Boeing's Potential Losses Amount to Nearly $4 Billion Amid Ongoing Strike, an Industrial Info News Alert

Market Wire, October, 2008

Researched by Industrial Info Resources (Sugar Land, Texas) -- The ongoing International Association of Machinists & Aerospace Workers (IAMAW), and supplier issues and internal delays have led to a 38% drop in profit for The Boeing Company (NYSE:BA) (Chicago, Illinois) for the third quarter of 2008. The company posted a profit of $695 million, down from $1.1 billion in the same period last year. "Clearly, economic conditions have become much tougher during the quarter, with unprecedented events within the financial services industry and credit markets," Chairman, President and CEO Jim McNerney said in a conference call. Because of the strike, Boeing has been reported to be losing between $100 million and $110 million per day in deferred revenue, which translates to almost $4 billion in losses.

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