Boeing to cut thousands of additional jobs as it prepares for long air travel slump in pandemic

Business

Grounded Boeing 737 MAX aircraft are seen parked in an aerial photo at Boeing Field in Seattle, Washington, July 1, 2019.

Lindsey Wasson | Reuters

Boeing is set to report its third-quarter results before the market opens Wednesday, which analysts expect to detail further losses as the coronavirus pandemic hurts aircraft demand.

Here’s what Wall Street analysts expect:

• A per-share loss of $2.52.
• Revenue: $13.9 billion.

Wall Street is anticipating a loss per share of $2.52 on revenue of $13.9 billion, based on Refinitiv consensus estimates. Boeing is also expected to report negative free cash flow of $5.4 billion, slightly less than the previous quarter’s negative $5.6 billion, according to FactSet.

The pandemic’s impact on air travel demand, which is still not back to half of last year’s levels, has worsened Boeing’s crisis stemming from two fatal crashes of the 737 Max. Regulators are at the tail-end of the planes’ review but have still not signed off on them, preventing Boeing from delivering them to customers and crimping its cash flow as a result.

Boeing executives will detail their results on a 10:30 a.m. ET call.

This story is developing. Please check back for updates.

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