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Turbulence at boeing timeline { December 1 2003 }

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Timeline: Turbulence at Boeing
Published: December 1 2003 20:38 | Last Updated: December 1 2003 20:38

January 31 2003
Boeing warns the downturn in commercial aviation “remains severe”, saying it will lead to steeply lower earnings for this year and next, with any market recovery pushed back to 2005.

April 11 2003
Boeing announces sweeping $1.2bn non-cash charge to cover fall in value of its satellite assets and the continued slump in aviation. It includes a $931m goodwill impairment charge for acquisitions and a $251m charge related to airline customer financing at Boeing Capital.

July 16 2003
Boeing takes a $1.1bn charge in its space business, including about $835m related to its Delta IV commercial satellite launch programme. It pulls out of the ailing commercial launch market to focus on military launches.

July 18 2003
Boeing announces a further 5,000 job cuts in its commercial aircraft division. More than 35,000 jobs have already been axed in the commercial aircraft division, now mounting to almost 40 per cent of the workforce since September 11 2001.


July 24 2003
Boeing cuts its earnings estimates for 2004 by nearly 17 per cent as it warns that the slump in commercial aviation is continuing and demand could remain flat well into 2005.

July 25 2003
US air force concludes Boeing misused proprietary data taken from a rival and transfers about $1bn worth of rocket launch contracts to its rival Lockheed Martin for “serious violations of federal law” in the misuse of Lockheed documents. The air force also says it will temporarily suspend three of Boeing's satellite units from any future government contracts.

September 2 2003
Boeing sets up an independent team working out of head office to look at 10-15 of its biggest projects in an effort to reassess the business cases amid concern it acted too slowly to address problems in its space and communications unit.

October 17 2003
Boeing takes $184m charge to end production of its ageing 757 aircraft in the face of a dearth of new orders.


October 30 2003
Pre-tax loss for first nine months of $471m from pre-tax profit of $2.3bn a year ago.

November 17 2003
Boeing Capital considers asset sales, as it abandons its strategy of building its finance arm aggressively and diversifying beyond the cyclical airline industry. Walt Skowronski replaces Jim Palmer as BCC chief executive, amid speculation that Palmer was forced out by strategic differences. BCC has taken write-downs and allowances for losses this year of $350m, up from $260m in 2002.

November 24 2003
Boeing fires finance director Mike Sears and vice-president Darleen Druyun, a former Pentagon official central in awarding Boeing a controversial $22bn deal for 100 new 767s for the US air force. Boeing says Sears violated company policy by discussing a possible job offer with Druyun while she was still working for the government on matters affecting Boeing.

December 1 2003
Phil Condit, chairman and chief executive, resigns.


December 2003
Boeing set to lose the leadership of the civil aircraft sector to Airbus as its European rival delivers more aircraft in 2003 for the first time in its history.




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