Posted on 10/23/2024 9:10:11 AM PDT by DallasBiff
EVERETT, Wash. (AP) — Boeing reported a loss of more than $6 billion in the third quarter and immediately turned its attention to union workers who will vote Wednesday whether to accept a company contract offer or continue their crippling strike, which has dragged on for nearly six weeks.
New CEO Kelly Ortberg laid out his plan to turn Boeing around after years of heavy losses and damage to its reputation.
In remarks he planned to deliver later Wednesday to investors, Ortberg said Boeing needs “a fundamental culture change in the company.” To accomplish that, he said, company leaders need to spend more time on factory floors to know what is going on and “prevent the festering of issues and work better together to identify, fix, and understand root cause.”
(Excerpt) Read more at apnews.com ...
Boeing-made satellite explodes in space after experiencing an “anomaly”
https://www.cbsnews.com/news/boeing-satellite-intelsat-33e-explodes-space-anamoly/
One step closer to making air flight less convenient for the common man, leaving the airspace mostly to the elites.
Astounding. But it’s more than woke. Yes, they were woke, but they also engaged in crap that top companies won’t tolerate, including bad (dangerous) testing, failing to get pilot training with new systems. Incredible. Boeing was once synonymous with quality.
I don’t think it was wokeness that killed boeing. It was shoddy workmanship and intercompany politics.
Ill admit i have not read into the history of Boeing but according to the show i saw it was the merger with McDonnel Douglas that brought in the rush to turn out product as quickly as possible even if it meant cutting corners. Seems like its been downhill ever since.
Boeing needs to get the Hell out of Washington State.
I’m taking a very small put position today post the earnings announcement.
I have a weird feeling that the union is going to vote ‘no’ on the contract which will crater the stock.
It’s only ~ $50 so no big loss if it turns out to be wrong.
The strikes during the launch of the 777 forced Boeing to submit to terms that gave them one option to survive outsourcing.
That outsourcing has hollowed out Boeing's once amazing manufacturing prowess. and facilities.
It's taken 30 years but Boeing does not have the capabilities it once did and it's focus on financial rather than engineering has led to attrition on it's highly skilled force - both engineering and manufacturing. The good guys have or are in the process of retiring and they are not being replaced because there is no one to replace them or to mentor new talent.
When Boeing made the decision to sub out the composite wings of the 787 to the Japanese it was clear Boeing either had to innovate a breakthrough new follow on or they were going to start sinking.
It looks like the second option for Big B.
They no longer control their own destiny and they have neither the capitol nor the talent to bet the bank on new, breakthrough aircraft.
Worse, the Boeing outsourcing strategy has transferred their technology and aerospace industrial base to foreign players who are now building or planning new aircraft of their own that are built in low cost of labor countries with manufacturing capabilities and worker skills comparable to Boeing.
Union was tres stupide.
That strike really broke the bond and the compact between Boeing and it's union workers and management was really down hearted on what they viewed as a betrayal by the workers that they treated very well..
The sad fact is that the greedy, entitled older workers who led strikes that really milked and started the decline at Boeing made bank and then retied for the younger guys to sort out the mess they made.
And it was not just Boeing, BTW.
The union mentality of the 1970s-1990s really killed American manufacturing with low productivity and low quality at extortionate labor costs.
American companies can survive high labor costs and even prosper if there is top tier quality and very high productivity to profitability and reinvestment grade business climate.
The union mentality of that era was one of entitlement and chip on the shoulder resentment.
Union workers took pride in milking their companies for every penny while at the same time pushing to see how little they could do and how unproductive and obstructive hey could become.
They often intentionally produced shoddy workmanship as big F You to their supervisors who they came into conflict with due to willful obstruction and low low productivity.
The much maligned 737 max is actually a very nice airplane but it highlights how Boeing is increasingly being forced to adopt an non reinvestment grade business model.
Boeing could not afford the capitol expense and lacked it's once amazing depth of engineering talent to design and build a new airplane optimized for the 737 Max's lucrative market niche. So instead, Boeing went the route of stretching the already much stretched 1960's vintage basic 737 design just a bit further than was optimum and it's really cost them dearly.
actually the opposite, Boeing went downhill hard after the corp offices moved to chicago then DC.
the new CEO has moved to Washington and they are trying to get the rest of the executives in charge of commercial airlines to come back too.
The union is working hard to crash the company and lose their jobs.
Only $6 billion
Their Everett plant is the biggest building in the world.
That is the only possible outcome for large unions in the long run.
Ask a math teacher how much 2+2 is.....”4”,
Ask an economist,,,,,, “given a stable inflation environment and no change in interest rates, 4”,
Ask an accountant, ,,,,,,”How much do you want it to be”?
That is the essence of what I read at FR some months ago.
Before the merger, Boeing was known as an “engineer’s company” that produced only the best.
Boeing’s slide didn’t have to happen. So sad.
Just read on X that the union voted no to the contract.....maybe that $50 put will pay off tomorrow after all...
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