Starliner Delays Weigh On Boeing's Space Segment, Company Reports $1B Loss On Fixed-Price Programs In Q2

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What Happened: The company said on Wednesday that it incurred losses of $1.04 billion on certain fixed-price development programs in the quarter, including NASA’s commercial crew program.“Long-term contracts that are contracted on a fixed-price basis could result in losses in future periods,” Boeing said while adding that risk remains of recording additional losses in future periods for the commercial crew program.

Boeing Co‘s (NYSE:BA) defense, space, and security segment recorded an increased loss from operations of $913 million in the second quarter and revenue of $6 billion, marking a drop of 2% year-on-year, owing to multiple factors including delays associated with its Starliner spacecraft.

NASA contracted both Boeing and Elon Musk‘s SpaceX in 2014 to develop spacecraft to enable taking astronauts to the International Space Station (ISS) ...

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Author / Journalist: Anan Ashraf

Category: Technology

Markets: United States

Topics: Mobility SpaceX David Calhoun SPACE Tech News US0970231058 Benzinga BA Starliner

Source Website Secure: Yes (HTTPS)

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Article Type: News Report

Published On: 2024-08-01 @ 11:49:39 (16 hours ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 464 words

Reading Time: 3 minutes read

Sentences: 16 lines

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News ID: 21885664

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