Boeing reports USD 6 bn quarterly loss ahead of vote by union workers who crippled production
Boeing reported a massive loss of more than USD 6 billion in its third quarter, dragged down by a work stoppage and charges tied to its commercial aircraft and defence programmes. Boeing lost USD 9.97 per share for the period ended Sept 30, with an adjusted loss of USD 10.44 per share. Analysts polled by Zacks Investment Research were calling for a loss of USD 10.34 per share.
Revenue totalled USD 17.84 billion, matching Wall Street estimates.
The biggest news of the day, however, is likely to come Wednesday evening, when the International Association of Machinists and Aerospace Workers reveals whether striking union members will return to factories after crippling production.
They will vote at union halls in the Seattle area and elsewhere on a Boeing offer that includes pay raises of 35% over four years, USD 7,000 ratification bonuses, and the retention of performance bonuses that Boeing wanted to eliminate.
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