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.

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Stock Forecasts

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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.

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