Boeing's Billion-Dollar Setback Amidst Worker Strikes

Boeing reported a substantial USD 6 billion loss in Q3 due to work stoppages and charges related to its aircraft and defense programs. The reported loss per share exceeded analyst predictions, while revenue stayed on target with Wall Street expectations. Key updates are anticipated following union voting outcomes.

Boeing has disclosed a significant loss exceeding USD 6 billion for the third quarter, primarily attributed to work stoppages and charges from its commercial aircraft and defense operations.

The aerospace giant reported a loss of USD 9.97 per share for the quarter ending September 30, slightly surpassing the adjusted loss figure of USD 10.44 per share. Industry analysts had projected a smaller loss of USD 10.34 per share, according to Zacks Investment Research.

While Boeing's revenue aligned with Wall Street forecasts at USD 17.84 billion, all eyes are on Wednesday evening's vote outcomes by the International Association of Machinists and Aerospace Workers. The decision, to be made in the Seattle region and beyond, could signal an end to the crippling production halt as union members consider Boeing's offer of a 35% pay raise over four years, USD 7,000 ratification bonuses, and the maintenance of performance bonuses previously at risk of being scrapped.

(With inputs from agencies.)