Aircraft maker posts quarterly loss on production troubles
Boeing employees assemble 787s inside the main assembly building on the campus in North Charleston, S.C. PHOTO: POOL/REUTERS
Boeing BA -0.45%decrease; red down pointing triangle booked a third-quarter loss and lowered delivery goals this year for its 737 MAX jet, which accounts for the bulk of the plane maker’s output.
Boeing lost $1.64 billion in the quarter ended Sept. 30, more than analysts expected, and it reported negative cash flow from its operations. But the company met expectations for sales, and executives kept their full-year and medium-term financial guidance unchanged.
MAX production has been running at about half the company’s target while Boeing and one of its largest suppliers race to fix misdrilled holes on the jet’s fuselage.
“When we set our recovery plans, we knew issues would come up along the way,” Boeing Chief Executive Dave Calhoun wrote in a message to employees. He said improved quality procedures and a culture that rewards speaking up about problems means the company is finding more things in need of repair.
Excerpt from WSJ
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