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A Boeing 737 MAX-10 lands over the Spirit AeroSystems logo during a flying display at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2023. The new labor agreement will add $80 million to annual costs, Spirit said. In the second quarter, the company absorbed $28.3 million in cost related to the new labor deal as well as $7.3 million in strike disruption charges. However, the strike did impact our production and deliveries, as reflected in earnings and cash flow," Chief Executive Officer Tom Gentile said. Cash burn was $211 million for the three months through June, the company said, compared to $79 million a year earlier.

Persons: Benoit Tessier, Spirit, Tom Gentile, Cash, Refinitiv, Abhijith Ganapavaram, Valerie Insinna, Sriraj Kalluvila, Mark Porter Organizations: Boeing, International Paris Air, Le, REUTERS, International Association of Machinists, Aerospace Workers, Airbus, Revenue, Thomson Locations: Le Bourget, Paris, France, Wichita , Kansas, Wichita

Shares of the company rose 7% to hit a 1-1/2 year high after Boeing also posted second-quarter results above Wall Street expectations. The planemaker is now transitioning its 737 production line - including the MAX models that make up the vast majority of 737 production - to building 38 jets per month, up from 31, the company said. Calhoun later added the company is already in "prep mode" to raise monthly 737 production to 42, but wouldn't specify whether Boeing would do so in 2023, as Boeing Commercial Airplanes head Stan Deal said told Bloomberg TV in June. 'ENCOURAGING' RESULTS AMID CHALLENGESA photo of Boeing 737 MAX airplanes parked on the tarmac at the Boeing Factory in Renton, Washington, U.S. March 21, 2019. Boeing expects to deliver most of the 228 MAXs in its inventory by the end of 2024, making it critical that Boeing step up production.

Persons: there'll, Dave Calhoun, Calhoun, Stan Deal, Brian West, Lindsey Wasson, Peter McNally, Refinitiv, Valerie Insinna, Abhijith Ganapavaram, Anil D'Silva, Nick Zieminski Organizations: Boeing, Boeing Commercial Airplanes, Bloomberg TV, Boeing Factory, REUTERS, Commercial Aerospace, Thomson Locations: Renton , Washington , U.S, West

☆ Boeing boosts monthly 737 production to 38, posts upbeat earnings
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

Shares of the company jumped 4% before the bell after the company also posted second-quarter results that beat Wall Street expectations. The push to build 38 MAXs a month comes amid heightened travel demand, as airlines seek to grow their fleets post-pandemic. Boeing Commercial Airplanes head Stan Deal said in June that the company would ramp up narrow-body production to 38 a month "very soon." Although Boeing set a deadline to ramp 737 production by the end of the year, executives signaled to its supply chain that the boost to 38 a month would begin in June. Those plans faltered in April when a supplier defect involving the improper installation of a 737 bracket was discovered, though Boeing maintained it would still ramp to 38 jets by year-end.

Persons: Dave Calhoun, Stan Deal, Refinitiv, Valerie Insinna, Abhijith Ganapavaram, Anil D'Silva Organizations: Boeing, Boeing Commercial Airplanes, Paris Air Show, Air India, Airbus, Thomson

☆ Workers at Boeing 737 supplier approve labor deal, ending strike
▼ + stars: | 2023-06-30 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

An aerial view of the engines and fuselage of an unpainted Boeing 737 MAX airplane parked in storage at King County International Airport-Boeing Field in Seattle, Washington, June 1, 2022. Workers at Boeing aircraft parts supplier Spirit Aerosystems approved a new labor deal on Thursday, setting the stage to resume production at a Wichita, Kansas, facility after a work stoppage last week. The company and the workers' union, the International Association of Machinists and Aerospace Workers, reached a new tentative agreement for the 6,000 workers, the union said on Tuesday. The production pause came as Boeing scrambles to increase production of new aircraft. The company went into the strike with an inventory of some fuselages to continue manufacturing.

