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Boeing profit hit by tanker charge

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Boeing Co reported a 33 per cent fall in quarterly profit, hurt by a big charge related to its military tanker program, and cut its 2015 earnings forecast.

[LONDON] Boeing Co reported a 33 per cent fall in quarterly profit, hurt by a big charge related to its military tanker program, and cut its 2015 earnings forecast.

The company earned US$1.11 billion, or $1.59 per share, for the second quarter ended June 30, down from US$1.65 billion, or $2.24 per share, a year earlier.

The company said last week it would take a US$536 million after-tax charge in the second quarter to account for problems with the fuel system on the KC-46A aerial refueling tanker it is developing for the US Air Force.

Core earnings, which exclude pension and other costs, fell to $1.62 per share from $2.42.

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Revenue rose 11 per cent to US$24.54 billion.

Analysts expected earnings of $1.37 per share and revenue of US$24.22 billion, according to Thomson Reuters I/B/E/S.

Commercial aircraft deliveries rose 9 per cent to 197.

The company said it now expects core earnings of $7.70-$7.90 per share for 2015, down from its previous forecast of $8.20-$8.40 per share.

REUTERS

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