It happened! Boeing added billions of dollars to Starliner to beat SpaceX & Elon Musk but "FAILURE"
Huge thanks to:
Evan Karen: youtube.com/c/EvanKaren
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Year after year, Boeing space is killing itself.
Taking another big hit from Starliner programs, Boeing recently announced that the company will take yet another charge against earnings, bringing the total losses recorded by the company to date on the program to nearly one billion dollars to beat SpaceX & Elon Musk.
But pitifully, SpaceX now officially surpasses Boeing, becoming NASA’s second-largest vendor.
Find out everything about this in today's episode of Alpha Tech:
On Wednesday, Boeing reported a loss of $3.3 billion in the third quarter net, far worse than the $132 million hit a year ago.
And one of the two biggest reasons is they will take yet another charge against earnings because of delays in the CST-100 Starliner commercial crew program, bringing the total losses recorded by the company to date on the program to nearly $900 million.
Specifically, in a filing with the U.S. Securities and Exchange Commission, Boeing announced a charge of $195 million recorded in the fiscal third quarter it blamed on Starliner. It comes after a $93 million charge reported in its second-quarter financial results on July 27.
The latest charge brings the total losses announced by Boeing on the Starliner program to $883 million dating back to early 2020 when the company took a $410 million charge after the first uncrewed test flight, called Orbital Flight Test (OFT) was cut short by technical problems. The company took an additional $185 million charge in October 2021 when valve problems delayed the OFT-2 mission.
The company blamed the charges in the last two quarters in part on increased costs to get Starliner ready for its first flight with astronauts on board, the Crew Flight Test (CFT) mission, now scheduled for no earlier than February 2023. That will allow operational, or post-certification, missions for NASA to begin as soon as the fall of 2023.
Boeing said the major factor in the latest charge was a change in schedule for those post-certification missions. “The increase recorded in the third quarter of 2022 was primarily driven by the timing of the three future post-certification missions which are now assumed to be completed by 2026 based on NASA’s revised launch plans,” the company stated in its SEC filing. “We had previously assumed that the post-certification missions would be completed by 2024.”
It happened! Boeing added billions of dollars to Starliner to beat SpaceX & Elon Musk but "FAILURE"
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