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Manufacturer plans to end production of 717 jet

Friday, Jan. 14, 2005 | 9:44 a.m.

CHICAGO -- Boeing Co. will end production of the 717 jet next year and plans to charge $615 million against earnings before taxes related to that and the loss of a $23 billion deal to supply refueling tankers to the U.S. Air Force.

The big Chicago-based airplane manufacturer said today the charge will work out to 48 cents a share for the fourth-quarter and full-year 2004 results, scheduled to be released on Feb. 2, 2005.

Boeing shares were down 20 cents at $50.43 in early trading on the New York Stock Exchange.

The company will take a charge amounting to about $340 million, or 27 cents per share, before taxes due to the end of the production of the 717 sometime in 2006.

An additional $45 million of expenses associated with the shutdown are expected for 2005 through 2007, according to Boeing.

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