Boeing shares are sliding Tuesday after executives tempered expectations for a quick financial turnaround at the American plane maker.
The stock opened slightly lower, but was down more than 10% in midday trading after the company hosted an investor call to discuss its results. Earlier today, it posted a $116 million quarterly loss driven by underwhelming revenue and high costs in its commercial aircraft segment.
Building wings for its 737 MAX jets has posed a particular challenge as production rates lag the output of other parts like fuselages.
Chief Executive Kelly Ortberg told investors that the step up to 47 jets a month on its 737 MAX production lines "didn't go as smoothly" as the previous rate increase, a challenge that affects profitability. The company doesn't expect to hit that more lucrative production rate until next year.
"People want us to go faster, but we're going to be smart about this," Ortberg said in a CNBC interview Tuesday morning before the investor call.