Turbulent year sees Boeing burn through $2m an hour - The Times

The Boeing 737 has been fraught with problems, including a mid-air blow-out on an Alaska Airlines flight

AFP

Boeing is burning through cash at an unprecedented rate — $3.9 billion in the first quarter or nearly $2 million an hour, as it counts the cost of the Boeing 737 Max crisis.

Dave Calhoun, the company’s chief executive who is leaving later this year following the Alaska Airlines door panel blow-out, told employees that Boeing found itself in a “tough moment”.

The latest set of production and safety problems and the intervention again of the Federal Aviation Administration (FAA) to ascertain whether Boeing is fit for purpose, has ripped into its financial performance.

In the first quarter of the year its revenues plummeted 31 per cent from $6.7 billion to $4.6 billion. Boeing had been told to slow production to sort out its

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2024-04-24 23:01:00Z
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