finance director Greg Smith confirmed the adjustment was related to financial problems at Jet Airways, which halted all flight operations indefinitely on April 17 after its lenders rejected a plea for emergency funds.
Boeing also posted a first-quarter operational loss of $707 million in a specific category grouping together certain unallocated items, compared with a loss of $326 million a year earlier. Overall, it posted a $2.35 billion operating profit.
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