Boeing to cut 777 output by 28% by June 2010
Responding to what it calls "significant deterioration in the business environment", Boeing will cut 777 production rates by nearly 30% by the middle of 2010 and will delay planned increases on the 747-8 and 767 production lines.
Key points:
* 777 production cut from 7/month to 5/month - 29% cut by June 2010.
* 767 and 747-8 rate increases will be delayed.
* 737 unaffected by current cuts.
The cuts are due to:
* "delivery deferrals requested by customers in response to unprecedented declines in global passenger and air-cargo."
Overall impact means:
* Boeing overall 1Q09 earnings will be reduced by 38 cents per share. 31 cents of it is attributable to the 747 program being in a loss position.
* The remaining 7 cents comes from lower margins on deliveries on other commercial programs.
* No cancellations on 747, 777 or 767. A Boeing spokesperson added that there were no 737 cancellations as well.
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