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☆ Boeing will increase 737 MAX production rates 'very soon'
▼ + stars: | 2023-03-30 | by ( Valerie Insinna | ) www.reuters.com time to read: +1 min

March 30 (Reuters) - Boeing Co (BA.N) will increase 737 MAX production rates above the current rate of 31 jet per month "very soon," the head of Boeing's commercial airplanes business said on Thursday. The company is also making progress with the new 737 MAX 7 model, which is "completing the final submittals" for Federal Aviation Administration certification, Stan Deal told reporters. "We've got a handful - less than a handful - left to go to the FAA," he said. I want them to be perfect, I want the FAA to feel comfortable, and then give them the time to go review." The company plans to increase monthly MAX production to 50 planes per month by the end of 2026.

☆ Boeing to take charges on KC-46 tanker over quality issue -finance chief
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +1 min

March 22 (Reuters) - Boeing (BA.N) Co. will take additional charges to the KC-46 tanker program due to a supplier quality issue with the center fuel tank, the company's finance chief said Wednesday. Earlier this month, the company confirmed that deliveries of the Boeing 767 freighter and KC-46 tanker were delayed as a supplier had not completed processes related to cleaning and paint adhesion on the center fuel tanks. "But now we have to go implement the fix both on production airplanes and some airplanes that are in the fleet." Boeing has taken $6.8 billion in charges on the tanker program since it was awarded a $4.9 billion contract by the U.S. Air Force in 2011. Reporting by Valerie Insinna; Editing by Toby Chopra and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves premarket: GameStop, Luminar Technologies, Virgin Orbit & more
▼ + stars: | 2023-03-22 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

GameStop — The meme stock surged 44% after the company posted a quarterly profit for the first time in two years Tuesday. Luminar Technologies — Shares dropped nearly 9.2% after being downgraded by Goldman Sachs to sell from neutral. Petco Health and Wellness — The stock fell by 7.8% in early morning trading after the company reported fourth-quarter earnings that missed Wall Street's expectations. First Republic — Shares of the regional bank fell by 4.2% in premarket trading after jumping nearly 30% in Tuesday's session. Sales in China fell short of analyst expectations, and the company continued working through its inventories, which weighed on margins.

On Tuesday, Boeing announced orders for 78 Dreamliners, split between state-owned Saudi Arabian Airlines (Saudia) and new national airline Riyadh Air. The $37 billion sale, which Boeing called its fifth-largest commercial order by value, followed a deal with United Airlines (UAL.O) in December for 100 Dreamliners and a purchase by Air India that included 20 787s. Planemakers are also grappling with the after-effects of the pandemic, which forced waves of layoffs and retirements of skilled workers. While Airbus outsold Boeing in the Air India deal, landing orders for 40 A350 widebodys, the U.S. planemaker swept both the United Airlines and Saudi orders. “Saudi Airlines is a government-owned airline, and so there are politics involved with this,” analyst Stallard said.

☆ NBA roundup: Suns win in Kevin Durant's debut
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +7 min

Bucks 139, Magic 117Giannis Antetokounmpo collected 31 points, seven rebounds and six assists to fuel streaking Milwaukee's victory over visiting Orlando. Orlando's Cole Anthony scored a season-high 28 points off the bench and Markelle Fultz recorded 21 points, seven rebounds and five assists. Jalen Williams led Oklahoma City with 24 points and chipped in seven assists, while Josh Giddey added 22 points, 11 assists and nine rebounds. The 76ers, who snapped a two-game skid that included a home loss to the Heat, also got 23 points, seven rebounds and five assists from James Harden. Ja Morant had 20 points, seven rebounds and seven assists for Memphis, which led by as many as 28 and won its third straight.

WASHINGTON, Feb 23 (Reuters) - Boeing Co (BA.N) has temporarily halted deliveries of its 787 Dreamliner jets as the U.S. planemaker conducts additional analysis on a fuselage component, the Federal Aviation Administration (FAA) said on Thursday. "The FAA is working with Boeing to determine any actions that might be required for recently delivered airplanes," the agency said. Boeing said in reviewing certification records it "discovered an analysis error by our supplier related to the 787 forward pressure bulkhead. We notified the FAA and have paused 787 deliveries while we complete the required analysis and documentation." Boeing had halted deliveries in 2021 after the FAA raised concerns about its proposed inspection method.

