Boeing reported a $1.64 billion loss for the third quarter as it delivered fewer of its best-selling but problem-plagued 737 Max airliner.
FILE - Boeing 737 Max airplanes sit parked in a storage lot, Monday, April 26, 2021, near Boeing Field in Seattle. Boeing reports earnings on Wednesday, Oct. 25, 2023. Boeing reported a $1.64 billion loss for the third quarter as it delivered fewer of its best-selling but problem-plagued 737 Max airliner and sunk more money into building two new Air Force One presidential jets.
“These are disappointing results in the quarter and the year to date,” Chief Financial Officer Brian West said on a call with analysts. “This performance is below our expectations, and we acknowledge that we aren’t as far along in this recovery as we expected to be.” Most recently, Boeing and supplier Spirit AeroSystems have set out to inspect and do additional work to fix poorly drilled holes in a pressure-sealing section of the planes.
CEO David Calhoun said the setbacks won’t affect performance of the planes, but that “any unplanned hurdles can introduce unrecoverable cost” in fixed-price contracts like the one Boeing agreed to for Air Force One.
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