(Bloomberg) -- Boeing Co. is making a comeback and could generate $10 billion in cash annually by mid-decade, once it turns around its operations after years of setbacks and miscues, Chief Executive Officer Dave Calhoun said.
Most Read from Bloomberg
Chief Justice Temporarily Stops Release of Trump Tax Returns
Lottery Winner Keeps $30 Million Jackpot Secret From Wife and Child
Russia Resumes Ukraine Grain-Export Deal in Abrupt Reversal
Even More Dry Shampoos Found to Have Cancer-Causing Agent
How a Mysterious China Screenshot Spurred $450 Billion Rally
The US planemaker is wooing investors and analysts with two days of tours and presentations in Seattle, Boeing’s first such gathering since 2016 as it recovers from one of the worst crises in its century-long history. The company had burned through more than $28 billion from 2019 through 2021 as it was buffeted by a global grounding of its 737 Max, Covid pandemic and supplier disruptions.
While Calhoun on Wednesday stressed the work under way to restore Boeing’s finances and reputation for quality, he stopped short of predicting exactly when the company expected to return to a normal operating cadence. The company will have positive free cash flow for 2022, he said.
“I feel like we’ve mitigated these existential moments that we’ve had to face,” Calhoun said in his opening remarks.
Boeing shares rose 3.9% after Calhoun’s comments. Boeing’s stock had tumbled 29% so far this year through the close of Tuesday’s trading, worse than the 10% average decline for the 30-member Dow Jones Industrial Average.
Most Read from Bloomberg Businessweek
Yeezy Roller Coaster Ended With Two-Minute Phone Call at Adidas
These Five Women Are Helping Doctors Crack the Long-Covid Mystery
Fed’s Inflation Fight Is Becoming a Battle Over Jobs, Too
A Glimmer of Hope in the Quest for a Nonaddictive Painkiller
Fast Fashion Waste Is Choking Developing Countries With Mountains of Trash
©2022 Bloomberg L.P.