Persons: Spirit Aerosystems Organizations: Boeing, MAX, King County International Airport, Boeing Field, Workers, Spirit, International Association of Machinists, Aerospace Workers, CORE Locations: Seattle , Washington, Wichita , Kansas

☆ Spirit AeroSystems to halt Wichita plant as workers vote to strike
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +3 min

Spirit will suspend factory production prior to the expiration of its contract with the International Association of Machinists and Aerospace Workers (IAM) which ends on June 24, it said. "We are disappointed that our employees represented by the IAM rejected our four-year contract offer and voted to strike," Spirit said. However, workers not represented by union should report to work on Thursday, it added. Workers at the plant, which makes critical structures for Boeing (BA.N) jetliners, will go on strike on Saturday, after rejecting a proposed four-year deal on Wednesday night, the IAM said. "The IAM's dedicated and hardworking membership at Spirit AeroSystems has worked without fail during tumultuous times, including a pandemic that saw everything grind to a halt.

Persons: AeroSystems, Valerie Insinna, Abinaya, Shivansh, Gerry Doyle, Jason Neely Organizations: IAM, Saturday Plant, Boeing, International Association of Machinists, Aerospace Workers, Workers, Spirit, Airbus, Thomson Locations: Wichita , Kansas, Wichita, Washington, Bengaluru

☆ Key Boeing supplier stops production at Wichita plant after workers vote to strike
▼ + stars: | 2023-06-22 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Airplane fuselages bound for Boeing's 737 Max production facility await shipment on rail sidings at their top supplier, Spirit AeroSystems Holdings Inc, in Wichita, Kansas, U.S. December 17, 2019. Boeing supplier Spirit AeroSystems halted work at a Wichita, Kansas, plant on Thursday after workers voted against a new labor deal and for a strike. "In light of the decision to strike by Spirit AeroSystems employees represented by the International Association of Machinists and Aerospace Workers today, Spirit will suspend factory production prior to the expiration of the contract," Spirit said. The production halt began with the first shift on Thursday, two days before the contract covering roughly 6,000 workers is set to expire. "We continue to monitor the situation and support our valued supplier," Boeing said in a statement.

Persons: Spirit AeroSystems, AeroSystems, Boeing's Organizations: Spirit AeroSystems Holdings Inc, Boeing, Spirit, Airbus, International Association of Machinists, Aerospace Workers, IAM Locations: Wichita , Kansas, U.S

Spirit will suspend factory production prior to the expiration of its contract with the International Association of Machinists and Aerospace Workers (IAM) on June 24, it said. "We are disappointed that our employees represented by the IAM rejected our four-year contract offer and voted to strike," Spirit said. Although IAM and Spirit reached a tentative contract agreement last week, workers voted to reject the deal and strike. In May, Boeing CEO Dave Calhoun said it would be difficult to make contingency plans for a strike at Spirit. Starting on June 22, all IAM-represented employees will not report for work but will receive pay for their regularly scheduled work hours, Spirit said.

Persons: AeroSystems, Dave Calhoun, Valerie Insinna, Abinaya, Jason Neely, Mark Potter Organizations: IAM, Saturday Plant, Boeing, PARIS, Airbus, International Association of Machinists, Aerospace Workers, Spirit, Thomson Locations: Wichita , Kansas, Wichita

☆ Stocks making the biggest moves midday: Overstock, Tesla, Accenture and more
▼ + stars: | 2023-06-22 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Accenture — The stock fell 2.6% after the consulting firm shaved the top end of its revenue expectations for the fiscal year. Darden posted earnings of $2.58 per share on revenue of $2.77 billion in its latest quarter. Tesla — Tesla shares traded flat amid a choppy session after Morgan Stanley downgraded the electric-vehicle giant to an equal weight rating from overweight, citing valuation concerns. Loop also reiterated its buy rating and raised its price target given what it sees as an opportunity for the stock to rally further. Expedia , TripAdvisor — Expedia and TripAdvisor gained 1.5% and 3.2%, respectively, after B. Riley initiated coverage on each stock as buy.

