Boeing reports 2nd quarter $160m losses

Boeing reported a $160 million loss for the second quarter on more than $1 billion in charges today.

Boeing reported a $160 million loss for the second quarter on more than $1 billion in charges today.

The world's largest aerospace company reduced its 2006 earnings guidance because of the charges but raised its estimate for 2007, citing the strength of the commercial airplane business, a modestly growing defense business and increased productivity companywide.

The loss was the first in three years for Boeing and came in a year in which its commercial aircraft business has seen a resurgence while rival Airbus SAS has struggled.

Chairman and CEO Jim McNerney said the charges "overshadowed solid fundamentals" during the quarter.

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The net loss for the April-through-June period amounted to 21 cents per share and compared with net earnings a year earlier of $566 million, or 70 cents per share.

Shares in the company fell $1.45, or 1.7 percent, to $82.30 in morning trading on the New York Stock Exchange. The stock is up from $70.24 at the start of the year.