About: http://data.cimple.eu/news-article/cd9a67fed489191627ced967ec36993e3168dd8334401913568f3698

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About: http://data.cimple.eu/news-article/cd9a67fed489191627ced967ec36993e3168dd8334401913568f3698 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Boeing announced sweeping cost-cutting measures Wednesday after reporting a first-quarter loss of $641 million following the hit to the airline business from the coronavirus pandemic. The aerospace giant plans to reduce its workforce by 10 percent through a combination of voluntary and involuntary layoffs and will slash production of its main commercial planes, including the 787 and 777, Chief Executive David Calhoun said in a message to employees that accompanied an earnings release. The quarterly loss of $641 million compared to profits of $2.1 billion in the year-ago period. Revenues fell 26.2 percent to $16.9 billion. The loss reflected "abnormal production costs" connected to the temporary suspension of Puget Sound manufacturing operations due to COVID-19 and due to the suspension of production of the 737 MAX, which remains grounded following two deadly crashes. Boeing said the pandemic crisis has hit demand for new planes and services, with airlines delaying purchases of jets, slowing delivery schedules and deferring elective maintenance. It will cut production of the 787 from 14 per month to 10 per month in 2020 and gradually to seven per month by 2022. Boeing also will trim output on the 777 and lower its targets for the 737 MAX. "The COVID-19 pandemic is affecting every aspect of our business, including airline customer demand, production continuity and supply chain stability," Calhoun said in a statement. "Our primary focus is the health and safety of our people and communities while we take tough by necessary action to navigate this unprecedented health crisis and adapt for a changed marketplace." Boeing shares jumped 5.4 percent to $138.38 in pre-market trading jmb/dw
schema:headline	Boeing to cut staff, plane output after big Q1 loss
schema:mentions	Supply chain 2001 Omsk An-70 crash Boeing 737 MAX Pandemic Severe acute respiratory syndrome coronavirus 2 Puget Sound RELX Dave Calhoun Data warehouse
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-29 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	73 (xsd:integer)
http://data.cimple...tology#hasEmotion	anger

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