CNBC’s full interview with Boeing CEO Dave Calhoun on Q1 earnings
Boeing CEO Dave Calhoun joins “Squawk on the Avenue” to debate the corporate’s quarterly earnings outcomes, the 737 Max timeline, liquidity, authorities support, the coronavirus pandemic and extra.
Boeing on Wednesday posted a $641 million loss within the first quarter and is planning to chop its workforce and plane manufacturing in a world aviation market “frozen” by the coronavirus pandemic.
The coronavirus disaster is a recent drawback for the aircraft-maker, already struggling from the 13-month-long grounding of its best-selling airplane, the 737 Max.
Right here’s how the corporate did within the first quarter:
EPS: A lack of $1.70
Income: $16.91 billion
Boeing stated it plans to chop payroll by about 10% by way of voluntary measures and “involuntary layoffs as essential.” Boeing had about 160,000 workers on the finish of final 12 months.
“We’ll must make even deeper reductions in areas which might be most uncovered to the situation of our industrial clients — greater than 15% throughout our industrial airplanes and companies companies, in addition to our company features,” CEO Dave Calhoun stated in a employees memo.
Income plunged 26% from a 12 months earlier to $16.91 billion and the corporate posted an adjusted per-share lack of $1.70. Wall Avenue anticipated the plane producer to submit a per-share lack of $1.61 and income of $17.30 billion, based on Refinitiv estimates. The corporate burned by way of $4.7 billion in money throughout the quarter because it grappled with rising cancellations and a dearth of orders.
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