Boeing down after preliminary results, job cuts and 777X delivery delay – 10/14/2024 at 11:02

((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))

October 14 – ** Shares of aircraft manufacturer Boeing

BA.N fell 1.46% to $148.9 before market

* * On Friday, Boeing announced the elimination of 17,000 jobs and the postponement of the first deliveries of its 777X aircraft for a year

** Company records pre-tax charges totaling $5 billion for defense businesses and two commercial aircraft programs in third quarter

** The plane maker forecasts a third-quarter loss of $9.97 per share, compared with a loss of $1.65 estimated by analysts, according to LSEG data

** Boeing expects further substantial losses in its defense business as a month-long strike hits company finances, Chief Executive Officer Kelly Ortberg said

**The average rating of 30 brokerage firms is “buy”; their median estimate is $203.5 – LSEG data

** At last close, the stock was down about 42% year to date