by Abhijith Ganapavaram and Allison Lampert

(Reuters) – Boeing Chairman and CEO Kelly Ortberg presented a turnaround plan during the quarterly results presentation on Wednesday, emphasizing the importance of a “fundamental change in the culture” of the planemaker.

Boeing reported a net loss of $6.17 billion (€5.73 billion) in the third quarter, resulting in negative earnings per share of -$10.44.

Revenue at the maker of 737 jets fell 1 percent to $17.8 billion from $18.10 billion a year earlier.

In a letter to employees, Kelly Ortberg stressed the need to improve the performance of its defense segment and its 737 MAX and 777 programs, as confidence in the company has been eroded.

“It’s a big ship that’s going to take time to turn around, but once it is, it has the capacity to return to its greatness,” he said while presenting the results.

“We need to prevent the proliferation of problems and work better together to identify, repair and understand the causes at the source,” he acknowledged, indicating that he had discussed the importance of a change in corporate culture during a meeting with senior Boeing executives.

“We view (Kelly’s) comments as encouraging, as Boeing has historically refused to acknowledge or even address its problems,” said Robert Stallard, an analyst at Vertical Research Partners.

Over the quarter, the aircraft manufacturer burned $1.96 billion in cash, compared to $310 million in 2023, citing the strike launched more than five weeks ago by the International Association of Machinists and Workers. aerospace (AIMTA).

Striking employees must vote this Wednesday on a new draft social agreement likely to put an end to this union action which has seriously aggravated the financial crisis from which Boeing is suffering.

(Allison Lampert in Montreal and Abhijith Ganapavaram in Bangalore; written by Pauline Foret; edited by Augustin Turpin)

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