Latest news with #hammer
Gulf Today
4 hours ago
- Business
- Gulf Today
Boeing's quarterly loss shrinks as jet deliveries rebound, shares drop
Boeing's quarterly loss more than halved and was much smaller than analysts expected as the US planemaker ramped up jet deliveries, recovering from a regulatory crisis and a major strike that halted most production last year. The results highlighted Boeing's efforts to cautiously increase monthly output this year, following years of quality issues and production delays on its flagship 737 MAX. Increased deliveries mark a pivotal step in Boeing's effort to rebound from years of production disruptions and crises that piled on debt, increasing the urgency of accelerating output to restore financial stability. Boeing shares dropped 3.7% in midday trading. The company's financial improvements were tempered by its announcement that certification of the new 777-9 and 737 MAX 7 and 10 models will not happen until 2026, another setback for those programs. The company previously said it expected to finish certification by the end of this year. The company is still developing solutions to address problems with the 737 MAX models' engine de-icing systems that are stalling certification, which is proving a "little more tricky" than anticipated, Boeing CEO Kelly Ortberg told CNBC. During the interview, he praised President Donald Trump's aggressive use of tariffs to hammer out trade deals. "I like the way this tariff situation is playing out," Ortberg told CNBC. "It's good for our business, is good for aerospace," and will create jobs in the United States. The US and EU agreed to exempt aircraft and aviation parts from tariffs. However, raw materials such as steel and aluminium remain subject to steep duties. The planemaker posted an adjusted core loss per share of $1.24 for the quarter through June, compared with a $2.90 loss a year ago. Analysts had expected a loss of $1.48 per share. The planemaker's free cash flow usage, a key metric for Wall Street, was better than expected, signaling an improving cash position. "As we continue to execute our Safety & Quality Plan, there's more stability in our operations," Ortberg said in a letter to Boeing employees. Boeing's commercial plane division will lose money through the year, but free cash flow looks to be positive by year-end, Boeing Chief Financial Officer Brian West said during a call with analysts. In May, the company produced 38 737s and production has been stable since then, according to Boeing. The company expects to shut down its 737 shadow factory in Moses Lake, Washington, which supports its main production lines, by the end of the year, West said. The US Federal Aviation Administration capped the production of Boeing's best-selling 737 MAX jets following a mid-air panel blowout in a nearly new jet in January 2024. "We plan to seek FAA approval to increase to rate 42 when our key performance indicators (KPIs) show that we're ready," Ortberg added. The agency will review Boeing's supply chain before allowing a rate increase, FAA Administrator Bryan Bedford said last week. He called Boeing's efforts to improve production quality "real' but "embryonic.' Boeing delivered 206 737 MAX jets through the first half of the year, compared to 135 a year earlier. Across all commercial jet programs, it delivered 285 airliners through June, compared to 175 during the same period in 2024. Wall Street closely tracks aircraft deliveries because planemakers collect much of their payment when they hand over jets to customers. Boeing also increased 787 production at its plant in Charleston, South Carolina, from five aircraft a month to seven. The company expects to deliver more than a dozen 787s that have been delayed due to supply-chain problems, West said. Through the first half of the year, the planemaker booked 668 orders, or 625 net orders after cancellations and conversions. In May, Boeing's defense, space, and security division resumed deliveries of its KC-46 aerial refueling tanker to the US Air Force, after finding cracks in at least two new aircraft this year. The company started ground testing of the MQ-25, a refueling drone ordered by the US Navy, during the quarter. Members of the machinists union at the defense division overwhelmingly rejected a four-year contract offer on Sunday. The union represents 3,200 Boeing employees, mostly in the St. Louis area. If negotiations stall, union members could approve a strike as soon as Sunday. A strike would be much smaller than the one Boeing endured last fall, when 33,000 machinists at Boeing's commercial plane division walked out for nearly two months. "We'll manage through this," Ortberg said during the call. The division earned an operating profit of $110 million, compared with a loss of $913 million a year ago. It reported free cash flow usage of $200 million for the second quarter, compared with analysts' expectations of $1.72 billion, according to data compiled by LSEG. Boeing burned $2.3 billion in free cash during the previous quarter and $4.33 billion during the second quarter of 2024. Revenue for the quarter rose 35% to $22.75 billion, beating analysts' estimates of $21.84 billion. Agencies
