Boeing has delayed the first delivery of its 777X jet again, this time pushing it back to 2027.
The business took a nearly $5 billion charge due to the delays in another series of setbacks for the aerospace giant.
The 777X was central to Boeing’s long-term widebody strategy, previously dominated by its iconic 747 and 777 jets.
But repeated certification and production delays have pushed back deliveries by years, piling up charges of over $15 billion and straining its finances, while giving an opening to rival Airbus’s competing A350 as international travel continues to surge.
Last month, CEO Kelly Ortberg said the company was behind schedule in certifying the jet, saying a “mountain of work” needed to be done but did not mention further delay to first delivery, which was slated for 2026, at the time.
He said, however, no new technical problems had been identified.
Including charges disclosed Wednesday, Boeing has taken about $15 billion in charges related to the 777X program. The latest charge includes penalties owed to customers for late deliveries.
Shares of the planemaker were down 1% in premarket trading. Wall Street analysts had anticipated a sizeable charge to the 777X program.
Richard Aboulafia, managing director of AeroDynamic Advisory, a US boutique aerospace management consulting firm, said the charge was more than the $2 billion to $4 billion he expected. While he does not expect the charge to be financially crippling to debt-laden Boeing, “it does raise questions about any more surprises to come.”
However, the latest delay comes at a time when demand is growing for international travel driving demand for the widebody aircraft, which was not the case when the 777X was first held up.
“Now it might be getting to a challenge,” Aboulafia said. “People start to lose patience and demand compensation.”
The charge includes longer production costs and penalties owed to customers, according to Boeing.
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