Boeing on Monday began to raise roughly $19 billion by selling stock, an attempt to shore up its finances as a costly and disruptive worker strike weighs on the plane maker’s balance sheet.
The sale comes shortly after the aerospace giant reported a $6.1 billion loss in the last quarter and said it was cutting about 17,000 jobs. A weekslong strike by Boeing machinists is costing the company tens of millions of dollars each day, according to analyst estimates, adding to the financial strain created by long-running production and quality issues.
The fund-raising aims to stave off a potential credit rating downgrade, which could make it more expensive for the company to borrow money. Boeing has about $58 billion in debt. S&P Global Ratings said this month that it was considering lowering Boeing’s credit rating to “junk” status, depending on how long the strike continues.
Boeing’s shares fell about 1 percent Monday morning. The company’s stock has fallen more than 40 percent this year.
Last week, Boeing’s largest union, which represents about 33,000 workers, rejected a tentative labor contract, extending a strike that began last month and has halted airplane production at crucial plants in the Seattle area. The proposed agreement did not address a frozen pension plan that workers were seeking to restore.
Boeing indicated in regulatory filings this month that it planned to raise as much as $25 billion by selling stock or debt over the next three years, and the company entered into a $10 billion credit agreement with a group of banks. It described the plans as “two prudent steps to support the company’s access to liquidity.”
The plane maker hasn’t reported an annual profit since 2018. Before the machinists’ strike started to weigh on the company, two fatal crashes of Boeing’s 737 Max in 2018 and 2019 cost it billions of dollars and severely damaged its reputation. Concerns about the safety of Boeing’s commercial planes resurfaced in January, when a door panel on a 737 Max 9 jet blew open during an Alaska Airlines flight.
The stock sale on Monday covers only the company’s near-term needs, “without an extended strike or further production disruptions,” analysts at Wells Fargo said in a research note.
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Agreement has been reached in a bruising labor dispute between Boeing and its largest union. Late on Monday, it was announced that members of the International Association of Machinists and Aerospace Workers (IAM) had voted to accept the latest pay offer. It ends a hugely damaging 53-day walkout by staff that crippled production of Boeing’s best-selling planes.
Ryanair warned Monday of a continued hit to passenger growth amid Boeing delivery delays. Europe’s biggest airline expects to carry 210 million passengers next year, down from the previous target of 215 million. It comes as the company reported a fall in first-half net profit of 18%, slightly below analyst forecasts.
Airbus is hyper-focused on a segment of the aircraft market that Boeing has all but abandoned, giving it yet another advantage over the embattled planemaker.
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