Chicago — Boeing gave investors bad news and good news as it unveiled deeper production cuts to one of its biggest money-makers, the 777 jetliner, and then announced a 30% dividend hike. The dividend of $1.42 a share far exceeds the $1.25 average of analysts’ estimates. Production of the 777 would slow to five aircraft a month from August 2017 and some jobs would have to be cut, Boeing told employees on Monday. Boeing’s suppliers were already girding for a previously announced slowdown to a monthly rate of seven jets at the start of 2017. The company makes the wide-body jets at a rate of 8.3 a month at present. The slower factory output would mean lower revenue from the 777, Boeing’s second-largest source of profit behind its narrow-body 737. The adjustment would have a modest effect on Boeing’s overall results in 2016, but would not affect 2016 financial guidance, said Paul Bergman, a spokesman for the company. Capital allocation Boeing’s decision to reward shareholders despite a "...
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