Boeing Reports a Loss for Last Quarter

Boeing reported a loss for the last quarter of last year. CNNMoney.com also reports that aerospace company is lowering expectations for 2009. The company also has plans to cut about 10,000 workers company wide to control costs. Analysts had predicted that Boeing would make about $7.00 a share in 2009; while the company announced that it expects earnings to be around $5.05 to $5.35. The company posted a $56 million loss compared to $1 billion profit reported in the comparable quarter in 2007. Boeing is waiting on several large government contracts including the KC-X tanker and the CSAR-X competition. Boeing had won the CSAR-X but lost the contract on protest and are awaiting a new decision based on updated proposals. The KC-X was successfully protested by the Illinois based company and the Department of Defense plans a new competition soon.