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☆ Boeing execs were using the company's private jets for personal trips more than we thought
▼ + stars: | 2024-04-12 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +3 min

Boeing execs used an additional $545,520 for personal travel expenses in 2021 and 2022. The Wall Street Journal first reported Boeing had improperly classified personal trips on private jets as business travel. AdvertisementBoeing's execs have been using the company's private jets for personal travel — and it's more than we thought. The Wall Street Journal reports Boeing made the revisions after an investigation last year into the use of private jets by its top executives. The revised stats for Boeing's outgoing CEO, Dave Calhoun, amounted to an additional $142,315 in personal travel in 2021 and 2022.

Persons: Boeing execs, —, Dave Calhoun, Brian West, Theodore Colbert, Calhoun Organizations: Boeing, Street Journal, IRS, Service, Top Boeing, Company, SEC, Stanley, Business, Alaska Airlines Locations: Calhoun's, New Hampshire, South Carolina, Chicago, Arlington , VA

☆ Boeing Defense CEO: We're in progress getting astronauts onboard Starliner
▼ + stars: | 2023-12-04 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBoeing Defense CEO: We're in progress getting astronauts onboard StarlinerCNBCs Morgan Brennan sat down with Boeing Defense CEO Ted Colbert to discuss opportunities in the aerospace defense industry, government partnerships and much more.

Persons: CNBCs Morgan Brennan, Ted Colbert Organizations: Boeing Defense

☆ Boeing struggles to steer defense unit in another year of losses
▼ + stars: | 2023-10-27 | by ( Valerie Insinna | ) www.reuters.com time to read: +5 min

The Boeing KC-46 Pegasus aerial refueling tanker is seen before a delivery celebration to the U.S. Air Force in Everett, Washington, U.S., January 24, 2019. Despite absorbing $4.4 billion in losses in 2022 – which executives said would lower the risk of future cost overruns – the unit has seen little improvement this year. Excluding last year, losses on Boeing's defense programs in 2023 exceed those from all years since 2014, according to a Reuters review of Boeing’s regulatory filings. The latest charge for Air Force One brought total losses to $2.4 billion on a $3.9 billion contract to develop two planes. A better bet, and one Boeing's defense segment is aggressively pursuing, is inking future contracts for next-generation fighter jets and cutting-edge drones.

Persons: Lindsey Wasson, Lockheed Martin, Brian West, Byron Callan, ”, Seth Seifman, JP Morgan, “, NASA's, West, there's “, Richard Aboulafia, ” Aboulafia, Valerie Insinna, Rod Nickel Organizations: Boeing KC, Pegasus, U.S . Air Force, REUTERS, Rights, Air Force, Boeing, Lockheed, General Dynamics, Capital Alpha Partners, U.S . Defense Department, NASA, BDS, Boeing Defense Space, U.S . Air Force's KC, KC, Thomson Locations: Everett , Washington , U.S, Ukraine

Lockheed and Airbus will tout their LMXT tanker at the Paris Airshow this week, bringing U.S. reporters onboard the A330 Multi Role Tanker Transport on which the new plane is based. In 2011, Boeing won the first of a three-phase procurement to replace the Air Force's aging tanker fleet, securing a contract for 179 KC-46s. But Larry Gallogly, Lockheed’s director of LMXT business development, said Lockheed and Airbus "are most definitely still in this competition." Lockheed and Airbus sought a program of at least 120 aircraft, but “the business case can certainly close below that,” Gallogly said. Boeing Defense CEO Ted Colbert said the KC-46 "has proven to be highly capable" and is ready for the threats of the 2030s.

Persons: Lockheed Martin, Larry Gallogly, ” Gallogly, Ted Colbert, Jerry Carl, Carl, Valerie Insinna, Tim Hepher, Mark Potter Organizations: Pentagon, Aerospace titans Airbus, Boeing, Airbus, Lockheed, U.S, U.S . Air Force, Air, KC, Capitol, Air Force, General, Armed Services, Alabama Republican, Thomson Locations: WASHINGTON, PARIS, U.S, United States, Alabama, Georgia, American

☆ Boeing defense margins to remain flat in second quarter
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +1 min

June 18 (Reuters) - Margins at Boeing's (BA.N) defense unit will look similar in the second quarter to its first-quarter results, Boeing Defense CEO Ted Colbert said Sunday. Margins at its defense unit were negative in the first quarter as Boeing recorded a $245 million pre-tax charge on the KC-46 tanker program. Colbert declined to say whether Boeing would take another charge on the KC-46, which has logged more than $7 billion in losses. He added that there is a “ton of activity” to improve performance at Boeing's defense unit but that it will take time for improvements to be seen. Boeing remains focused on "starting every program the right way," including a contract structure that gives Boeing a "fair shake and healthy business," Colbert said.

