Boeing Profits Jump 17 Percent in Second Quarter; Drops GAO Protest
[Satellite Today 07-22-09] Boeing Co. saw its second-quarter profit grow 17 percent to $998 million, compared to $852 million in the same period in 2008, according to the company’s 2009 second-quarter financial results released July 22.
Revenue rose 1 percent to $17.2 billion, and the company’s Integrated Defense Systems division grew its operating earnings by 38 percent to $876 million as sales rose 9 percent to $8.7 billion.
Boeing launched three satellites in the first half of 2009: the second Wideband Global Satcom (WGS) satellite, IndoStar 2/ProtoStar 2 and the GOES-O weather satellite for NASA and the U.S. National Oceanic and Atmospheric Administration.
The company said it was implementing efforts to offset losses related to the bankruptcy filing from its partially owned launch subsidiary, Sea Launch, and the cancellation of the U.S. Air Force’s TSAT program, which was worth a potential $7 billion, with a four-satellite from Intelsat, featuring its new 702B model and awards for the WGS-3 and the Space Based Space Surveillance satellites that will provide situational awareness for the Air Force.
Separately, Boeing withdrew its protest to the U.S. Government Accountability Office over NASA’s decision to award a $1.1 billion GOES-R meteorological satellite contract to Lockheed Martin, Boeing announced July 21.
Boeing withdrew its protest after “gaining additional insight into the re-evaluation [process] … Boeing continues to believe that it provided a strong proposal,” the company said in the statement.
In May, Boeing accused NASA of “inexplicably” altering the evaluation process between the company and its competitor, Lockheed Martin, in the bid for the contract.