Yahoo
8 hours ago
- Business
- Yahoo
Boeing Q2 results beat expectations as plane maker slashes costs
Boeing (BA) reported second quarter earnings on Tuesday that topped expectations and stemmed the tide of cash burn that has plagued the company since early last year as CEO Kelly Ortberg continues his turnaround of the beleaguered jet maker. Boeing reported revenue of $22.7 billion vs. $21.68 billion analysts had forecast, according to Bloomberg data, and a 35% jump compared to a year ago. Last year, the company was mired in a production slowdown stemming from the door plug blowout of an Alaska Airlines 737 Max jet. The company posted an adjusted loss per share of $1.24, less than the $1.40 forecast, while its operating loss came in at $176 million, deeper than the expected $161.1 million. Most importantly, Boeing's cash burn was cut to $200 million during the quarter, a massive improvement from the $2.3 billion cash burn seen last quarter and the $4.3 billion it went through in the same quarter last year. "With the start of the second half of the year, we are moving in the right direction and ahead of where I thought we would be in our recovery," CEO Kelly Ortberg said in a memo to employees. "If we continue to tackle the important work ahead of us and focus on safety, quality, and stability, we can navigate the dynamic global environment and make 2025 our turnaround year." Boeing stock was up over 2% in early trade. Read more: Live coverage of corporate earnings Boeing, once the world's largest plane maker, is in the process of turning its business around following a disastrous 2024, which began with the aforementioned door plug blowout in January. Issues with its supplier Spirit AeroSystems (SPR) and various whistleblower complaints stemming from both production of the 737 Max jet and widebody 787 Dreamliner eventually cost then-CEO Dave Calhoun his job, with Kelly Ortberg named the new CEO in late July and starting on Aug. 8. Ortberg began his turnaround plan deliberately, slowing production of Boeing's jets to hammer out production issues and slowly boosting production in close conjunction with FAA regulators. Earlier this month, Boeing announced that commercial deliveries hit 150 jets vs. 130 delivered in the first quarter and 92 delivered in the year-ago quarter. Of Q2 deliveries, 102 were 737 Max jets (compared to 69 delivered a year ago), 24 were 787s (nine last year), 13 were 777s (seven last year), and nine were 767s (six last year). As for cranking up its 737 Max production, Ortberg said in late May that Boeing's goal was to reach a rate of 42 per month by midyear and to be in a position at the end of the year to review readiness for a rate of 47 per month. Boeing said 737 production hit 38 planes per month in Q2. "Boeing continues to show great progress, but the ramp-up may be more gradual than our prior view," William Blair analyst Louie DiPalma wrote shortly after Ortberg's comments. "Our earlier note indicated that a 47 monthly production rate was possible by the end of 2025. Our new view is that the 47 aircraft per month target is more likely in mid-2026." Boeing faced another crisis in June when an Air India 787 Dreamliner crashed shortly after takeoff from Ahmedabad Airport. Initial reports, however, suggest pilot error may have caused the crash, with the engine fuel control switches moved to the "cut-off" position. Investigators are still trying to determine why that was the case. President Trump's announcement of a trade deal with the EU is seen as a positive for both the autos and aviation sectors, as there was an expectation that the EU would have retaliated with punitive tariffs on aviation products and parts coming from the US. Pras Subramanian is the lead auto reporter for Yahoo Finance. You can follow him on X and on Instagram. Sign in to access your portfolio
San Francisco Chronicle
4 days ago
- Sport
- San Francisco Chronicle
Venus Williams is back and she is not done. She heads to Cincinnati next and maybe the US Open