Persons: Ted Colbert, Colbert, “, ” Colbert, Valerie Insinna, Hugh Lawson, Mark Potter Organizations: Boeing, KC, Air Force, Thomson Locations: Paris

☆ Tractor maker Deere's future in precision agriculture hinges on space-based connectivity
▼ + stars: | 2023-05-18 | by ( Morgan Brennan | ) www.cnbc.com time to read: +5 min

But the farm equipment maker has been planting the seeds for an increasingly high-tech and autonomous future – one that critically hinges on space. But connectivity is the linchpin of this vision, and space fills a void left by fiber and traditional cellular signals. "We think satellite communications is a really intriguing, interesting technology to pursue to sort of solve that communications gap." Last fall the company put out a request for proposal to the satellite communications industry to partner on space-based connectivity services. "We had this opportunity to bring two industries together — satellite space communications and agriculture — and say, 'What kind of value could we create?'"

☆ Boeing says MQ-28 drone could be a fit for U.S. Air Force
▼ + stars: | 2023-02-28 | by ( Jamie Freed | ) www.reuters.com time to read: +1 min

[1/2] A Boeing MQ-28 Ghost Bat fighter-like drone is kept on display at the Australian International Airshow, in Avalon, Australia February 28, 2023. REUTERS/Jamie FreedAVALON, Australia Feb 28 (Reuters) - Boeing Co's (BA.N) MQ-28 Ghost Bat fighter-like drone developed in Australia could fit the U.S. Air Force's requirements for a collaborative combat aircraft (CCA), the company's defence division head said on Tuesday. "We're developing the MQ-28 to fit into a set of requirements that fit into that category of CCA and hopefully there is an intersection there," Boeing Defense, Space and Security Chief Executive Ted Colbert said on the sidelines of the Australia International Airshow. Boeing is developing the MQ-28 in Australia alongside the Royal Australian Air Force, in what is the country's first homegrown combat aircraft to be manufactured in more than 50 years. The MQ-28, which made its first flight in 2021, was on public display at the air show.

☆ Boeing says 'great news' if MQ-28 drone can partner with F-35
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Boeing MQ-28 Ghost Bat fighter-like drone is kept on display at the Australian International Airshow, in Avalon, Australia February 28, 2023. REUTERS/Jamie FreedSYDNEY, Feb 28 (Reuters) - Boeing Co's (BA.N) MQ-28 Ghost Bat fighter-like drone is designed to be an open platform and a partnership with Lockheed Martin Corp (LMT.N) on F-35 fighter planes would be "great news", the company's defence division head said on Tuesday. "If the F-35 is going to be its partner that is great news for me ... it is designed to do exactly that," Boeing Defense, Space and Security Chief Executive Ted Colbert told reporters on the sidelines of the Australia International Airshow. Boeing is developing the MQ-28 Ghost Bat fighter-like drone in Australia alongside the Royal Australian Air Force, in what is the country's first homegrown combat aircraft to be manufactured in more than 50 years. Reporting by Jamie Freed and Renju Jose; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ China sanctions Lockheed Martin, Raytheon for selling weapons to Taiwan
▼ + stars: | 2023-02-16 | by ( ) www.cnbc.com time to read: +3 min

China on Thursday imposed trade and investment sanctions on Lockheed Martin and a unit of Raytheon for supplying weapons to Taiwan, stepping up efforts to isolate the island democracy claimed by the ruling Communist Party as part of its territory. Lockheed Martin Corp. and Raytheon Technologies Corp.'s Raytheon Missiles and Defense are barred from importing goods into China or making new investments in the country, the Ministry of Commerce announced. The United States bars most sales of weapons-related technology to China, but some military contractors also have civilian businesses in aerospace and other markets. The United States has no official relations with Taiwan but maintains extensive commercial and informal contacts. In China, Lockheed Martin has sold air traffic control equipment for civilian airports and helicopters for commercial use.

The company reiterated it expects to generate $3 billion to $5 billion in free cash flow in 2023. Boeing generated $3.1 billion in free cash flow in the final quarter of 2022. Boeing reported $2.3 billion for all of 2022. Boeing reported fourth-quarter revenue of $20 billion, up from $14.79 billion in the same quarter in 2022, and a loss per share of $1.75. Earlier this month, Boeing reported a sharp jump in airplane orders and deliveries in 2022.

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