☆ AI is helping your company decide who to lay off
▼ + stars: | 2023-02-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

HR leaders are planning to use AI to help them make layoff decisions this year. ChatGPT isn't among the AI tools being used for personnel decisions. It's unclear how many companies use AI tools when conducting performance reviews and promotions, but some employees say they're concerned about it. AI is being used for hiring and firing, but some experts have concernsFor many years, companies have used AI to process resumes, conduct interviews, and evaluate candidates. While some experts have argued AI tools could help reduce bias during the hiring process, others have raised concerns.

After the retirement of Boeing Capital Corp (BCC) President Tim Myers this spring, Boeing said it would "realign" the financing arm within the commercial airplane unit while maintaining "strong coordination" with Boeing's treasury arm. Boeing Capital, a subsidiary of Boeing, provides asset-based financing and leasing to airlines. The closing of Boeing Capital continues a trend for Boeing to consolidate its operational structure and ends a significant chapter in the fast-expanding air finance industry. A Boeing spokesperson said the shift will provide airlines "with more consistent support" for arranging aircraft financing. Rob Martin, finance chief for the commercial airline business, and Boeing Treasurer David Whitehouse will be responsible for the transition, West said in the memo.

☆ Boeing orders, deliveries slip in January, before massive Air India jetliner sale
▼ + stars: | 2023-02-14 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

A Boeing 737 MAX 10 airliner pauses while taxiing on the flight line before its first flight at Renton Municipal Airport on June 18, 2021 in Renton, Washington. Boeing 's aircraft orders and deliveries slipped in January from a month earlier. Boeing delivered 38 jetliners last month, 35 of them its bestselling 737 Max planes, down from a total of 69 planes in December. The delivery count was still was higher than the 32 planes Boeing handed over to customers in January 2022. Air India ordered at least 220 Boeing planes and 250 Airbus planes, making the combined sale the biggest aircraft order ever as airlines prepare for a further recovery in air travel as Covid pandemic travel concerns wane.

The company reiterated it expects to generate $3 billion to $5 billion in free cash flow in 2023. Boeing generated $3.1 billion in free cash flow in the final quarter of 2022. Boeing reported $2.3 billion for all of 2022. Boeing reported fourth-quarter revenue of $20 billion, up from $14.79 billion in the same quarter in 2022, and a loss per share of $1.75. Earlier this month, Boeing reported a sharp jump in airplane orders and deliveries in 2022.

☆ Boeing Lays Out Plan to Rebound From 737 MAX, Other Problems
▼ + stars: | 2022-11-02 | by ( Andrew Tangel | Doug Cameron | ) www.wsj.com time to read: 1 min

Boeing Co. executives on Wednesday said they planned to restore the plane maker’s financial strength over the next three years, after a string of losses in the wake of two 737 MAX crashes and other problems. Boeing Chief Financial Officer Brian West said the company expects to generate about $100 billion in annual sales by 2025 or the next year, a level it hasn’t reported since 2018. The first of two MAX crashes occurred late that year, leading to the biggest crisis in the company’s history.

Investors have been skeptical due to production delays, cuts in the jet delivery outlook and mounting losses at its defense business. Boeing projects that higher jet deliveries will generate $3 billion-$5 billion in free cash flow next year, higher than $1.5 billion-$2 billion expected this year. The company last month predicted it would deliver 375 MAX planes this year, lower than a July target of "low 400s." Both 737 MAX and 787 jets hold the key to its free cash flow and profits. Boeing needs to shore up its cash flow to help pay off its debt.

