Locator: 48560BOEING.
Later, link here:
Usual disclaimer in place. Done quickly. There will be typographical and content errors. Everything needs to be fact-checked. A dynamic situation.
Details to follow.
Boeing: pre-announces 3Q24 loss.
- a substantial GAAP loss: $9.97 / share
- 3Q24 revenue: $17.8 billion
- to take a $5 billion 3Q24 charges
- cutting 10% of its work force across the company; 17,000
- will delay entry into service with next a/c, the Boeing 777X ; from next year to 2026
- ending production of the 767 freighter, when current planned production end
New CEO:
- kitchen-sink cuts, but also existential moves
- not just about short term balance sheet but long-term survival
Mike Santoli: agrees. More than just short-term balance sheet issues.
Jefferies: senior research analyst
- Boeing Defense a really big issue
- forecast to lose $1 billion next year
Ticker:
- after being up slightly during normal trading hours, drops almost 3% after hours
- recovers slightly
Other comments:
- machinists strike continues
- 33,000 machinists
- that will be an interesting meeting when the union boss announces that of those 33,000 on strike, 10% will be out of a job before the strike is over
- one would assume, seniority takes priority
- one would assume most of those losing their jobs would be new hires over the past couple of years
- too big to fail: when does Trump and/or Harris announce they will not let Boeing fail?
- too big to fail: how did "we" get into this situation in the first place?
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.