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Bond Market News
Boeing Reports $6.3bn Q3 Loss; Awaits Workers Vote
October 24, 2024
Boeing reported a loss of $6.3bn in the third quarter due to huge write-downs in both its aircraft and defense businesses. It reported revenues of $17.8bn, a 1% YoY drop and operating losses in both, commercial and defense segments. The company currently has $58bn in debt. The company’s first focus point is to end the workers strike that has plagued it for several weeks. Workers will vote later today on whether they intend to accept the new proposal made by the company. Boeing reported negative free cash flows (FCF) of $2bn in the quarter and will also see an outflow in 4Q2024, after having drained over $10.2bn YTD. The planemaker is likely continue to burn cash in 2025 as per its CFO. He said that free cash flow is set to be negative in 1H2025 before turning positive in the later part of the year.
Boeing’s bonds traded stable with its 3.3% 2035s at 79.6, yielding 5.94%.
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