Boeing posts a $355M loss, as plane maker tries to dig out from latest crisis
Boeing is reporting a $355 million loss for the first quarter
Boeing said Wednesday that it lost $355 million on falling revenue in the first quarter, another sign of the crisis gripping the aircraft manufacturer as it faces increasing scrutiny over the safety of its planes and accusations of shoddy work from a growing number of whistleblowers.
CEO David Calhoun said the company is in “a tough moment,” and its focus is on fixing its manufacturing issues, not the financial results.
Company executives have been forced to talk more about safety and less about finances since a door plug blew out of a Boeing 737 Max during an Alaska Airlines flight in January, leaving a gaping hole in the plane.
The accident halted progress that Boeing seemed to be making while recovering from two deadly crashes of Max jets in 2018 and 2019. Those crashes in Indonesia and Ethiopia, which killed 346 people, are now back in the spotlight, too.
About a half-dozen relatives of passengers who died in the second crash met with government officials Wednesday in Washington. They asked the officials to revive a criminal fraud charge against the company by determining that Boeing violated terms of a 2021 settlement.
Boeing officials made no mention of the meeting, but talked repeatedly while discussing the quarterly earnings of a renewed focus on safety.
“Although we report first-quarter financial results today, our focus remains on the sweeping actions we are taking following the Alaska Airlines Flight 1282 accident,” Calhoun told employees in a memo Wednesday.
He ticked off a series of actions the company is taking and reported “significant progress” in improving manufacturing quality, much of it by slowing down production, which means fewer
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