Boeing Co. reported a widening third-quarter loss and revenue that missed analysts’ estimates by almost $2 billion early Wednesday amid what the company’s CEO described as a “challenging environment.” Boeing’s
BA,
+3.24%
stock was down 0.68% before market open. The aircraft maker’s stock ended Tuesday’s session up 3.24%, outpacing the S&P 500 Index’s
SPX,
+1.63%
gain of 1.63%.
Boeing reported a $5.49 loss per share, compared with a loss of 19 cents a share in the same period last year. Analysts surveyed by FactSet were looking for earnings of 13 cents a share. The company’s core loss per share, which excludes a FAS/CAS service cost adjustment, was $6.18. In its earnings release Boeing said that the/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. The company’s third-quarter revenue was $15.956 billion, compared with $15.278 billion in the year-ago quarter. Analysts surveyed by FactSet were looking for sales of $17.911 billion. See Now: Boeing stock moves lower premarket after Q3 loss widens and revenue misses by almost $2 billion Revenue and earnings were significantly impacted by losses on Boeing’s fixed-price defense development programs, according to the company’s CEO Dave Calhoun. “We’re squarely focused on maturing these p …