Persons: AeroSystems, Max, Darden, Eugene Lee, influencer Dylan, Tesla, Morgan Stanley, Root, JPMorgan Chase, Dow, —, TripAdvisor, Riley, Expedia, Eli Lilly —, Samantha Subin, Michelle Fox, Jesse Pound Organizations: Bed, Boeing, Accenture, Darden, FactSet, Anheuser, Busch InBev —, Deutsche Bank, NRG Energy, Wall Street, Elliott Investment Management, Embedded Insurance, Alcoa, JPMorgan, Amazon Prime, Bank of America Locations: Salt Lake City , Utah, Wichita , Kansas, Illinois

PARIS, June 22 (Reuters) - The first Paris Airshow in four years has clocked up billions of dollars in commercial jet orders and offered some respite for suppliers as air travel springs back sharply from the pandemic. The industry returned to Le Bourget with high expectations of commercial orders and low expectations regarding the supply chain, but generated a more balanced picture on both fronts. Announced orders reached near-record levels but were heavily dominated by two airlines leading the charge in India, the world's fastest growing market: IndiGo (INGL.NS) and Air India. A key focus of the show was how those planes will be produced after the pandemic disrupted supply chains. Several major companies said they had built up more buffer stocks and were seeing signs of improvement in supply chains.

Persons: Le Bourget, Christian Scherer, Pieter Elbers, Sash Tusa, Tim Hepher, Mark Potter Organizations: Air India, Airbus, Boeing, IndiGo, Aero Systems, Agency Partners, Thomson Locations: Paris, India, COVID, Ukraine

☆ Boeing warns new defect on 787 Dreamliners will slow deliveries
▼ + stars: | 2023-06-06 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Boeing on Tuesday warned about a new defect on its 787 Dreamliner planes and that it will delay deliveries of the wide-body aircraft, the manufacturer's latest production issue. "We are inspecting 787s in our inventory for a nonconforming condition related to a fitting on the horizontal stabilizer," Boeing said in a statement. Near-term deliveries will be delayed by about two weeks, Boeing said. Boeing had paused deliveries of the planes for several weeks earlier this year because of a separate problem on a fuselage component on certain 787s. The latest issue currently doesn't affect Boeing's full-year outlook for Dreamliner deliveries, the company said.

Persons: Aerosystems Organizations: Boeing Co, Boeing Locations: North Charleston , South Carolina

☆ Boeing supplier Spirit Aero flags $31 million hit from 737 fuselage defect
▼ + stars: | 2023-05-03 | by ( Valerie Insinna | Abhijith Ganapavaram | ) www.reuters.com time to read: +3 min

(Reuters) -Spirit AeroSystems Holdings Inc said on Wednesday it expects a $31 million hit to full-year gross profit from disruptions and rework related to a Boeing 737 MAX fuselage production problem, and that more related costs are anticipated. “Additional costs are expected, including costs Boeing may assert to repair certain models of previously delivered units in their factory and warranty costs related to affected 737 units in service,” Spirit said. Rework costs for affected 737 fuselages at Spirit’s Wichita, Kansas-based production facility are projected to amount to $5 million, an expense of about $100,000-$150,000 per plane. The company has also started to build and deliver production-conforming 737 fuselages under a revised process, it said. Losses on the A220 amounted to about $81 million, including $46 million in non-recurring supply chain costs as well as other costs related to production schedule changes.

☆ Spirit AeroSystems takes $110 million in charges, profit hit on Boeing 737
▼ + stars: | 2023-05-03 | by ( Valerie Insinna | Abhijith Ganapavaram | ) www.reuters.com time to read: +3 min

WASHINGTON (Reuters) -Spirit AeroSystems Holdings Inc on Wednesday took a hefty $110 million loss in reach-forward charges on Airbus and Boeing jet production and expects a further hit of $31 million to full-year gross profit from disruptions related to a Boeing 737 MAX fuselage production problem. Slideshow ( 2 images )The company announced $110 million in charges on the Airbus A220, Airbus A350 and Boeing 787 during its first-quarter results. Spirit now expects cash burn of about $100 million to $150 million in 2023 due to the risk of lowered 737 fuselage deliveries. The company has also started to build and deliver production-conforming 737 fuselages under a revised process, it said. Cash burn was $69 million in the first quarter, compared with a cash burn of $298 million a year ago.

[1/2] Airplane fuselages bound for Boeing's 737 Max production facility sit in storage at their top supplier, Spirit AeroSystems Holdings Inc, in Wichita, Kansas, U.S. December 17, 2019. "Additional costs are expected, including costs Boeing may assert to repair certain models of previously delivered units in their factory and warranty costs related to affected 737 units in service," Spirit said. Rework costs for affected 737 fuselages at Spirit's Wichita, Kansas-based production facility are projected to amount to $5 million, an expense of about $100,000-$150,000 per plane. The company has also started to build and deliver production-conforming 737 fuselages under a revised process, it said. Boeing CEO Dave Calhoun last week called the 737 manufacturing defect "gnarly" and "difficult to find", but noted that Spirit and Boeing had quickly identified affected planes and begun the rework.

