Spirit AeroSystems is furloughing 700 employees due to the impact of the strike by Boeing's machinists.
Get a deeper insight into the potential performance of Boeing (BA) for the quarter ended September 2024 by going beyond Wall Street's top -and-bottom-line estimates and examining the estimates for some of its key metrics.
Production of Boeing's 767 and 777 widebody jets was halted during the strike by more than 33,000 West Coast factory workers that started on Sept. 13.
A new Federal Aviation Administration review of Boeing's safety processes will take about three months, the agency said in a statement on Friday.
Spirit AeroSystems will furlough some 700 workers. The Boeing supplier had been scrambling to cut costs after more than 32,000 Boeing machinists walked off the job Sept.
Spirit AeroSystems will tell employees on Friday that it will furlough 700 workers for 21 days as an over month-long strike at U.S. planemaker Boeing eats into the supplier's cash and inventory space, a spokesperson told Reuters.
Billions of dollars for Boeing and Lockheed hinge on a single FAA decision.
In the latest trading session, Boeing (BA) closed at $155.31, marking a +0.26% move from the previous day.
BA's earnings miss the Zacks Consensus Estimate in two of the trailing four quarters and beat the same in the other two, the average negative surprise being 1.97%.
Production down 0.3%, slightly below forecast
Several airlines have criticized Boeing for delivery delays. Ryanair CEO Michael O'Leary said the airline would likely cut traffic expectations for next year.
In the last week, Boeing has taken two significant efforts to address its ongoing financial crisis amidst an ongoing strike of 33,000 workers from the International Association of Machinists (IAM).