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Boston Herald
Boston Herald
23 Oct 2024
Boston Herald Wire Services


NextImg:Ticker: Boeing reports $6B quarterly loss; Home sales slow, again

Boeing reported a third-quarter loss of more than $6 billion before turning its attention to whether striking factory workers would accept a contract offer Wednesday and end a walkout that has crippled the company’s airplane production for nearly six weeks.

Members of the International Association of Machinists and Aerospace Workers were voting at union halls on a contract that would raise pay by 35% over four years. Before the doors opened at a hall near Boeing’s factory in Renton, Washington, workers joined a snaking line outside, where there were a few scattered calls for the offer’s rejection.

Boeing hasn’t had a profitable year since 2018, and Wednesday’s numbers represented the second-worst quarter in the manufacturer’s history. Boeing reported that it lost $6.17 billion in the period ended Sept. 30, with an adjusted loss of $10.44 per share. Analysts polled by Zacks Investment Research had expected a loss of $10.34 per share.

Sales of previously occupied U.S. homes slowed in September to the weakest annual pace in nearly 14 years even as mortgage rates eased and the supply of properties on the market continued to climb.

Existing home sales fell 1% last month, from August, to a seasonally adjusted annual rate of 3.84 million, the National Association of Realtors said Wednesday. That marks the second straight monthly decline and the slowest annual sales pace since October 2010 when the housing market was still in a deep slump following the late-2000s real estate crash.

Sales fell 3.5% compared with September last year. On a regional basis, sales fell in the Northeast, South and Midwest last month from a year earlier, but rose in the West.

Overall, the latest home sales were short of the 3.9 million pace economists were expecting, according to FactSet.