Problem-plagued Boeing sets ambitious turnaround targets

Local News
Nov 2, 2022
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Boeing officials vowed Wednesday to significantly increase airplane production and cash flow in the next few years as the company seeks to recover from years of mistakes in its airline and defense businesses.

The aircraft maker said it expects to boost revenue to $100 billion and generate $10 billion in annual cash flow by 2025 or 2026. That upbeat forecast is based on raising production of its best-selling plane, the 737 Max, from 31 to 50 per month and moving beyond billions of losses in fixed-price contracts for the Pentagon.

Boeing is chasing European rival Airbus for supremacy after two deadly crashes involving Max planes, production flaws with a bigger plane, the 787, bad military contracts and other missteps.

“Do I think we’ve given up leadership in this industry? Not for one minute,” declared CEO David Calhoun at an investor day meeting with analysts in Seattle.

Shares of Arlington, Virginia-based Boeing Co. rose as much as 6% during the investor day presentation, although the gain had been pared to about 3% in midday trading.

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