Boeing CEO Kelly Ortberg reports a wider-than-expected loss for the second quarter as the company invests in the next-generation Air Force One.
Boeing CEO Kelly Ortberg reported a wider-than-expected loss for the second quarter, primarily driven by a $280 million investment in the next-generation Air Force One program. While the aircraft manufacturer reported a net loss of $428 million, the company saw an 8% increase in revenue to $24.56 billion, supported by a 14% rise in which commercial aircraft deliveries. Kelly Ortberg noted that the Air Force One program has completed the design phase and the company is ramping up resources to ensure an on-time delivery by 2028. Despite the losses, free cash flow of $631 million significantly exceeded analyst expectations. The company is also focusing on production of the 737 Max and upcoming certifications for the 737 Max 7 and 777X models. President Trump took a flight on a luxury Boeing 747 gifted by Qatar this month, which serves as a temporary replacement while the new jets are under development.