The Boeing Company today reported its third-quarter results, the aircraft is clearly suffering from both the coronavirus pandemic – lower commercial deliveries – and the Boeing 737 MAX grounding (since 594 days!). The company recorded an operating cash flow of $4.8 billion.
In a message to its employees, Boeing announced to resize its operations to align with market realities, Boeing expects to continue lowering overall staffing levels (from 161,133 at the start of 2020 to 130,000 by the end of 2021) through natural attrition as well as voluntary and involuntary workforce reductions, and recorded additional severance costs in the third quarter.
“The global pandemic continued to add pressure to our business this quarter, and we’re aligning to this new reality by closely managing our liquidity and transforming our enterprise to be sharper, more resilient and more sustainable for the long term,” said Boeing President and Chief Executive Officer Dave Calhoun.
“Our diverse portfolio, including our government services, defence and space programmes, continues to provide some stability for us as we adapt and rebuild for the other side of the pandemic. We remain focused on the health and safety of our employees and their communities. I’m proud of the dedication and commitment our teams have demonstrated as they continued to deliver for our customers in this challenging environment. Despite the near-term headwinds, we remain confident in our long term future and are focused on sustaining critical investments in our business and the meaningful actions we are taking to strengthen our safety culture, improve transparency and rebuild trust.”
Full report: Boeing Reports Third-Quarter Results