Write-downs on acquisitions and customer financing pushed Boeing to a first-quarter net loss of $478 million. The company was profitable before the charges, but operating income slipped to $540 million from $902 million a year earlier as commercial aircraft deliveries fell to 71 from 110 in the first quarter of last year. A share price fall forced charges totalling $913 million to write down the value of Boeing's acquisitions of satellite manufacturer Hughes Space & Communications and aeronautical information provider Jeppesen. The fall in commercial aircraft lease rates and residual values brought charges of $193 million to revalue assets and strengthen reserves.
Source: Flight International
