Before accounting for economic figures, Boeing suffers another blow as a satellite explodes in space

The latest incident comes as Boeing awaits the results of a workers’ strike vote and is expected to report a big loss in the third quarter.

Boeing, whose reputation has been tarnished, is facing another blow after the fall into orbit of a communications satellite it designed and built.

Satellite operator Intelsat confirmed that iS-33e, which was kept in orbit to provide telecommunications, broadcasting and other services to customers in Europe, Africa and parts of the world, was a “total loss”. Asia-Pacific region.

Intelsat said in a statement: “We are coordinating with the satellite manufacturer Boeing and government agencies to analyze the data and observations,” adding that the company is conducting “extensive analysis of the event.”

The latest trouble comes in a volatile year for the aviation giant as it prepares to report its third quarter results.

The company is expected to report a big third-quarter loss, introduce its new CEO in his first earnings report and find out whether machinists will end a strike that has paralyzed production of the company’s aircraft for more than a month.

The strike is seen as a test for the new CEO

The strike is an early test for Kelly Ortberg, who took over as CEO in August.

Ortberg has already announced widespread layoffs and a plan to raise enough cash to avoid filing for bankruptcy. He must convince federal regulators that Boeing is fixing its safety culture and that it is ready to ramp up production of the 737 Max, a critical step to secure much-needed funding.

However, Boeing cannot produce new 737s until a five-week strike by 33,000 machinists that has shut down assembly plants in the Seattle area is over. Boeing hasn’t had a profitable year since 2018, and things are going to get worse before they get better.

Analysts expect Boeing to report on Wednesday that it lost about $6 billion (€5.6 billion) in the third quarter, including a $3 billion (€2.8 billion) loss on planes and a $2 billion (1, 8 billion euros) in losses related to defense and space programs.

Investors hope Ortberg will show grit, determination and urgency as he leads the earnings conference for the first time since leading Rockwell Collins, a maker of avionics and flight controls for aircraft and military aircraft, for its ‘ first time in ten years.

The big news of the day, however, is likely to come on Wednesday night, when the International Association of Machinists and Aerospace Workers will announce whether striking workers are ready to return to work.

They will be voting in union halls in the Seattle area and elsewhere on Boeing’s offer, which includes a 35% wage increase over four years, a $7,000 (€6,499) confirmation bonus and retention performance bonuses that Boeing wanted to eliminate.

Boeing strongly resisted the union’s request to restore the traditional pension plan, which was frozen a decade ago. However, there will be a slight increase in monthly pension payments for older workers.