What Happened
Air Force One Costs Rise Amid Production Increases
Boeing reported a larger-than-expected quarterly loss due to higher costs associated with its Air Force One replacement program. Despite this, the company generated positive free cash flow and maintained its annual guidance, indicating progress in its turnaround plans. Boeing is increasing production of its 737 MAX jets and working to deliver two 747-8 jets for Air Force One under a $3.9 billion contract. The company’s share price rose 4% in response to the news, according to Reuters.