Boeing lost $1.1 billion on Trump Air Force One contract; CEO regrets deal
- Boeing has lost a total of $1.1 billion so far on costs associated with a deal to modify two 747 jumbo jets to serve as Air Force One.
- CEO Dave Calhoun said Boeing “probably shouldn’t have taken” risks from the deal for the planes, which was negotiated with then-President Donald Trump in 2018.
- Boeing reported a net loss of $1.2 billion for the first quarter of 2022, with a charge of $660 million associated with delays and higher costs for the Air Force One program.
- Boeing’s deal for Air Force One, which was cut by then-CEO Dennis Muilenburg requires the company, not the federal government, to eat the costs of any overruns on the contract.