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Boeing (NYSE:BA) said it had encountered another problem with the final assembly of its Dreamliner in a cryptic press release from the company. The issue was discovered in the area where the plane’s wing meets its body. The discovery may only push back the time table for flight testing of the 787 for a brief time, but it is still an example of the poor engineering oversight that Boeing has exercised in the design and manufacturing of the plane. Read More
Posts related to ‘Aerospace’
Boeing (BA) Dreamliner Still Broken Along With Firm’s Management
Boeing (BA) Earnings: Time For CEO Jim McNerney To Leave
Financial results and news out of Boeing (NYSE:BAC) has been getting worse by the month as the company delay its new 787 and a revamped version of the 747.
Today Boeing released results for the third quarter and sharply cuts it forecasts.
While revenue rose 9% to $16.7 billion, the company lost $2.2 billion compared to a profit of $1.1 billion in the same period last year. EPS for the third quarter were ($2.23) compared to $.96 last years. Last year’s strike and supplier production problems reduced year-ago revenue by an estimated $2.1 billion and earnings by an estimated $0.60 per share. The current quarter’s revenue growth was not what it seemed. Read More
52-Week High Club
Jabil Circuit (NYSE: JBL) hit a yearly high of $13.47 after beating both guidance and analyst estimates for its quarterly earnings.
Kohl’s Corporation (NYSE: KSS) hit a yearly high of $57.19 after the company announced the opening of 37 new stores.
Och-Ziff Capital Management (NYSE: OZM) hit a yearly high of $12.24 as the company continues to recover from a significant decline in assest under management.
Petrobras Energia Participaciones SA (NYSE: PZE) rallied over 180% to a yearly high of $17.97 after it announced that the company was completing reorganization moves.
TransDigm Group Incorporated (NYSE: TDG) hit a yearly high of $49.94 after announcing that it would offer $425 million of senior subordinated notes in order to fund a special dividend.
Virgin Media Inc. (NASDAQ: VMED) hit a yearly high of 13.97, capping off a monthly gain of 17%.
Yahoo! (NASDAQ: YHOO) hit a yearly high of $17.80, capping off a monthly gain of nearly 20%.
Garrett W. McIntyre
24/7 Wall St. TV: Boeing CEO Finds A Scapegoat
The launch of Boeing’s 787 Dreamliner has been delayed so often that it would be comical except that the aerospace firm’s shareholders and customers are not laughing. Boeing trades at $50, down from more than $100 less than two years ago. Management has been appropriately blamed for most of the tardiness which has been caused by labor unrest, supply chain problems, and design flaws. Each time the delivery date was pushed back again, investors wondered why management was getting a vote of confidence from the board.
The vote of confidence period came to a head as Boeing said that the chief of the firm’s commercial airline business would leave his job a week from now. That is sudden, much more sudden than would be expected for a man who has been with the company for four decades. Scott Carson will be replaced by the head of Boeing’s other large division—defense. The person who will keep his current job although he should not is the firm’s CEO Jim McNerney, who has managed to produce shameful results without hisboard doing anything about it—other than dictating Carson’s departure.
Boeing’s (BA) CEO Finds A Scapegoat
The launch of Boeing’s 787 Dreamliner has been delayed so often that it would be comical except that the aerospace firm’s shareholders and customers are not laughing. Boeing trades at $50, down from more than $100 less than two years ago. Management has been appropriately blamed for most of the tardiness which has been caused by labor unrest, supply chain problems, and design flaws. Each time the delivery date was pushed back again, investors wondered why management was getting a vote of confidence from the board. Read More
Boeing Suppliers Not Chasing Boeing News (BA, SPR, BEAV, HON, COL, LMIA, TIE, PCP, GE, ETN, PH, BW)
This morning’s news out of Being Co. (NYSE: BA) about the 787 Dreamliner setting a maiden flight date before the end of this year and scheduling preliminary deliveries into Q4-2010 is really getting the love put back into Boeing shares. In mid-morning trading the stock is actually up over 7% or $3.50 at $51.32 and it has already seen its average daily volume surpassed. But where this gets interesting is that so many of the key Boeing suppliers for the 787 Dreamliner are trading down. Precision Castparts (NYSE:PCP) and Spirit Aerosystems (NYSE:SPR) are both up significantly with the news and Rockwell Collins (NYSE:COL) is up, but the rest of the lot is either up marginally or is trading lower with the overall market.
Boeing (BA): Another Setbank In A Long Series
The delays in the Boeing (BA) Dreamliner were bound to cause its customers to take actions against the airplane manufacturer and that has happened.
