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Boeing could end production of its most iconic plane
Reuters
Boeing could end production of its iconic 747 aircraft, as the world's biggest plane manufacturer faces falling orders and pricing pressure, according to a regulatory filing.
"If we are unable to obtain sufficient orders and/or market, production and other risks cannot be mitigated, we could record additional losses that may be material, and it is reasonably possible that we could decide to end production of the 747," Boeing said in its filing on Wednesday.
Boeing said it had canceled plans to increase production of the 747 to one plane per month from 2019, and stuck to its plan of halving the production rate in September.
The production rate of the 747, which was 1.5 per month in June 2015, dropped to one per month in July.
Reuters"On the 747 program, we decided to reduce future production expectations and revenue assumptions to account for current and anticipated weakness in the air cargo market," Chief Executive Dennis Muilenburg said on a post-earnings call with analysts.
Boeing reported a smaller-than-expected second-quarter loss on Wednesday, helped by strong performances in its passenger jet and defense businesses.
Up to Wednesday's close of $135.96, the company's shares had fallen about 6% since the start of the year.
Earlier this year, Boeing won a US Air Force contract worth $25.8 million to start work on the next fleet of Air Force One aircraft.
The aging Air Force One and it's twin decoy will be replaced with two Boeing's 747-8 and are expected to be operational in 2020.
NOW WATCH: The glory days of the 747 — which is now officially on life support
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