Boeing shares rose 2.5% in early afternoon trade after the company reaffirmed its plans to generate $3 billion to $5 billion in free cash flow this year, as well as deliver 400 to 450 737 MAXs and 70 to 80 787 Dreamliners. Deliveries will increase to about 40 MAXs a month during the back half of the year, he said. Reuters reported earlier this month that Boeing's schedule called for suppliers to produce 38 737 MAXs a month from June. Reuters GraphicsBoeing's first-quarter cash burn slowed to $786 million from $3.57 billion a year earlier on higher jet deliveries. Reporting by Abhijith Ganapavaram in Bengaluru and Valerie Insinna in Washington; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Boeing CEO stands by plans to increase 737 Max production despite recent flaw
▼ + stars: | 2023-04-18 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

A Boeing 737 MAX 8 sits outside the hangar during a media tour of the Boeing 737 MAX at the Boeing plant in Renton, Washington. Boeing 's CEO Dave Calhoun said that a flaw detected in some of its 737 Max planes won't hinder its supply chain plans for increased production of its bestselling jetliner this year. Boeing is also comfortable holding extra stock of aircraft supplies "so our supply chain can keep its pace," Calhoun added. Boeing is also planning to increase production of the planes, a goal that has proved challenging as the supply chain recovers from the pandemic. Calhoun said Tuesday the company is assessing the impact of the issue on 737 Max deliveries and apologized to customers but didn't provide more detail.

☆ Boeing shares tumble as some MAX deliveries halted, airlines fret over impact
▼ + stars: | 2023-04-14 | by ( Aishwarya Nair | ) www.reuters.com time to read: +3 min

April 14 (Reuters) - Boeing Co (BA.N) shares closed down 5.6% on Friday after the planemaker halted deliveries of some 737 MAX jets due to quality-related problems in certain components made by one of its main suppliers. Boeing, together with Spirit, will have to undertake inspections of the affected MAX 7, MAX 8 and MAX 8200 airplanes and fuselages. "Unlike the recent 787 delivery pause in Q1 ... this issue relates to actual non-conforming parts, which will need to be inspected (at minimum) or reworked. "We see more negative financial exposure to this news at Spirit than at Boeing," J.P. Morgan analyst Seth Seifman said. Southwest Airlines (LUV.N) expects the issue to impact its current delivery schedule, while American Airlines (AAL.O) said it was working with Boeing to understand the effect.

WASHINGTON, April 13 (Reuters) - Boeing (BA.N) has stopped deliveries of some 737 MAXs as it grapples with a new supplier quality problem by Spirit AeroSystems (SPR.N) that could stretch back to 2019, the company disclosed on Thursday. The issue will likely affect a "significant" number of undelivered 737 MAX airplanes both in production and in storage, and could result in lowered 737 MAX deliveries in the near term, the company acknowledged. The company, which announced deliveries of 111 MAXs over the first quarter, had aimed to increase monthly MAX production rates from 31 to 38 by June. The FAA has closely scrutinized Boeing aircraft since two fatal plane crashes in 2018 and 2019. The FAA continues to inspect each 737 MAX and 787 aircraft before an airworthiness certificate is issued and cleared for delivery.

☆ Boeing warns of reduced 737 Max production and deliveries due to parts issue
▼ + stars: | 2023-04-13 | by ( Sara Salinas | ) www.cnbc.com time to read: +3 min

Boeing 737 Max airplanes sit parked at the company's production facility on November 18, 2020 in Renton, Washington. It said the issue affects certain 737 Max 8 planes, the company's most popular model, with customers including American Airlines and Southwest Airlines . It also affects certain 737 Max 7, the 737 8200 and P-8 planes. "We expect lower near-term 737 MAX deliveries while this required work is completed. "We're aware of the issue and working with Boeing to understand how it may impact our MAX deliveries," an American Airlines spokesman said in statement.

