Boeing reports $6 billion loss ahead of pivotal union vote

Boeing reported losses topping $6 billion last quarter as voting kicks off Wednesday on a labor contract that could put an end to a weeks-long strike that has crippled the aviation giant.

“It will take time to return Boeing to its former legacy, but with the right focus and culture, we can be an iconic company and aerospace leader once again,” Boeing President and CEO Kelly Ortberg said as part of the earnings release.

The strike has been an early test for Ortberg, who took over the role in August.

About 33,000 machinists went on strike a few weeks later, on Sept. 13. The strike could be over as soon as Wednesday if union members vote to approve a contract that includes a 35 percent pay increase over four years, a $7,000 ratification bonus and improvements to retirement plans.

Union members are not guaranteed to approve the contract, which does not meet the 40 percent wage increase over four years and the reinstatement of a pension plan they have been asking for.

Boeing also posted an $8 billion loss over the last nine months, which has seen regulatory scrutiny and safety changes put in place after the door of a 737 blew off during an Alaska Airlines flight in January.

Ortberg said that moving forward, the company “will be focused on fundamentally changing the culture, stabilizing the business, and improving program execution, while setting the foundation for the future of Boeing.”

As part of its four-pronged revamp, Boeing plans to lay off 10 percent of its staff, Ortberg announced earlier this month.

“We’ve recently announced a workforce reduction which will focus on consolidation of areas where we’re not efficient, and we need to continue to focus on reducing nonessential activity,” Ortberg explained during the earnings call Wednesday morning.

Updated at 11:03 a.m. EDT