Boeing To Reset Priorities And Create Leaner, More Focused Organization

(RTTNews) - Boeing (BA) CEO Kelly Ortberg stated that the company has been feverishly working to find a solution to end the IAM strike. He is hopeful that the package put forward will allow employees to come back to work. Kelly Ortberg noted that the company needs to continue to focus on reducing non-essential activity.

"Boeing is an airplane company and at the right time in the future we need to develop a new airplane. But we have a lot of work to do before then. This includes stabilizing our business, improving execution on the development programs, streamlining the portfolio to do what we do well and restoring the balance sheet so that we do have a path to the next commercial aircraft. We need to reset priorities and create a leaner, more focused organization," said Kelly Ortberg.

The company posted a third quarter net loss of $6.17 billion compared to a loss of $1.64 billion, prior year. Loss per share was $9.97 compared to a loss of $2.70. The results reflected IAM work stoppage and previously announced program charges. Core operating loss widened to $5.99 billion from a loss of $1.09 billion. Core loss per share was $10.44 compared to a loss of $3.26. On average, ten analysts polled by Thomson Reuters expected the company to report a loss per share of $10.52, for the quarter. Analysts' estimates typically exclude special items.

Revenues declined to $17.84 billion from $18.10 billion, last year. Analysts on average had estimated $17.82 billion in revenue. Total company backlog at quarter end was $511 billion.

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