Photo by MARK FELIX via Getty Images

Boeing landed its Starliner, and a tentative union agreement, over the weekend

9/9/24 10:48AM

Boeing has had quite a dramatic weekend. First, on Saturday, Boeing's problem-plagued Starliner spacecraft finally returned to Earth — three months late and without its two astronauts after NASA deemed the trip too risky for human passengers. Then, on Sunday, Boeing averted a looming strike by reaching a tentative agreement with union leaders that promises a 25% pay increase over four years for thousands of Boeing employees in its U.S. Pacific Northwest commercial division.

Those union members will vote on Thursday to ratify the deal. If waved through it would mark a significant win for Boeing’s new CEO, Robert “Kelly” Ortberg, who took the helm just a month ago and inherited a business that is battling a quality control crisis, reputational damage, and ongoing regulatory scrutiny. Boeing shares are up 4% in early trading but have shed 35% of their value in the year to date, and are down 57% in the last 5 years.

Boeing’s business is obviously getting things airborne. But selling passenger-carrying airplanes, like the iconic 737, has actually been less than one-third of the company’s revenue so far this year. The union deal comes with a commitment that the company will build its next commercial model in the Seattle area.

Boeing revenue breakdown — Sherwood News

Its defense, space, and security segment also pulled in $6 billion in Q2, though the troubled spacecraft division plays a relatively minor role compared to military aircraft and equipment sales. The company's services division, focused on maintenance and upgrades, contributed an additional $4.9 billion.

With a background as a mechanical engineer and years of experience in the aerospace supply chain, investors are hoping that Ortberg will be the one to get Boeing back on the right trajectory.

Hyunsoo Rim, J. Edward Moreno

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American Airlines joins the flock, hiking bag fees amid higher jet fuel prices

American Airlines on Thursday announced that it, too, will be hiking the fees it charges customers to check luggage.

With the move, all four of the major US airlines, which together control about 80% of the US market, have now hiked their baggage fees in recent days amid surging jet fuel prices.

The change will go into effect on tickets bought on or after Thursday, the same day Southwest’s hike begins.

Since late March, JetBlue, Delta Air Lines, United Airlines, Canada’s WestJet, and Southwest have hiked their fees. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.

American Airlines updates bag fees and Basic Economy fares

The change will go into effect on tickets bought on or after Thursday, the same day Southwest’s hike begins.

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Less than a year after implementing them, Southwest is also hiking its bag fees

Southwest Airlines has joined the growing list of airlines opting to hike their bag fees amid sustained higher jet fuel costs.

Starting today, the first checked bag at the carrier — which implemented bag fees less than a year ago — will jump from $35 to $45, and the second from $45 to $55. Southwest quietly disclosed the change Tuesday.

Southwest assigned the decision to “part of an ongoing analysis of the business and against the evolving global backdrop.”

As of Wednesday, jet fuel prices dropped to $4.16 a gallon, per the Argus US Jet Fuel Index, down from $4.81 on Tuesday following President Trump’s ceasefire announcement, which sent travel stocks soaring. Major airlines have shed some of those gains in premarket trading Thursday.

With the move to hike bag fees, Southwest joins JetBlue, United Airlines, Delta Air Lines, and Canada’s WestJet, all of which also boosted fees this month. Experts expect more major carriers to follow, and to potentially tweak the pricing of other ancillary revenue sources like seat assignments and carry-on luggage.