Boeing reports $6B quarterly loss with big union vote looming
Published On Oct 23, 2024, 8:05 AM
Boeing reported a staggering net loss of $6.17 billion for the third quarter, mainly due to lower deliveries and unfavorable working capital, compounded by a significant labor strike. In contrast to the previous year's small gain, cash flow was negative $1.345 billion. The company is also pursuing new financing options, including a $10 billion credit agreement and a potential $25 billion in new debt and stock offerings. Shares fell slightly in premarket trading, reflecting investor concerns over financial stability and the outcome of an impending union vote on a new contract.
Stock Forecasts
BA
Negative
With Boeing’s extensive financial losses and a major labor dispute impacting operations, coupled with significant layoffs and anticipated restructuring, the stock is likely to face further pressure in the short term. The upcoming union vote could either stabilize or escalate tensions, creating volatility. Given these challenges, a downward direction is expected for Boeing's stock over the upcoming period.
Related News
Boeing’s New C.E.O. Calls for ‘Culture Change’ as Strike Vote Looms
Oct 23, 2024, 7:40 AM
As Kelly Ortberg presented his strategic vision, more than 33,000 striking employees of the aerospace manufacturer were expected to vote on a new contract.
Stock market today: Dow futures lead S&P 500, Nasdaq lower as Treasury yields tick up
Oct 23, 2024, 6:45 AM
Doubts about rate cuts weighed on investors preparing for a busy day of earnings from the likes of Tesla and Boeing.
Boeing-made communications satellite breaks up in space
Oct 22, 2024, 11:50 PM
The "total loss" of the communications satellite has affected Intelsat customers around the world.