Boeing HQ
The latest Boeing news centers on the first quarter earnings call, with another whistleblower emerging and crash victims pressuring for criminal action. The earnings call had the company reporting lower sales, a net loss, and burning cash during the quarter. Links to today’s key stories follow:
- Boeing crash victims’ families pressure DOJ to hold company criminally responsible – CBS Austin
- Another Boeing whistleblower comes forward – with receipts – The Register
- Boeing burns $3.9B in cash during troubled 1Q24 – AirInsight
- Boeing takes $222 million loss on T-7, KC-46 – Air and Space Forces
- Airbus outperforms Boeing in APAC market – Asian Aviation
- Boeing isn’t junk status – yet: Moody’s outlook on aircraft maker goes negative – Benzinga
- After shrugging off a $355 million first-quarter loss, Boeing has to slog through the mud of fresh allegations it retaliated against workers – Fortune
- ‘We are in a tough moment’: Boeing slows airplane deliveries 36% as it fights to regain public confidence – Fortune
- Can anyone pull Boeing out of its nosedive? – The Economist
- Boeing’s revival roadmap put to test by dwindling time and cash – BNN Bloomberg
The Bottom Line:
Boeing’s financial performance during the first quarter has begun to cast doubt on some observers as to whether Boeing can recover, particularly since Moody’s is moving closer to removing its investment grade rating. Confidence in Boeing has waned as Airbus continues to outperform its competitor.
Interestingly, current CEO Dave Calhoun favors an insider as his replacement. Most observers believe that it would be difficult for a Boeing insider to effect the culture change needed at the company and disagree with Calhoun’s assessment. This could become the next controversial issue for Boeing, which is having difficulty retaining customers and investors’ confidence. Stay tuned.
