While performing far better than Boeing in the third quarter, EADS reported a loss of €87 million ($130 million) for the third quarter of 2009, due partly to the weak US dollar. They also noted that due to "uncertain potential charges" relating to the A400M and A380 programs, they are unable to provide a full year forecast for earnings before interest and tax (EBIT).

More details in this Seattle Times article.

Big corporations can move around with payments, purchses, sales, taxes etc. I would not be surprised if they limited damage un a more administrative way.

Big corporations in the US get fined and their executives go to jail if they "move around" taxes, sales, and don't pay for purchases. Maybe I have been wrong, and things ARE different in Europe...

Companies that do business with the US government, i.e. DOD probably have some month to month flexibility in when and how they declare orders, sales and earnings on these contracts. For example, an order could be declared when a contract is signed or when it is formally awarded, or when it is announced to the world officially, or when the work actually starts and money is being spent. Earnings for cost plus or incentive contracts allow the contractors flexibility on when earnings are recognized financially. Sales could be recorded when earned-i.e. deliveries made , or when paid by the government which could be several months difference.

Ya reckon ???

Sorry, jimc .. but it appears you have never read a Microsoft (MSFT) Annual report.

Microsoft has, as a perfectly legal process, 'deferred revenue' and shifted around sales to normalise quarterly revenue - and across multi-year results. It is an accepted accounting practice and, in Microsoft's case, usually is undertaken on the release of a major software package update such as Windows ME, Windows XP, Windows 7 and many MS Office releases. And, surprise surprise .. they are clearly not the only US based organisation to do this. You'd be amazed at who and how many US corporations take advantage of this.

Yes, I know.

I should have made my tongue-in-cheek more obvious.

If you want to laugh hard, go look at the US Federal Reserve's balance sheet. It actually shows an expectation of being paid back for mortgage-backed securities it bought.

Boeing, MS, Apple, etc., are all the same too. Enron and WorldCom just got caught....

I will endeavor to humidify my future attempts at jocularity.

Well at least in the case of the iPhone, Apple was required to defer revenue across the two year contract period due to accounting laws. They have subsequently received an exemption from this and can now book most of the revenue in the same quarter as the unit is sold in.