On Wednesday, Boeing Co's CEO described the company as being at a "crossroads," but emphasized that with the right focus and culture, it could become "iconic" once more.
Boeing CEO pledges to streamline business
In a statement accompanying the third-quarter results, President and Chief Executive Kelly Ortberg said, "My mission here is clear: to steer this large ship in the right direction and restore Boeing to the leadership position we all know and desire."
Ortberg made these remarks as the Arlington County, Virginia-based aerospace manufacturer reported that its net loss increased to $6.17 billion in the third quarter, up from $1.64 billion a year earlier. The basic loss per share also widened, from $2.70 to $9.97.
Boeing noted that the results were impacted by the IAM strike and previously announced charges related to its commercial and defense programs.
Revenue fell by 1.4%, dropping to $17.84 billion from $18.10 billion.
Ortberg acknowledged that restoring Boeing's legacy will "take time," but expressed confidence that with the "right focus and culture," the company can once again become an iconic aerospace leader.
He recognized that the business is "at a crossroads," admitting that trust has been compromised, the company is "burdened" by excessive debt, and there have been significant performance issues.
However, he also highlighted the substantial opportunities ahead.
"Our company backlog is approximately half a trillion dollars. We have a customer base that wants and needs us to succeed. Our employees are eager to return to the iconic company they remember, setting the standards for the products we deliver," he stated.
