Boeing Suffers $280 Million Hit on Air Force One Project

Boeing's Air Force One project has become one of its costliest mistakes ever. The company wrote off $280 million in the second quarter, four years behind schedule and over a billion dollars above budget. This is part of a $3.9 billion deal signed in 2018 to build two presidential aircraft at a fixed price.

The project has been plagued by delays due to changes requested by the government during Trump's first term. The planes are now expected to be delivered in 2028, rather than the original target date.

Trump is currently flying on a 747-8 leased from Qatar, which was intended as a temporary solution until the new aircraft were ready.

Despite this setback, Boeing's overall sales rose by eight percent to $24.6 billion in the quarter. The company also saw an increase in free cash flow, with $631 million pouring in compared to $200 million outlast year.