Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

Boeing to cut 17,000 jobs as losses deepen during factory strike

by admin October 15, 2024
October 15, 2024
Boeing to cut 17,000 jobs as losses deepen during factory strike

Boeing will cut 10% of its workforce, or about 17,000 people, as the company’s losses mount and a machinist strike that has idled its aircraft factories enters its fifth week.

Boeing expects to report a loss of an $9.97 a share in the third quarter, the company said in a surprise release on Friday. It took charges in both its commercial airplane unit and defense business.

The manufacturer also won’t deliver its still-uncertified 777X wide-body plane until 2026, putting it six years behind schedule, and will stop making commercial 767s in 2027, CEO Kelly Ortberg said in a staff memo on Friday afternoon.

Striking Boeing workers hold rally at the Boeing Portland Facility in Portland, Ore., on Sept. 19.Jordan Gale / AFP – Getty Images

“Our business is in a difficult position, and it is hard to overstate the challenges we face together,” Ortberg said. “Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.”

The job and cost cuts are the most dramatic moves to date from Ortberg, who is just over two months into his tenure in the top job.

He was tasked with restoring Boeing after safety and manufacturing crises, but the labor strike has been the biggest challenge yet for Ortberg. Credit ratings agencies have warned the company is at risk of losing its investment-grade rating, and Boeing has been burning through cash in what company leaders hoped would be a turnaround year.

S&P Global Ratings said earlier this week that Boeing is losing more than $1 billion a month from the strike, which began Sept. 13 after machinists overwhelmingly voted down a tentative agreement the company reached with the union. Tensions have been rising between the manufacturer and the union, and Boeing withdrew a contract offer earlier this week.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Trump slams Biden’s ‘pathetic’ correspondence with Netanyahu, reveals when he last spoke with world leader
next post
Heritage Mining Announces Fully Allocated Non-Brokered Private Placement

Related Posts

Disneyland workers reach tentative deal with company, averting...

July 25, 2024

Dick’s Sporting Goods is latest retailer to forecast...

March 12, 2025

From pandemic struggles to St. Patrick’s Day crowds,...

March 17, 2025

Costco cracks down on membership card sharing

August 9, 2024

American Airlines flight attendants ratify new contract with...

September 19, 2024

Walmart is getting a bump from a surprising...

February 21, 2025

Hurricane Milton could reduce Disney earnings, Goldman says

October 9, 2024

TikTok and fast-food rivalry fuel Chili’s sales as...

August 17, 2024

Gas prices are rising. Here’s how to stretch...

July 9, 2024

The trucking industry hits the brakes with tariffs...

April 24, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • How I Find Up-trending Stocks Every Week (Step-by-Step Scan Tutorial)

      June 4, 2025
    • S&P 500 Bullish Patterns: Are Higher Highs Ahead?

      June 4, 2025
    • White House stands by tax bill after Musk calls it a ‘disgusting abomination’

      June 4, 2025
    • South Korea flips left in presidential race; Lee secures victory after conservative opponent concedes

      June 4, 2025
    • Trump and Melania to headline power-player packed Kennedy Center opening night

      June 4, 2025

    Categories

    • Business (964)
    • Investing (2,310)
    • Politics (2,863)
    • Stocks (1,051)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved