Boeing Reports $6 Billion in Quarterly Losses Amid Struggles, Strike
Boeing CEO Kelly Ortberg laid out a turnaround plan Wednesday, calling for a "fundamental culture change" at the struggling planemaker as its quarterly losses surged to $6 billion due to a crippling strike.
Boeing CEO Kelly Ortberg laid out a turnaround plan Wednesday, calling for a "fundamental culture change" at the struggling planemaker as its quarterly losses surged to $6 billion due to a crippling strike.
The company has now racked up losses of nearly $8 billion for the current year, as a halt in production of its 737 MAX, 777 and 767 planes following the strike and an ailing defense and space division hammer its business.
Boeing shares slipped 1% in premarket trading.
In a letter, Ortberg stressed the need for improving performance in its defense business and its 737 MAX and 777 programs while broadly stabilizing Boeing, which is "at a crossroads" after lapses in its performance disappointed customers and eroded trust.
"This is a big ship that will take some time to turn, but when it does, it has the capacity to be great again," Ortberg told the planemaker's employees in a message containing prepared remarks for his first earnings call as CEO.
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