Boeing-ProductionCut

Boeing Co. plans to scale back production of some of its jetliners next year as the global economic crisis further saps demand for commercial aircraft, a move expected to result in fresh job cuts.

Boeing has been hit by sharply lower orders for commercial planes this year as world economic problems intensify and air travel wanes. Airlines have cut flights and some have delayed orders and deliveries of new jets.

The Chicago company said Thursday it would reduce monthly production of its twin-aisle 777 to five airplanes from seven starting in June 2010. Boeing also said it will delay earlier plans to slightly increase production of its 747-8 and 767 planes.

Boeing expects the changes will result in an unspecified number of job cuts, said Jim Proulx, a company spokesman. In January, Boeing announced plans to cut 10,000 jobs after reporting a surprise loss for the fourth quarter of 2008.

Production schedules for Boeing’s 737, the world’s best-selling commercial jet, and its long-awaited 787 -- a strong-selling aircraft built for fuel efficiency with lightweight carbon composite parts -- remain unchanged.

Boeing said the production changes reflected requests by customers to delay deliveries of jetliners as fewer people fly and air cargo volumes dwindle as the global economy sags.

The lower production rate and an expected decline in prices will reduce first-quarter earnings about 38 cents per share, the company said. The 747 program, which is operating at a loss, will account for most of that. Boeing plans to provide further financial guidance when it reports its first-quarter earnings April 22.

Shares of Boeing fell $1.40, or 3.6%, to $37.75 in after-hours trading. During the regular session, the stock gained $2.28, or 6.2%, to close at $39.15 in a broad market rally.