Boeing space unit reports improvement
Posted: Fri, Feb 4, 2005, 8:29 AM ET (1329 GMT)
The Boeing Company's launch vehicle and satellite unit recorded a loss for the 4th quarter of 2004 as well as a full year, but saw the unit's performance improve over 2003. The Launch and Orbital Systems unit recorded a loss of $76 million on $667 million in revenue for the 4th quarter of 2004, compared to a $96 million loss on $605 million in revenue for the same quarter of 2003. For all of 2004, the unit suffered a loss of $342 million on $2.97 billion in revenue, compared to a $1.75 billion loss on $2.99 billion in revenue for 2003. The company blamed "continued weakness in commercial space markets" for the loss, but said that cost growth problems in its commercial satellite business subsided in the most recent quarter. The unit said it had "continued profitability" on its NASA contracts. Boeing officials also said Wednesday that they plan to change their strategy in dealing with ethics investigations that have dogged the company for two years, and seek to reach settlements as soon as possible. Boeing CEO Harry Stonecipher said that the Air Force may lift an existing contracting ban on Boeing's launch vehicle group shortly after former company CFO Michael Sears is sentenced later this month.
The Boeing Company's launch vehicle and satellite unit recorded a loss for the 4th quarter of 2004 as well as a full year, but saw the unit's performance improve over 2003. The Launch and Orbital Systems unit recorded a loss of $76 million on $667 million in revenue for the 4th quarter of 2004, compared to a $96 million loss on $605 million in revenue for the same quarter of 2003. For all of 2004, the unit suffered a loss of $342 million on $2.97 billion in revenue, compared to a $1.75 billion loss on $2.99 billion in revenue for 2003. The company blamed "continued weakness in commercial space markets" for the loss, but said that cost growth problems in its commercial satellite business subsided in the most recent quarter. The unit said it had "continued profitability" on its NASA contracts. Boeing officials also said Wednesday that they plan to change their strategy in dealing with ethics investigations that have dogged the company for two years, and seek to reach settlements as soon as possible. Boeing CEO Harry Stonecipher said that the Air Force may lift an existing contracting ban on Boeing's launch vehicle group shortly after former company CFO Michael Sears is sentenced later this month.
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