{"id":117630,"date":"2024-10-24T00:42:47","date_gmt":"2024-10-23T17:42:47","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=117630"},"modified":"2024-10-24T00:42:47","modified_gmt":"2024-10-23T17:42:47","slug":"boeing-reports-6-billion-quarterly-loss-ahead-of-union-vote","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=117630","title":{"rendered":"Boeing reports $6 billion quarterly loss ahead of union vote"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>EVERETT, Wash. (AP) \u2014 Boeing reported a third-quarter loss of more than $6 billion before turning its attention to whether <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/boeing-strike-machinists-contract-9f61a7d48675d1c3517233d40d4ec2b1\">striking factory workers<\/a><\/span> would accept <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/boeing-strike-contract-offer-pay-increase-e86e43bcbbf3e140e89d33c901766554\">a contract offer<\/a><\/span> Wednesday and end a walkout that has crippled the company\u2019s airplane production for nearly six weeks.<\/p>\n<p>Members of the International Association of Machinists and Aerospace Workers were voting at union halls in the Seattle area and elsewhere on a contract that includes pay raises of 35% over four years. Their strike since mid-September has served as an early test for Boeing CEO Kelly Ortberg, who <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/boeing-ortberg-new-ceo-factory-visit-e5bada09a96d0e26b25f2d35d6d6cfc0\">became chief executive in August<\/a><\/span>.<\/p>\n<p>In his first remarks to investors, Ortberg said Boeing needs \u201ca fundamental culture change,\u201d and he laid out his plan to turn the company around after years of heavy losses and <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/boeing-strike-manufacturing-reputation-3eed69b839021b24bfe792080c85b63c\">damage to the aerospace giant\u2019s reputation<\/a><\/span>. <\/p>\n<p>Ortberg repeated in a message to employees and on the earnings call that he wants to \u201creset\u201d management\u2019s relationship with labor \u201cso we don\u2019t become so disconnected in the future.\u201d He said company leaders need to spend more time <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/boeing-ortberg-new-ceo-factory-visit-e5bada09a96d0e26b25f2d35d6d6cfc0\">on factory floors<\/a><\/span> to know what is going on and \u201cprevent the festering of issues and work better together to identify, fix, and understand root cause.\u201d<\/p>\n<p>Ortberg expressed hope that the 33,000 <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/boeing-strike-workers-union-pay-e50b65fbbf34e74b42d4a65ef0d7da76\">striking machinists<\/a><\/span> in the Pacific Northwest would vote to approve the company\u2019s latest contract offer. Their union district was expected to announce the results Wednesday night.<\/p>\n<p>Ortberg, a Boeing outsider who previously ran Rockwell Collins, a maker of avionics and flight controls for airline and military planes, said Boeing is at a crossroads.<\/p>\n<p>\u201cThe trust in our company has eroded. We\u2019re saddled with too much debt. We\u2019ve had serious lapses in our performance across the company, which have disappointed many of our customers,\u201d he said.<\/p>\n<p>But Ortberg also highlighted the company\u2019s strengths, including a backlog of airplane orders valued at a half-trillion dollars. <\/p>\n<p>\u201cIt 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,\u201d he said. <\/p>\n<p>Ortberg previously announced <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/boeing-layoffs-strike-airplane-factories-de637999cf525699577b42b72bff2a70\">large-scale layoffs<\/a><\/span> \u2014 about 17,000 people \u2014 and a plan to <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/boeing-new-stock-debt-finances-strike-b7839aef372f4b4e8312f9efbe8ef24b\">raise enough cash<\/a><\/span> to avoid a bankruptcy filing. <\/p>\n<p>\u201cHe\u2019s got a lot on his plate, but he probably is laser-focused on getting this negotiation completed. That\u2019s the closest alligator to the boat,\u201d said Tony Bancroft, portfolio manager at Gabelli Funds, a Boeing investor. <\/p>\n<p>Boeing hasn\u2019t had a profitable year since 2018, and Wednesday\u2019s numbers represented the second-worst quarter in the manufacturer\u2019s history. Boeing reported that it lost $6.17 billion in the period ended Sept. 30, with an adjusted loss of $10.44 per share. Analysts polled by Zacks Investment Research had expected a loss of $10.34 per share.