[Satellite Today 01-29-09] Despite an increase of revenue in Boeing Co.’s network and space systems unit, the company’s overall revenues declined, dropping $4.8 billion to $12.7 billion from $17.5 billion in 2007, the company announced Jan. 28 in their 2008 fourth quarter report.
The company blamed the long-lasting strike by its machinists for the revenue shortfall.
Network and space systems performed well, increasing revenues to $2.9 billion with operating margins at 8 percent on solid performance across the segment’s range of programs. Boeing’s backlog orders also grew 8 percent in 2008 to a record $352 billion.
Boeing Blames Strike for $4.8 Billion Revenue Loss
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