☆ Relativity Space's 3D-printed rocket delivers stunning night launch but fails to reach orbit
▼ + stars: | 2023-03-22 | by ( Jackie Wattles | ) edition.cnn.com time to read: +6 min

CNN —Startup Relativity Space sent what it’s calling the “world’s first 3D-printed rocket” toward space on Wednesday, vaulting it into the upper reaches of the atmosphere. Relativity Space's Terran 1 rocket is seen during its third launch attempt of a mission called "GLHF" (Good Luck, Have Fun), from Launch Complex 16 in Cape Canaveral, Florida, on March 22, 2023. The company said computers automatically aborted the launch attempt because of a detected software issue. Still, the Terran 1 rocket that failed its first launch attempt on Wednesday may not end up being the company’s showcase product. But those deals are “overwhelmingly for our larger reusable rocket Terran R,” Ellis noted.

☆ 'PayPal Mafia' member says Google and Meta intentionally overhired engineers to prevent them from working at other companies.
▼ + stars: | 2023-03-09 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

"PayPal Mafia" member says Google and Meta "do fake work." The companies over-hired thousands of employees to fulfill a "vanity metric," said investor Keith Rabois. He's part of the infamous PayPal cohort (pictured above — he's number nine) that went on to play influential roles at other major tech companies. Rabois estimates that Facebook parent company Meta and Google each have thousands of employees who don't do much. He even suspects that Google intentionally overhired engineers to prevent them from working at other companies.

☆ Boeing shares fall after new Dreamliner delivery halt
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Feb 24 (Reuters) - Boeing Co (BA.N) shares fell 3.2% in premarket trading on Friday after the U.S. planemaker temporarily halted deliveries of its 787 Dreamliner jets over a documentation issue related to a fuselage component. Some analysts said the latest hiccup in 787 deliveries should not result in any design changes and jets in service should continue to fly. Seifman said the brokerage believes this should not result in additional rework and that Boeing can produce the required documentation fairly quickly. Since the resumption of deliveries, production of the 787 has experienced some disruptions as the planemaker battles supply and labor shortages. Earlier this month, Spirit said the process of retrofitting stored fuselages for the 787 jets was taking longer than expected.

☆ Why China's and Russia's 5th-generation stealth jets don't quite live up to the hype, according to a former US Navy pilot
▼ + stars: | 2023-02-10 | by ( Peter Suciu | ) www.businessinsider.com time to read: +6 min

Those jets have advanced features but aren't quite as advanced as US stealth jets, a former Navy pilot says. However, a copy of a fifth-generation fighter does not actually make it one. Russia's Sukhoi Su-57Russian Su-57 fighter jets. A Russian Su-57 fighter jet. Associated PressThough the Chinese and Russian aircraft are likely highly capable warbirds, some US aviation experts have suggested they shouldn't rightfully be considered "fifth-generation."

☆ Spirit Aero experiencing disruptions in supplying parts for 787, A350 programs
▼ + stars: | 2023-02-07 | by ( Abhijith Ganapavaram | ) www.reuters.com time to read: +3 min

Feb 7 (Reuters) - Spirit AeroSystems Holdings Inc (SPR.N) said on Tuesday it was experiencing disruptions in supplying parts for the industry's top-selling wide-body jets, the Boeing 787 and Airbus A350, due in part to labor shortages. Spirit said it found the new process for the 787 required more labor per unit. On Airbus' A350 program, Spirit said disruptions continue to drive cost pressures. Spirit has targeted producing shipsets between 40 and 45 this year for the 787 program and about 60 units for the A350. Spirit reported a quarterly cash burn of $66 million, compared with analysts' estimates of $42.64 million, according to Refinitiv data.

☆ The 10 most bizarre weapons of World War II
▼ + stars: | 2015-07-22 | by ( Alex Lockie | Lloyd Lee | ) www.businessinsider.com time to read: +12 min

World War II brought many successful innovations in technology including weapons. From explosive rats to a 155-foot-long gun, here are some of the most bizarre weapons from WWII. During World War II, the world's major powers set their sights on advancing technology, medicine, and communications in order to be efficient and fearsome in battle. PanjandrumThe Panjandrum, a rocket-propelled explosive cart, was one of the more curious weapons to have come out of World War II. Explosive ratsDogs were not the only unfortunate animal victims of experimental war weapons.

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