☆ Boeing expects $3 billion-$5 billion in free cash flow in 2023
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

CHICAGO, Nov 2 (Reuters) - Boeing Co (BA.N) on Wednesday forecast higher free cash flow as it expects to ramp up deliveries of 737 MAX and 787 jets, its Chief Financial Officer Brian West told investors on Wednesday. The Virginia-based planemaker estimates it will generate $3 billion-$5 billion in free cash flow next year, higher than $1.5 billion-$2 billion expected this year. West said the U.S. aerospace giant expects to deliver 400-450 MAX planes next year, more than the 375 single-aisle planes it expects to deliver this year. Similarly, it expects to deliver 70-80 787 planes in 2023. It is aiming to shore up its free cash flow to help pay off its debt.

☆ Stocks making the biggest moves midday: Tupperware, Airbnb, Paramount, Estee Lauder and more
▼ + stars: | 2022-11-02 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +6 min

Estee Lauder — The cosmetic maker dropped 8% after it gave a weak outlook despite beating expectations for the quarter. Trimble — Shares dropped 7% after Trimble missed revenue expectations in its third-quarter results. Robinson — The stock fell 6% after the transportation and logistics company reported disappointing revenue in its latest results. Airbnb — The lodging stock fell 10.1% after the company reported earnings per share that beat expectations, while revenue came in line with estimates. The company it its fiscal first quarter reported adjusted earnings per share of 93 cents versus expectations of 75 cents.

☆ Boeing Has Lost Another $766 Million on Trump's Air Force One Deal
▼ + stars: | 2022-10-28 | by ( Stephen Jones | ) www.businessinsider.com time to read: +3 min

Boeing lost $766 million in Q3 on the project to build Air Force One aircraft. Boeing bears the cost of any delays under a deal struck with the Trump administration. At the time Boeing said it had lost a total of $1.14 billion, including a further $660 million in the first quarter, on the planes, per an SEC filing. However, DefenseOne estimates that the total costs could be above $5.3 billion, citing Air Force officials and Pentagon budget documents. On Wednesday's call, Brian West, Boeing's chief financial officer, said that labor stability had been "magnified" on the Air Force One project and another project to build KC-46A Tankers due to the fact that workers need security clearances.

☆ Boeing losses mount on troubled Air Force One program
▼ + stars: | 2022-10-26 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Boeing previously booked about $1.1 billion in charges on the program since 2020 and has now racked up $1.9 billion in losses on the $4.3 billion program that is up to three years behind schedule. Trump in 2016 had urged the government to cancel purchase of Boeing's new Air Force One saying it was "ridiculous" and too expensive." The planemaker's ailing defense business Wednesday recorded a $2.8 billion charge for a number of programs, including Air Force One. Boeing said the Air Force One losses were "driven by higher costs to incorporate certain technical requirements, increases to factory modification labor and support engineering, schedule delays and higher supplier costs." Boeing Chief Financial Officer Brian West said labor stability issues for Air Force One "are magnified because of the requirements to get security clearances."

The move to strengthen industrial leadership comes after delays and cost overruns blighted a series of long-term projects for which Boeing is locked in to a fixed price. Chief Financial Officer Brian West said last month fixed-price defense contracts were being "knocked around" by supply chain problems, inflation and labor shortages. In 2006, incoming BCA chief Scott Carson appointed Jim Jamieson chief operating officer of the planemaking unit - a wide brief giving him effective oversight of jet manufacturing and development until his retirement about 18 months later. Those changes came just as Boeing was trying to juggle changes in manufacturing with the development of the Boeing 787, while still bearing the wounds of a 1997 production crisis. Airbus (AIR.PA) has long had a chief operating officer at its main planemaking arm, though in practice it is more than a divisional role as the defense and helicopter units slot in underneath.

Boeing's production plans shift and are influenced by many factors, the people cautioned. Suppliers are grappling with labor and materials shortages and weakened balance sheets following the overlapping pandemic and 737 MAX safety grounding crises. Boeing said in late January it was working to clear an inventory of 335 737 MAX airplanes amassed following two fatal crashes of the jet that grounded the plane for 20 months. Boeing declined to comment on its production plans and referred to its last public statements. A rate of 47 aircraft per month is five shy of its build rate in 2019, when the 737 MAX was grounded.

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