Boeing’s January-September losses increase 260%

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U.S. manufacturer Boeing announced Wednesday that in the first nine months of this year it lost $7.968 million, up 260% from 2023, due to the workers’ strike that has been going on since September 13 and a drop in deliveries of commercial and defense aircraft.

Between January and September, the Chicago, Illinois-based company had a turnover of 51.275 million dollars (about 47.5 billion dollars), down 8% year-on-year.

In the third quarter of 2024, the quarter Wall Street investors were looking at most today, the company posted a loss of $6.174 million, up 276% from July through September of last year and its worst figure since the pandemic.

In the first three months of the year, the company had revenues of $17.48 billion, down 1% from a year earlier and below the figure forecast by FactSet analysts ($17.815 million).

“It will take time to return Boeing to its former legacy, but with the right focus and culture we can return to being a leading iconic aerospace company,” Boeing President and CEO Kelly Ortberg, who assumed the post in August, said today.

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Ortberg stressed that, going forward, the company will focus on “stabilizing the business and improving execution” of its programs.

In the first nine months of the year, the company delivered 291 commercial aircraft, down 22% year-on-year, giving it revenues of $18.099 million, down 23% from the same period last year.

In the third quarter, it delivered 116 commercial aircraft, down 10% year-on-year, and recorded revenues of 7,443 million, down 5%.

The company said these figures are due to delays in aircraft deliveries and a work stoppage by its main production union, the International Association of Machinists and Aerospace Workers (IAM).

More than 32,000 striking machinists will begin voting today on a new contract proposal offered by the company, and the results of that vote – which requires a simple majority to be ratified – are expected to be released tonight. The strike has put most of Boeing’s aircraft production on hold.

On October 11, Ortberg announced that the company would lay off “in the coming months” 10% of its workforce, equivalent to some 17,000 people.

With information from EFE

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