Boeing workers who build fighter jets plan to go on strike
NEW YORK — Boeing workers who build fighter jets are planning to go on strike Monday at midnight.
About 3,200 workers at Boeing facilities in St. Louis; St. Charles, Missouri; and Mascoutah, Illinois, voted to reject a modified four-year labor agreement with Boeing, the International Association of Machinists and Aerospace Workers union said Sunday.
'IAM District 837 members build the aircraft and defense systems that keep our country safe,' said Sam Cicinelli, Midwest territory general vice president for the union, in a statement. 'They deserve nothing less than a contract that keeps their families secure and recognizes their unmatched expertise.'
The vote followed members' rejection last week of an earlier proposal from the troubled aerospace giant, which had included a 20% wage increase over four years.
At the time, union leaders had recommended approving the offer, calling it a 'landmark agreement' and saying the offer would improve medical, pension and overtime benefits.
Then there was a cooling-off period of a week, followed by the union members rejecting Boeing's latest proposal.
'We're disappointed our employees rejected an offer that featured 40% average wage growth and resolved their primary issue on alternative work schedules,' said Dan Gillian, Boeing Air Dominance vice president and general manager, and senior St. Louis site executive. 'We are prepared for a strike and have fully implemented our contingency plan to ensure our non-striking workforce can continue supporting our customers.'
Boeing has been struggling after two of its Boeing 737 Max airplanes crashed, one in Indonesia in 2018 and the other in Ethiopia in 2019, killing 346 people. In June, one of Boeing's Dreamliner planes, operated by Air India, crashed, killing at least 260 people.
On Tuesday, Boeing had reported that its second-quarter revenue had improved and losses had narrowed. The company lost US$611 million in the second quarter, compared to a loss of $1.44 billion during the same period last year.
Cathy Bussewitz, The Associated Press
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
4 minutes ago
- Globe and Mail
Roku's Stock Buyback Program: Potential Risks and Uncertain Impact on Investor Confidence
Roku Inc. (ROKU) has disclosed a new risk, in the Share Price & Shareholder Rights category. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Roku Inc. faces a significant risk with its stock repurchase program, as the company has no obligation to repurchase a specific amount or number of shares, and the program can be altered or terminated at any time. This uncertainty may lead to increased volatility in the trading price of its Class A common stock, potentially affecting investor confidence. Furthermore, the repurchase activities could deplete cash reserves needed for operational and strategic initiatives. Consequently, the program's impact on long-term stockholder value remains uncertain, posing a risk to the company's financial stability. The average ROKU stock price target is $104.11, implying 30.17% upside potential. To learn more about Roku Inc.'s risk factors, click here.
Globe and Mail
3 hours ago
- Globe and Mail
Reddit, Inc. Reports Strong Q2 2025 Financial Growth
Reddit, Inc. Class A ( (RDDT)) has released its Q2 earnings. Here is a breakdown of the information Reddit, Inc. Class A presented to its investors. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Reddit, Inc. is a prominent online platform known for its community-driven content, where users engage in discussions across a wide range of topics, making it a significant player in the social media and online community sector. In its latest earnings report for Q2 2025, Reddit showcased impressive financial growth, with a 78% increase in revenue year-over-year, reaching $500 million. The company also reported a net income of $89 million, marking a significant turnaround from the previous year's loss. Key performance indicators highlighted include a gross margin of 90.8% and an adjusted EBITDA of $167 million, reflecting a robust 33% margin. User engagement metrics were equally strong, with daily active uniques reaching 110.4 million, a 21% increase from the previous year, driven by both U.S. and international growth. Advertising revenue surged by 84%, underpinned by increased impressions and pricing. Looking ahead, Reddit's management remains optimistic about the company's growth prospects, emphasizing strategic investments in product enhancements, search capabilities, and international expansion to further capitalize on its unique position in the market.
Globe and Mail
3 hours ago
- Globe and Mail
Berkshire Hathaway Reports Decline in Q2 2025 Earnings
Berkshire Hathaway A ( ($BRK.A) ) has released its Q2 earnings. Here is a breakdown of the information Berkshire Hathaway A presented to its investors. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Berkshire Hathaway Inc. is a multinational conglomerate holding company engaged in diverse business activities, including insurance, utilities, energy, freight rail transportation, manufacturing, retailing, and services. The company is publicly traded on the New York Stock Exchange under the symbols BRK.A and BRK.B. In its latest earnings report, Berkshire Hathaway disclosed a significant decrease in net earnings for the second quarter and first six months of 2025 compared to the same periods in 2024. The company highlighted the impact of investment gains and losses, as well as an impairment of its investment in Kraft Heinz, on its financial results. Key financial metrics from the report include net earnings attributable to shareholders of $12.37 billion for the second quarter of 2025, down from $30.35 billion in 2024. Operating earnings also saw a decline, with $11.16 billion reported for the second quarter of 2025 compared to $11.60 billion in 2024. The company experienced a notable decrease in investment gains, with $4.97 billion in the second quarter of 2025, a sharp drop from $18.75 billion in the same period of the previous year. Despite the challenges in investment performance, Berkshire Hathaway's core operations, such as insurance and energy, continued to contribute positively to its earnings. Insurance-investment income and contributions from its energy company and manufacturing sectors remained stable or showed slight improvements. Looking ahead, Berkshire Hathaway remains focused on its diverse business model, which provides a buffer against market volatility. The management continues to emphasize the importance of operating earnings as a more reliable indicator of the company's ongoing business performance, separate from the fluctuations in investment gains or losses.