The Wall Street Journal reports that British Air is seeking to delay payments for the plane. It is a convenient time for the UK carrier to make the move. Its margins and cash position are bad. Read More
Boeing (BA): Proof That Management Incompetence Needs Regulation
The federal government has set up a number of systems to effectively control the financial and credit systems along with most of the major firms that operate in the sector. The most aggressive, and perhaps most prudent step, the Administration has taken is to force the most poorly managed banks to restructure their boards. The Treasury put proposals before Congress to substantially increase the power of the Fed, in essence giving it life or death power over banks that become, in its judgment, irreparably crippled. Read More
Boeing Burning Money With Another 787 Dreamliner Delay (BA)
Boeing Co. (NYSE: BA) has announced yet another delay to the 787 Dreamliner. The aerospace giant has announced that first flight of the 787 Dreamliner will be postponed due to a need to reinforce an area within the side-of-body section of the aircraft. This does appear to be an event that will cause rescheduling for deliveries as well. First flight and first delivery will be rescheduled following the final determination of the required modification and testing plan.
Read More
Media Digest 5/1/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
According to Reuters, lenders will object to the Chrysler Chapter 11 filing.
Reuters reports that Switzerland is asking US a court to halt a case against UBS (UBS).
Reuters reports that SMFG will buy Citiroup’s (C) Japan units for over $5.6 billion.
Reuters writes that Cuomo said that pension kickbacks are a national problem. Read More
Swearing Off The Habit Of Flying: Boeing (BA) Proves A Poorly Run Company Can Still Do Badly
Many people who fly on airplanes do not like it one bit. Some of these are claustrophobic while others object to the fact that they are not allowed to smoke at 37,000 feet anymore. But, the majority of nervous flyers have anxiety based on their belief that nothing that weighs any number of tons should be able to operate off of the ground at all. To their way of thinking, flying is a physical impossibility which they tolerate because driving from New York to Los Angeles takes five or six days.
The tens of millions of people who do not want to ride on airplanes are getting their way. The recession has hit the airline industry with a rapidly growing attrition of customers. As a reaction, carriers are taking planes out of service as quickly as possible and letting go as many pilots, stewardesses, and mechanics as they can. People who do not want to fly can join those who do in not being able to afford it. Read More
Boeing Layoffs Reach 10,000 As Losses Mount (BA)
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.
Boeing Goes Boing Boing With Pink Slips (BA)
Boeing Co. (NYSE: BA) has decided that it wanted to get into the business of pink slips. The aerospace and defense giant announced that it plans to shed some 4,500 workers. The cuts are coming in its commercial airplanes unit and according to the company will take it back to levels of earlier a year ago. Boeing did note that attrition and reduced contract labor account forsome of the reductions. But some layoffs will be necessary, and mostof the cuts will come in the second quarter.
A Good Time To Dump Boeing (BA) Management
Boeing (BA) is moving up the list of worst managed US companies at lightning speed. It went through a nice long strike with its machinists, which it settled after two months. Then it began to have labor trouble with other groups of its employees. All this worker trouble is extraordinary because Boeing has a huge backlog of aircraft orders. It might have given a little more to the union to avoid delaying the delivery of those planes and the customer discontent which accompanies it.
Boeing (BA) Management Get Worse By The Day
Maybe Boeing (BA) should just stop selling airplanes and leave the market to Airbus. At least once a month, the US company says it will have to delay deliveries to customers. Not only does this hurt earnings, it also gives unhappy clients a chance to ask for compensation.
Boeing (BA) Takes Another Chance To Ruin Its Prospects
It seems like only yesterday that Boeing (BA) settled a six-week strike with its machinists. That took six weeks and delayed production of scores of planes which have customers panting to get delivered. The new Dreamliner, in particular, is suppose to sip fuel and save a lot of money in the process. But, Boeing cannot avoid a love of calamity.
Boeing (BA) Settles With Unions: All That Wasted Time
Moving into the pit of a recession, Boeing (BA) executives managed to prolong a strike with the company’s machinists for seven weeks before reaching an four-year accord. Management almost certainly knew their tipping point for settling, so what was the wait for?
In the meantime, the big aerospace firm allowed its long-delayed Dreamliner to get even later which will almost certainly cause airline customers to seek penalties. That would be another few hundred million dollars out the door. Airbus certainly took whatever advantage it could of the significant failure of the people who run Boeing.
Boeing’s (BA) Management Fails
Boeing (BA) management had to define its success this year by avoiding a strike by its machinists. The executives have already failed at getting the company’s new flagship Dreamliner into production one time. In the process, they alienated a number of their key airline customers.
Boeing management also lost its bid for the new Air Force tanker plane. Northrop Grumman (NOC) got the contract and Boeing is trying to get it back. As the incumbent, Boeing should not have lost it in the first place.
Boeing (BA): A Strike The Company Can’t Afford
Boeing’s (BA) machinists have decided to strike the company over wage and benefit issues. The union will hold off walking out for two days to see if a last moment deal can be reached.
A compromise seems unlikely. Boeing says it has given the workers its last offer and that the offer is unusually generous.
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