WASHINGTON (AP) — After Venus Williams' four-matches-in-four-days return to professional tennis was over, after she was loudly feted by appreciative fans even after a loss in singles, the D.C. Open stadium announcer offered a thought: 'We're never going to say goodbye to Venus Williams, are we?' he said. Not yet, anyway. This was not a one-stop hello-and-farewell appearance for the 45-year-old Williams, who had been away from the tour for 16 months before showing up in Washington this week and winning once each in singles and doubles. She hadn't won a match since 2023, and the owner of seven Grand Slam singles titles, plus 14 in women's doubles with her sister Serena and another two in mixed doubles, was celebrated by the spectators and other players. 'I'm sorry to have (fallen) short,' Williams said after being eliminated by 24th-ranked Magdalena Frech 6-2, 6-2 on Thursday night, 'but I know I can play better. And I know I will play better.' And she also might very well be competing at the U.S. Open later next month, if the U.S. Tennis Association awards her a wild-card entry. The USTA already announced that Williams asked for an invitation to play with Reilly Opelka in the tournament's newfangled mixed doubles event. Williams made quite obvious that the whole experience in Washington was fun for her. She loves the challenge. She loves playing tennis. Plus, what's not to like about so much adulation from so many? 'Everything is about her (at) this tournament. All the media, all the fans — everyone is for her,' Frech said. 'She's a superstar. She's a legend here.' There's more to it, though. Because Williams also made clear that this is not merely about having a good time. She wants to win, too. 'There's so many learnings from here. I know exactly what I need to work on, where I can improve. The good news is I'm always in control of the point. The important part is to put the ball in,' Williams said with a smile. 'So this is one thing I didn't do today. Was I in control? Absolutely. Will I be in control of most of my matches? Most likely, yes. That's the place I want to be, so I'm putting myself in that position. That's what counts.' Williams still can hammer a serve, as the series of aces she delivered at more than 110 mph during her straight-set victory Tuesday against 35th-ranked Peyton Stearns showed. Still can pound forehands and backhands, too. As Stearns put it: 'She played some ball tonight.' At the end of her final news conference in Washington, Williams spoke about her takeaways from the matches she played and the work she put in to make them possible after needing to stay off the court last year because of surgery for uterine fibroids. Her answer sounded a bit like a warning to other players out there who will face her. 'I'll reflect on this match and the things I could have done better. I'll reflect on my preparation going into the matches to make sure I'm prime and ready. Those are the kind of things. But more than anything, I take a lot of information from this tournament. So much data,' Williams said. 'Like, I can't wait to get on the practice court. My coach and I were already talking about what we're going to work on and also how much better I got so quickly in these last few weeks, too, was kind of like straight up a mountain.' ___
Daily Mail
19-07-2025
- Entertainment
- Daily Mail
I was spending £250 a week on crystal meth and smashing up my flat with a hammer. I didn't recognise myself: Bombshell revelation by S Club 7's JON LEE on what really happened in hit band
Even if the police knew that the out-of-control 'madman' with the hammer in his hand and anger in his eyes was actually a famous pop star who had once sweetly encouraged us all to reach for the stars, they didn't comment. 'They probably didn't make the connection,' smiles Jon Lee, who became a household name as the youngest member of S Club 7 – surely one of our most wholesome, and least threatening, pop outfits.
Irish Times
18-07-2025
- Sport
- Irish Times
Anika Thompson and Nicola Tuthill medal for Ireland at European Under-23 Championships
Anika Thompson and Nicola Tuthill made it an evening to remember for Irish athletes at the European Under-23 Championships in Bergen, Norway, winning gold and silver in the 10,000m and hammer respectively. Thompson, from the Leevale club in Cork, became Ireland's second European Under-23 gold medallist following Sophie O'Sullivan's 1,500m win in 2023, winning the 10,000m in an Irish Under-23 record of 32:31.47. Kira Weis from Germany was second in 32:36.47, but was no match for Thompson in the last lap burn up. Then came Tuthill in the hammer to make it a Cork medal double, as the 21-year-old from Bandon threw a best of 70.90m to win silver, the gold medal there going to Aileen Kuhn from Germany with her best of 72.53m. READ MORE Tuthill had thrown 71.33m in qualifying, just couldn't quite reproduce that form. Together they claim just the 12th and 13th medals for Ireland at European Under-23 level.