<\/p>\n<p>Revenue totaled $17.84 billion, matching Wall Street estimates.<\/p>\n<p>The company burned nearly $2 billion in cash, in the quarter, weakening its balance sheet, which is loaded down with $58 billion in debt. Chief Financial Officer Brian West said the company will burn cash through 2025, but at a slower pace.<\/p>\n<p>Shares of The Boeing Co. fell 3% in midday trading. <\/p>\n<p>The long-profitable company\u2019s fortunes soured after <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/boeing-737-max-victims-plea-agreement-fraud-7b772b2ae171b0e3cb9916d10d05652f\">two of its 737 Max jetliners<\/a><\/span> crashed in October 2018 and March 2019, killing 346 people. Safety concerns were renewed when a panel blew off a Max during an Alaska Airlines flight in January. <\/p>\n<p>Ortberg needs to convince federal regulators that Boeing is fixing its <span class=\"LinkEnhancement\"><a class=\"Link AnClick-LinkEnhancement\" data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/boeing-senators-letter-justice-department-a9f4e3d5cd78cbbff899aab7c1a26759\">safety culture<\/a><\/span> and is ready to boost production of the 737 Max \u2014 a crucial step to bring in much-needed cash. That can\u2019t happen, however, until the striking workers return to their jobs.<\/p>\n<p>Along with pay raises, Boeing\u2019s latest contract offer includes $7,000 ratification bonuses and the retention of performance bonuses that Boeing wanted to eliminate. <\/p>\n<p>Boeing held firm in resisting a union demand to restore a traditional pension plan that was frozen a decade ago. However, older workers would get a slight increase in their monthly pension payouts. <\/p>\n<p>At a picket line Tuesday outside a Boeing factory in Everett, Washington, some strikers encouraged colleagues to reject the revised contract. <\/p>\n<p>\u201cThe pension should have been the top priority. We all said that was our top priority, along with wage,\u201d said Larry Best, a customer-quality coordinator with 38 years at Boeing. \u201cNow is the prime opportunity in a prime time to get our pension back, and we all need to stay out and dig our heels in.\u201d<\/p>\n<p>Best also thinks the pay increase should be 40% over three years to offset a long stretch of stagnant wages, now combined with high inflation. <\/p>\n<p>\u201cYou can see we got a great turnout today. I\u2019m pretty sure that they don\u2019t like the contract because that\u2019s why I\u2019m here,\u201d said another picketer, Bartley Stokes Sr., who started working at Boeing in 1978. \u201cWe\u2019re out here in force, and we\u2019re going to show our solidarity and stick with our union brothers and sisters and vote this thing down because they can do better.\u201d<\/p>\n<h2>___<\/h2>\n<p>Koenig reported from Dallas.<\/p>\n<\/p><\/div>\n<p><script>\n  window.fbAsyncInit = function() {\n      FB.init({\n              appId : '870613919693099',\n          xfbml : true,\n          version : 'v2.9'\n      });\n  };\n  (function(d, s, id){\n     var js, fjs = d.getElementsByTagName(s)[0];\n     if (d.getElementById(id)) {return;}\n     js = d.createElement(s); js.id = id;\n     js.src = \"https:\/\/connect.facebook.net\/en_US\/sdk.js\";\n     fjs.parentNode.insertBefore(js, fjs);\n   }(document, 'script', 'facebook-jssdk'));\n<\/script><br \/>\n<br \/><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/apnews.com\/article\/boeing-earnings-strike-vote-new-ceo-af6c6dab8747d5b8189df97a55e6b8d9\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EVERETT, Wash. (AP) \u2014 Boeing reported a third-quarter loss of more than $6 billion before turning its attention to whether striking factory workers would accept a contract offer Wednesday and &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=117630\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-117630","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/117630","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=117630"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/117630\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=117630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=117630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=117630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}