The aerospace firm Boeing Co reported on Wednesday that it will stop production of its 777X model until 2023 due to a new delay in its entry into service due to certification problems and weak demand, with 1.5 billion dollars in added costs for the minijumbo program. .
Shares of the American company plummeted up to 11% in the first operations of this day and touched -a low of almost a year and a half-, after registering a quarterly loss and revealing more than 1,200 million dollars in charges related to costs. of the suppliers and the technical problems of his Air Force One presidential plane, his training plane and the war in Ukraine.
“Another set of appalling results,” Nick Cunningham, an analyst at Agency Partners, said in a note to clients, adding that “the overall sense of disarray continues” and noting that net debt hit a new peak of more than $45 billion. Dollars.
On the bright side, Boeing said it has submitted a certification plan to U.S. aviation safety regulators, in another step toward resuming deliveries of its 787 Dreamliner, held up for nearly a year for inspections and repairs, a pain. of industrial head that cost about 5,500 million dollars.
The twin-aisle Dreamliner, along with the 737 MAX, are vital to the financial health of Boeing, which is trying to recover from successive crises. The firm has been producing the Dreamliners at a slow pace while conducting inspections and repairs for structural defects amid intense regulatory scrutiny.
Boeing “has completed the required work on the initial aircraft and is conducting check flights,” Chief Executive Dave Calhoun told employees in a memo Wednesday, a development that should encourage airlines that have cut back on routes. long due to delivery delays.
Boeing did not specify when it will resume deliveries of the Dreamliner. The firm reported last week that it had told major airlines and parts suppliers that deliveries would resume in the second half of this year.
Boeing also confirmed reports of a delay in delivery of the first 777X aircraft to 2025, from the previous target of late 2023, but said it remained confident in the schedule.
The company posted a quarterly loss per share of $2.75, compared with a loss of $1.53 per share a year ago. Revenue fell to $13.99 billion from $15.22 billion.
Like other aerospace companies, Boeing is grappling with supply chain shortages, inflation and the fallout from the coronavirus pandemic and the war in Ukraine. “Inflation continues to hit everything we do hard,” Calhoun told analysts.
It posted a $660 million charge on its VC-25B – commonly known as Air Force One – in the quarter due to rising supplier costs and technical issues and schedule delays. He also filed charges of $367 million for his T-7A Red Hawk trainer aircraft.