Amid Bigger Losses Than Expected Boeing Presses Forward With Max Production

Boeing reported a larger-than-expected quarterly loss and weaker revenue than expected today, but intends to continue expanding production of its Max planes.

Both the commercial and defense manufacturer arms of the company continue to struggle, according to a report from CNBC.

Amid such challenges, the aerospace company has revealed that it is tapping industry veteran Robert “Kelly” Ortberg to be its next CEO.

Meanwhile, Boeing revealed a loss per share of $2.90 versus $1.97 per share. Similarly, its revenue report was $16.87 billion, down from the initially projected $17.23 billion.

The company reported second quarter net losses of $1.44 billion, which amounts to $2.33 per share. That contrasts with one year earlier when the loss was $149 million, or 25 cents per share. The adjusted share loss amounts to $2.90.

“Despite a challenging quarter, we are making substantial progress strengthening our quality management system and positioning our company for the future,” Boeing CEO Dave Calhoun said as part of the company’s earnings release.

The news comes as Boeing continues working to regain its footing after the door plug incident with Alaska Airlines at the beginning of 2024, as well as heightened scrutiny from government regulators and various investigations.

Amid the poor financial report, company executives said they still intend to step up the production of Max planes. The goal is to produce 38 of the aircraft per month.

As of the last quarter, Boeing was producing about 20 Max planes each month, according to analysts. Earlier this month, the company reported that it will also resume full production of its 787 model and expects suppliers to catch up by year’s end.

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