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Boeing Loses $1.6 Billion, Slashes Profit

Boeing attributes the loss to penalty charges from plane production



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    Amidst a series of production delays and government lawsuits, Boeing Co. is facing yet another hit -- a staggering $1.6 billion in losses.

    The Chicago-based airline business attributes its third quarter losses to production problems with its delayed 787 passenger plane and revamped version of its 747 jumbo jet -- resulting in charges from write-downs and penalties. Those charges also forced the airplane maker to slash this year's profit forecast, according to AP.

    Boeing's quarterly loss amounted to $2.23 per share. That compared with earnings of $695 million, or 96 cents per share, a year earlier, AP reports.