{"id":62860,"date":"2022-10-26T13:26:52","date_gmt":"2022-10-26T13:26:52","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2022\/10\/26\/boeing-reports-33-billion-loss-as-defense-programs-drag\/"},"modified":"2026-08-08T00:44:16","modified_gmt":"2026-08-08T00:44:16","slug":"boeing-reports-33-billion-loss-as-defense-programs-drag","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/industry\/2022\/10\/26\/boeing-reports-33-billion-loss-as-defense-programs-drag\/","title":{"rendered":"Boeing reports $3.3 billion loss as KC-46, other defense programs drag"},"content":{"rendered":"\n

WASHINGTON \u2014 Boeing on Wednesday reported a nearly $3.3 billion loss in the third quarter of 2022, driven by a nearly $1.2 billion charge on the KC-46A Pegasus and problems with some other key defense programs<\/a>.<\/p>\n\n\n\n

Boeing said higher manufacturing and supply chain costs as well as \u201ctechnical challenges\u201d with the KC-46, VC-25B Air Force One<\/a>, MQ-25 Stingray and T-7A Red Hawk programs, plus NASA\u2019s Commercial Crew program, were the main causes of the defense, space and security sector\u2019s $2.8 billion in quarterly losses. Other defense sector programs also had \u201cunfavorable performance\u201d that further hurt the quarterly results, the contractor said.<\/p>\n\n\n\n

In an earnings call with investors later that morning, Boeing Chief Financial Officer Brian West said charges on the KC-46 and Air Force One programs accounted for the bulk of the defense sector\u2019s losses, or nearly $2 billion. The VC-25B had a $766 million charge, he said.<\/p>\n\n\n\n

Boeing is now focused on stabilizing those two major programs and delivering them to the Air Force, officials said on the call.<\/p>\n\n\n\n

\u201cOur objective is to make sure these [KC-46] tankers are doing the job for our military customer,\u201d Dave Calhoun, Boeing\u2019s president and chief executive, said on the call. \u201cThat is it, that\u2019s all we\u2019re focused on, and they are doing that.\u201d<\/p>\n\n\n\n

Calhoun pointed to recent progress the KC-46 made in expanding the missions it can carry out. The Air Force in September said it had cleared the Pegasus to carry out all refueling missions around the world on all aircraft, except for the A-10 Thunderbolt II.<\/p>\n\n\n\n

But problems with the KC-46 \u2014 particularly in fixing its troubled refueling vision system \u2014 have persisted and led to billions of dollars in cost overruns. Earlier this month, the Air Force said the release of the KC-46\u2032s redesigned vision system, dubbed RVS 2.0, would be delayed by 19 months due to supply chain problems. That redesign is now expected to be released to the fleet in October 2025.<\/p>\n\n\n\n

The latest charges on the KC-46 bring its total charges to about $6.8 billion.<\/p>\n\n\n\n

The results marked a significant decline from how Boeing performed in the same quarter a year earlier, when the company recorded a $132 million loss. Boeing\u2019s defense sector reported $436 million in profit during that period.<\/p>\n\n\n\n

The company is now facing a nearly $4.4 billion loss so far this year. Its defense sector has lost nearly $3.7 billion during the first nine months of 2022.<\/p>\n\n\n\n

The defense unit\u2019s revenue also dropped year over year, from $6.6 billion in the third quarter of 2021 to $5.3 billion in the most recent quarter.<\/p>\n\n\n\n

During the call, West said Boeing adjusted for macroeconomic factors to keep the MQ-25, T-7 and Commercial Crew programs largely on track, though he acknowledged the programs sometimes face technical challenges. He said the company remains confident those programs will be successful over time.<\/p>\n\n\n\n

But the supply chain issues and resulting shortages of parts that hit the KC-46 \u201chave been persisting, and they likely will persist longer than we had contemplated,\u201d he added.<\/p>\n\n\n\n

Labor challenges persist<\/h1>\n\n\n\n

Labor issues also are likely to continue, West said. \u201cWe can hire; it\u2019s getting the workforce trained and up to speed that we had to account for in this particular period.\u201d<\/p>\n\n\n\n

The labor shortage hit the Air Force One program especially acutely, West said, due to the program\u2019s security clearance requirements. This has caused the program\u2019s schedule to fall behind, he said.<\/p>\n\n\n\n

Calhoun said Boeing has put training and development programs in place to get new hires ready as quickly as possible.<\/p>\n\n\n\n

Many of the supply chain problems Boeing experienced have their roots in labor problems, Calhoun said. For example, he noted, casting vital parts that are used in airplanes \u201cis not a simple process\u201d where new employees can be started on the line right away.<\/p>\n\n\n\n

\u201cThere\u2019s a real learning curve and cycle that is needed to ramp up capacity,\u201d Calhoun explained. \u201cAll of us in this industry are wrestling through these constraints. We try to compare notes.\u201d<\/p>\n\n\n\n

Calhoun said Boeing is trying to help its suppliers find the employees it needs to get parts made, and sends its own staff to subcontractors to help.<\/p>\n\n\n\n

But Calhoun doesn\u2019t see the labor market stabilizing until the end of 2023, as layoffs in other industries start to bite and create more of a labor market from which the defense sector can hire.<\/p>\n\n\n\n

The labor market in the software industry is already \u201cbeginning to soften considerably,\u201d Calhoun said, which is presenting opportunities for Boeing to hire software engineers it needs.<\/p>\n\n\n\n

Calhoun sent employees a message Wednesday that acknowledged the difficulties in trying to turn the company around.<\/p>\n\n\n\n

While Boeing \u201ccontinue[s] to make important strides in our turnaround effort,\u201d Calhoun said, \u201cwe remain in a challenging environment and have more work ahead.\u201d<\/p>\n\n\n\n

\u201cNearly every industry is navigating broad supply chain, inflation, labor and macroeconomic challenges \u2014 and we\u2019re certainly no different,\u201d Calhoun added. \u201cWe\u2019re realistic about the environment we face and are taking comprehensive action.\u201d<\/p>\n\n\n\n

In the letter, Calhoun touted the delivery of four MH-139A Grey Wolf test helicopters to the Air Force, and Boeing\u2019s receipt of contracts with the U.S. and Israeli air forces for more KC-46s. He also pointed to Poland\u2019s selection of the AH-64E Apache for its new attack helicopter fleet, and the opening of three new facilities including its Advanced Composite Fabrication Center in Arizona.<\/p>\n\n\n\n

\u201cWe\u2019re doing important work and are making meaningful progress, together,\u201d Calhoun said. \u201cTurnarounds take time \u2014 and we have more work to do \u2014 but I am confident in our team and the actions we\u2019re taking for the future.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Boeing’s defense sector results have pulled the company deeply into the red so far in 2022.<\/p>\n","protected":false},"author":7,"featured_media":78767,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":12,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":{"9":{"categories":["industry","home","battlefield-tech","space"],"primary_category":"industry"}}},"categories":[7,37,160,12,36],"tags":[],"coauthors":[3412],"class_list":["post-62860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-air","category-breaking-news","category-daily-news-roundup","category-industry","category-newsletters"],"acf":{"subheadline":"","legacy_arc_id":"AHTVAIGHEBCEPA2MZ7T4XKMH7A","arc_canonical_url":"\/industry\/2022\/10\/26\/boeing-reports-33-billion-loss-as-defense-programs-drag\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented 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