Investing
Boeing Layoffs Reach 10,000 As Losses Mount (BA)
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Losing money and announcing layoffs is becoming more and more routine. That holds true even for DJIA components. The Boeing Co. (NYSE: BA) posted a $56 million loss for its Q4 period along with a 27% revenue drop. And of course, the pink slips are being passed out left and right.
The actual earnings data was -$0.08 EPS on a net basis after including costs from its strike, and $0.62 EPSon normalized operations on an ex-items basis. Revenue was $12.7 billion. First Call had estimates at $0.80 EPS and$13.44 billion in revenue.
Boeing expects earnings this year of $5.05to $45.35 EPS and $34 billion to $35 billion in revenue. First Call estimates are for $5.82 EPS and $68.9 billion in revenue. Boeing alsoreceived cancellation notices for 15 of its new Dreamliner super-jetsthat has been hit with delay after delay.
The backlog inside Boeing Commercial Airplanes rose 9% to $279 billion,and that is based upon bookings of 44 for the quarter and 669 duringthe year.
The firings are now at roughly 10,000. That represents 6% of the company’s workforce. If the current conditions continue, it is probably a safe betthat the unions will face more layoffs.
Jon C. Ogg
January 28, 2009
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