That drop is crucial because aircraft makers get most of their cash from sales when planes are delivered. Spirit will cut about 1,000 jobs in Florida. Write CSS OR LESS and hit save. Boeing Co. said it is reviewing jet production levels and plans to shed another 7,000 jobs by the end of next year in response to the mounting toll on the global airline industry from a fresh global surge in coronavirus cases. And Boeing continues to face losses due to the grounding of its 737 Max planes, which were blamed for two deadly crashes. (AP) - Boeing will cut more jobs as it continues to bleed money and its revenue fades during a pandemic that has smothered demand for new airline planes. Mass Airline Layoffs On Deck and They Will Hurt Trump, On September 30, I commented Mass Airline Layoffs On Deck and They Will Hurt Trump. That is a far deeper cut to its workforce than the 19,000 jobs the company said it planned to trim just three months ago. continues to reel from the coronavirus and the fallout, posted its second consecutive quarterly loss, Why Boeing might not need federal cash despite coronavirus, 737 Max crises, Boeing earnings pummeled by 737 Max grounding, Your California Privacy Rights/Privacy Policy. Revenue was lower than expected, however, with the FactSet survey pointing to sales of $14.20 billion. A Gray Media Group, Inc. Station - © 2002-2020 Gray Television, Inc. Cowen analyst Cai von Rumohr said that suggests Boeing believes that airlines will still take the plane, or that it is willing to whittle down its inventory more slowly. They endeavor to improve on everything including their employees. Some analysts think even that scaled-back forecast was too rosy. I enjoyed working for Boeing and will likely be a Boeing employee again in the future. The Associated Press is an independent global news organization dedicated to factual reporting. Today we report our third-quarter results. That snip was courtesy of Bloomberg Mass Airline Layoffs in Swing States Would Further Imperil Trump. 7831 N. Business Park DriveTucson, AZ 85743(520) 744-1313. The company's first-quarter revenue fell 26% to $16.9 billion. Overall, the company recorded negative free cash flow of $4.73 billion for the first quarter after posting positive free cash flow of $2.29 billion in the same period a year earlier. The stability of Boeing's defense and space division is helping to prevent the company from immediate collapse. Boeing has spent about two years overhauling flight-control software and computers on the plane after an automated anti-stall system pushed the noses down before crashes in Indonesia and Ethiopia that killed a combined 346 people. There wasn’t. In the first nine months of the year, Boeing has delivered only 98 airline planes, compared with 301 during the same stretch of 2019. The Chicago company, which has airplane assembly plants near Seattle and in South Carolina, plans to cut its labor force by not replacing people who retire and cutting 7,000 with buyouts and layoffs through next year. Boeing said Wednesday that it is taking numerous steps to shore up its finances, including drawing on its term loan facility, cutting discretionary spending, continuing to suspend share buybacks and dividends, reducing R&D and capital expenditures and eliminating CEO and chairman compensation for 2020. Boeing has been whipsawed by a drop in revenue after its 737 Max was grounded in March 2019 following two deadly crashes, and then a pandemic that has caused air travel to plunge and left airlines with more planes than they need. Reporters and experts from across the country and the USA TODAY Network talk about America's most urgent questions on disinfection and reinfection. Providing exclusive original content and interviews with some of the best known voices in the world of economics and precious metals. Embraer is now taking that move to arbitration. The loss was still not as bad as feared. “We are getting very close I believe to the finish line with respect to certifying the Max and to begin deliveries.”. Copyright 2020 The Associated Press. Boeing also last week announced the termination of its $4.2 billion deal with Brazilian regional aircraft maker Embraer to form a joint venture that would be 80% owned by Boeing. Boeing plans to cut about 10% of its jobs as it continues to reel from the coronavirus and the fallout from its 737 Max safety crisis.. Boeing posted its second consecutive quarterly loss after turning a profit for more than 40 straight quarters. Shares of Boeing fell nearly 3% Wednesday. SGT Report is the corporate propaganda antidote. The cuts, which were widely expected, are aimed at helping Boeing stanch its financial freefall. La Palma Correctional Center, a privately run immigration detention center north of Tucson, is facing an ongoing battle with COVID-19. Boeing Co. talked about the more severe job cuts on the same day it reported a $449 million loss for the third quarter, a swing from the $1.17 billion it earned in the same period last year. Welcome to the official corporate site for the world's largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems. Boeing has other challenges. Archbishop Viganò: America is in midst of ‘Colossal Electoral Fraud,’ ‘Do Not Think the Children of Darkness Act with Honesty – We Must Pray... TRUMP TEAM ALREADY HIRED THEIR DREAM TEAM OF LAWYERS GOING AFTER HUGE VOTING IRREGULATIES IN BOTH MICHIGAN AND WISCONSIN, STOLEN ELECTION: TOTAL FRAUD, EASILY PROVEN — JEFFREY PETERSON. Boeing, which along with Europe’s Airbus dominates the aircraft-building industry, has seen orders and deliveries of new planes shrivel this year in the face of the pandemic and the grounding of the Max, its marquee aircraft. Boeing’s sales fell 29% in the latest quarter from a year ago and the company burned through $4.8 billion in cash, further evidence of the mounting financial cost from the MAX crisis and fallout from the coronavirus pandemic. Thursday marks the second anniversary of the first Max crash, Lion Air flight 610, which plunged into the Java Sea just off the coast of Indonesia killing all 189 aboard.