Boeing space unit reports decreased revenues, earnings
Posted: Fri, Jul 28, 2006, 8:25 AM ET (1225 GMT)
The Boeing business unit that includes the company's space unites reported lower revenues and profits in its fiscal second quarter. The Network and Space Systems division of Boeing's Integrated Defense Systems unit reported revenues of $2.95 billion in the second quarter of 2006, down from $3.11 billion in the same quarter of 2005. The unit also reported earnings of $109 million in the quarter, down from $200 million in the same quarter a year ago. Boeing blamed the reduced revenues in part on the sale of rocket engine developer Rocketdyne, which closed after the second quarter of 2005. The reduced profits were caused in large part by a $74-million charge on the Delta 4 program caused by a settlement on EELV launch capability services and changes to its manifest. The company overall is taking a $615-million charge this quarter to cover a settlement with the Justice Department regarding improper use of Lockheed Martin documents when preparing EELV bids in the 1990s. Company officials said that while the company is allowed to take a tax deduction because of the settlement, it has elected not to do so to demonstrate the company's commitment to ethical behavior.
The Boeing business unit that includes the company's space unites reported lower revenues and profits in its fiscal second quarter. The Network and Space Systems division of Boeing's Integrated Defense Systems unit reported revenues of $2.95 billion in the second quarter of 2006, down from $3.11 billion in the same quarter of 2005. The unit also reported earnings of $109 million in the quarter, down from $200 million in the same quarter a year ago. Boeing blamed the reduced revenues in part on the sale of rocket engine developer Rocketdyne, which closed after the second quarter of 2005. The reduced profits were caused in large part by a $74-million charge on the Delta 4 program caused by a settlement on EELV launch capability services and changes to its manifest. The company overall is taking a $615-million charge this quarter to cover a settlement with the Justice Department regarding improper use of Lockheed Martin documents when preparing EELV bids in the 1990s. Company officials said that while the company is allowed to take a tax deduction because of the settlement, it has elected not to do so to demonstrate the company's commitment to ethical behavior.
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