Boeing official expects downturn to end, 787 to fly in June

W. James (Jim) McNerney, Jr., chairman of the board, president, and chief executive officer of The Boeing Company in Chicago, has assured shareholders that the company is in strong shape, despite having been affected by what he calls a "once-in-a-lifetime" downturn. His optimism, in the face of the company and its customers hit hard by the economic slump, centers on Boeing's backlog of orders, diversification among defense and commercial aircraft, and its continued progress on the Dreamliner 787, which is expected to take flight this month.

"Fundamentally, this is a solid company with strong core businesses in markets that will continue to expand," McNerney says. He acknowledges the company and industry at large are going through “a tough patch,” yet considers the current downturn to be "a once-in-a-lifetime storm and not a permanent condition" that will give way to growth and prosperity.

The global airline market is expected to decline 12 percent in revenue this year, roughly twice as much as experienced after 9/11.

Boeing officials revealed in January their plans to cut 10,000 jobs, followed by an announcement that the company will reduce its monthly production of the 777 from seven to five beginning next June.