Boeing’s (NYSE:BA) new CEO said the company needs to become leaner and improve quality, a vision he laid out for the troubled plane manufacturer ahead of his first quarterly call with analysts on Wednesday. At the same time, thousands of striking Boeing machinists will vote on a new labor contract, and Kelly Ortberg said he was hopeful for a deal.
Boeing reported a more-than-$6-billion loss for the third quarter, its largest since 2020 when the pandemic halted most aircraft demand and its best-selling airplane was grounded after two crashes.
Boeing had released preliminary third-quarter results earlier this month, showing revenue of $17.8 billion, down less than 2% from a year earlier, as well as a loss of $9.97 a share and a cash outflow of $1.3 billion. It said it ended the third quarter with $10.5 billion in cash and marketable securities.
Loss per share turned out to be $10.44 adjusted. That may not compare with an adjusted loss of $10.52 expected by LSEG.
Revenue was $17.84 billion vs $17.82 billion expected
Ortberg, a former CEO of Rockwell Collins, took the helm of Boeing in August, tasked with restoring the company’s reputation and stamping out quality problems on aircraft and in other programs. In January, a door plug blew out minutes into an Alaska Airlines flight on a 737 Max 9, and the near-catastrophe reignited safety concerns from regulators and customers.
BA shares stumbled in Wednesday’s first hour $1.70, or 1.1%, to $158.18.
