{"id":2358359,"date":"2024-10-23T10:50:02","date_gmt":"2024-10-23T14:50:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/boeing-loses-6-1-billion-in-q3-following-five-week-strike-washington-examiner\/"},"modified":"2024-10-23T10:53:52","modified_gmt":"2024-10-23T14:53:52","slug":"boeing-loses-6-1-billion-in-q3-following-five-week-strike-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/boeing-loses-6-1-billion-in-q3-following-five-week-strike-washington-examiner\/","title":{"rendered":"Boeing loses $6.1 billion in Q3 following five-week strike &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fboeing-loses-6-1-billion-in-q3-following-five-week-strike-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2358359&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Boeing reported a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-postal-service-reports-6-5-billion-net-loss-for-2023-fiscal-year\/\" title=\"US Postal Service reports .5 billion net loss for 2023 fiscal year\">significant net loss<\/a> of over $6.1 billion in its third quarter, largely due to a five-week strike that involved approximately 20% of its workforce. This strike affected operations at its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-justice-department-nominee-faces-ethics-minefield-from-fathers-corporate-interests\/\" title=\"Biden Justice Department Nominee Faces Ethics Minefield From Father\u2019s Corporate Interests\">manufacturing facility<\/a> where \u200bthe 737 MAX, 767, and 777 \u200bplanes are\u2064 produced. The company has since reached \u2063a tentative agreement\u200b with the International Association of Machinists and Aerospace \u200dWorkers\u2062 (IAM), representing 33,000\u2063 employees. The deal includes a 35% wage increase \u200cover four years, \u200da\u2064 $7,000 signing bonus, and increased contributions to workers&#8217; 401(k) plans.\u2063 <\/p>\n<p>Despite this, Boeing&#8217;s leadership acknowledges that <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-votes-to-begin-debate-on-spending-bills-with-just-days-until-government-shutdown\/\" title=\"House votes to commence spending bill debate, government shutdown looms.\">significant challenges remain<\/a>; CEO Kelly Ortberg emphasized the need for cultural change and improved business stability to restore Boeing&#8217;s legacy as an aerospace leader. The IAM workers are set to vote on this tentative deal, which lacks the endorsement of union leadership, a factor that may not heavily influence the employees&#8217; decision-making\u2062 process.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Boeing loses $6.1 billion in Q3 following five-week strike<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1836358\" class=\"tpd-featured-video bridtv\"><\/div>\n<p><a href=\"http:\/\/washingtonexaminer.com\/tag\/boeing\" target=\"_blank\" rel=\"noopener\" title>Boeing<\/a> reported a <a href=\"http:\/\/washingtonexaminer.com\/tag\/business\" target=\"_blank\" rel=\"noopener\" title>net loss<\/a> of over $6.1 billion in its third quarter Wednesday, as roughly a fifth of its employees went on <a href=\"http:\/\/washingtonexaminer.com\/tag\/strike\" target=\"_blank\" rel=\"noopener\" title>strike<\/a>.<\/p>\n<div class=\"article-paywall\">\n<p>This comes after the company reached a tentative deal with its 33,000 employees, represented by the International Association of Machinists and Aerospace Workers, who were employed at Boeing&rsquo;s manufacturing factory, where its 737 MAX, 767, and 777 planes are produced. However, the latest losses &ldquo;primarily reflect impacts of the IAM work stoppage,&rdquo; according to Boeing.<\/p>\n<p>&ldquo;It will take time to return Boeing to its former legacy, but with the right focus and culture, we can be an iconic company and aerospace leader once again,&rdquo; Boeing President and CEO&nbsp;Kelly Ortberg said. &ldquo;Going forward, we will be focused on fundamentally changing the culture, stabilizing the business, and improving program execution while setting the foundation for the future of Boeing.&rdquo;&nbsp;<\/p>\n<p>Wednesday is the day the IAM workers will vote on the <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3195849\/boeing-reaches-deal-labor-union-end-machinists-strike\/\" target=\"_blank\" rel=\"noopener\" title=\"tentative deal\">tentative deal<\/a>, which includes a 35% wage increase over four years, a $7,000 signing bonus, and an increase in the company contributions to the members&rsquo; 401(k) plans. This proposal does not have the union leadership&rsquo;s endorsement, however their endorsement bears little sway over the employees as the last endorsed deal was voted out by 95% of its members.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><\/strong><\/a><\/strong><\/p>\n<p>The delay brought about by the strike resulted in a pretax earnings charge of $2.6 billion,&nbsp;<a href=\"https:\/\/investors.boeing.com\/investors\/news\/press-release-details\/2024\/Boeing-Reports-Preliminary-Third-Quarter-Results\/\" target=\"_blank\" rel=\"noreferrer noopener\">according<\/a>&nbsp;to the company. Another $400 million pretax charge will come as the company shutters its 767 production. Boeing&nbsp;made a $10 billion&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/news\/business\/3189351\/boeing-enters-10-billion-credit-agreement-striking-workers-bleed-company\/\" target=\"_blank\" rel=\"noopener\" title>credit agreement<\/a>&nbsp;with several banks last week to combat the losses.<\/p>\n<p>In August, Boeing CEO Kelly Ortberg replaced Dave Calhoun following allegations of safety violations. Boeing&nbsp;had just received an audit from the&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/FAA\/\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Aviation Administration<\/a>&nbsp;in July. The administration found that the company had &ldquo;failed to comply with <a href=\"https:\/\/amzn.to\/3YuVZYV\">manufacturing quality control requirements&#038;rdquo<\/a>; on more than one occasion.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1836358\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1836358\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boeing reports $6.1 billion loss in Q3 due to strike<\/p>\n","protected":false},"author":2631,"featured_media":2358361,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/Boeing_82.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[14922,43542,38935,43544,43543],"class_list":["post-2358359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-boeing","tag-earnings-report","tag-financial-loss","tag-labor-strike","tag-q3-2023"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/Boeing_82.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2358359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2631"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2358359"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2358359\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2358361"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2358359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2358359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2358359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}