CEO Kelly Ortberg said the company is focused on completing the development program for the 777X in order to stabilize operations.
Boeing (BA) CEO Kelly Ortberg said he was “disappointed” by further delays to the 777X program, which led to a $4.9 billion charge in its third quarter earnings.
BA’s stock dipped more than 1% in pre-market trade even as the company returned to positive free cash flow for the first time in nearly two years, driven by strong jetliner deliveries. Boeing was among the top trending tickers on Stocktwits, with retail sentiment on the platform improving to ‘bullish’ from ‘bearish’ territory over the past day, despite the dip in BA’s share price. Meanwhile, chatter increased to ‘high’ from ‘low’ levels.
Ortberg stated that while 777X continues to perform well in flight testing, completing the development program remains critical to restoring the company’s performance and maintaining stakeholder trust.
“While we are disappointed in the 777X schedule delay, the airplane continues to perform well in flight testing, and we remain focused on the work ahead to complete our development programs and stabilize our operations in order to fully recover our company’s performance and restore trust with all of our stakeholders,” – Boeing CEO Kelly Ortberg.
In a post on X, CNBC’s Jimmy Cramer said that, despite the 777X charge, positive free cash flow indicates underlying strength.
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