Today’s company has been struggling to regain its footing…
We’ve often mentioned that the U.S. government spends a fortune to maintain a military presence around the world… so much so, that we refer to defense contractors as “offense” contractors. But today, this offense contractor is struggling after having to foot the bill on one of its deals…
Boeing (BA) is a $90 billion plane maker. It provides the U.S. military with attack helicopters, fighter jets, and more. But the massive decline in air travel during the pandemic hurt its commercial division… as did the 18-month grounding of its 737 Max. Then, to make matters worse, Boeing recently said it lost more than $1 billion in costs related to its new Air Force One fleet and its new T-7A trainer jet for the Air Force. The company posted $14 billion in first-quarter revenue, down 8% year over year.
As you can see in today’s chart, BA shares are falling. They’re down roughly 60% over the past year… And they recently hit a new all-time low. As the airline industry slowly returns to normal, Boeing will have to remain patient…
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Source: Daily Wealth’s Market Notes