Boeing's 2Q loss narrows revenue rises topping Wall Street's expectations

Virginia, Jul 29 (AP) Boeing's second-quarter loss narrowed and revenue improved as the aircraft manufacturer delivered more commercial planes in the period.
     Boeing Co lost USD 611 million, or 92 cents per share, for the three months ended June 30. A year earlier it lost USD 1.44 billion, or USD 2.33 per share.
     Adjusting for one-time gains, Boeing lost USD 1.24 per share. This was better than the loss of USD 1.54 per share that analysts surveyed by Zacks Investment Research expected.
     Shares rose more than 2 per cent before the market open on Tuesday.
     Revenue climbed to USD 22.75 billion from USD 16.87 billion, mostly due to 150 commercial deliveries compared with 92 deliveries in the prior-year period.
     The performance topped Wall Street's estimate of USD 21.86 billion.
     Boeing has been dealing with a variety of issues over the past few years.
     On Sunday Boeing said it expects more than 3,200 union workers at three St Louis-area plants that produce US fighter jets to strike after they rejected a proposed contract that included a 20 per cent wage increase over four years.
     The International Machinists and Aerospace Workers union said the vote by District 837 members was overwhelmingly against the proposed contract. The existing contract was to expire at 11:59 pm. Central time Sunday, but the union said a “cooling off” period would keep a strike from beginning for another week, until Aug 4.
     Last fall, Boeing offered a general wage increase of 38 per cent over four years to end a 53-day strike by 33,000 aircraft workers producing passenger aircraft.
     In June the National Transportation Safety Board said that its 17-month long investigation found that lapses in Boeing's manufacturing and safety oversight, combined with ineffective inspections and audits by the Federal Aviation Administration, led to a door plug panel flying off Alaska Airlines flight 1282, which was a Boeing 737 Max 9 aircraft, last year.
     Boeing said in a statement at the time that it will review the NTSB report and will continue working on strengthening safety and quality across its operations.
     The Max version of Boeing's bestselling 737 airplane has been the source of persistent troubles for the company since two of the jets crashed, one in Indonesia in 2018 and another in Ethiopia in 2019, killing a combined 346 people.
     In May the Justice Department reached a deal allowing Boeing to avoid criminal prosecution for allegedly misleading US regulators about the Max before the two crashes.
     Boeing was also in the news last month when a 787 flown by Air India crashed shortly after takeoff and killed at least 270 people. Investigators have not determined what caused that crash, but so far they have not found any flaws with the model, which has a strong safety record. (AP) SKS
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(This story has not been edited by THE WEEK and is auto-generated from PTI)