News
Boeing reports US$6.2 billion quarterly loss; Seattle strike drags on
October 28th 2024
Only hours after Boeing reported a quarterly loss of US$6.2 billion last week, more than three times higher than a loss of $1.6 billion year ago, recently installed CEO, Kelly Ortberg, received more disappointing news. Read More » Members of the International Association of Machinists and Aerospace works (IAM) employed at Boeing in Seattle rejected the company’s latest pay package and voted to remain on strike, adding more woe to the company’s bottom line. The results reflected the impact of the IAM work stoppage that began in mid-September and the previously announced charges on commercial and defense programs, Boeing said. “It will take time to return Boeing to its former legacy, but with the right focus and culture, we can be an iconic company and aerospace leader once again,” Ortberg said. “We will be focused on fundamentally changing the culture, stabilising the business and improving program execution while setting the foundation for the future of Boeing.” Commercial aircraft deliveries were down 10% to 116 for the quarter against 105 a year ago. As a consequence, revenue from the company’s commercial aircraft business declined 10% to $7.4 billion.
