A Boeing 777 plane on the assembly line in Everett. (AP Photo/Ted S. Warren, FILE)

A Boeing 777 plane on the assembly line in Everett. (AP Photo/Ted S. Warren, FILE)

After stellar 2017, Boeing workers to get $600M in bonuses

The company credits a record 763 airplane deliveries and unexpectedly good business performance.

EVERETT — Nearly 65,000 Boeing Co. workers in Washington will receive a record $600 million in bonuses over the next two months, the company announced Tuesday.

The large payouts reward aerospace employees for helping Boeing deliver a record number of commercial airplanes and reach new highs in other categories for business performance in 2017, the company said.

“This just shows us that when we all work together, we can’t be beat,” Kevin McAllister, president and CEO of Renton-based Boeing Commercial Airplanes, said in a news release. “When we all work to drive safety, quality, flow and productivity, we all share in the value.”

The bonuses are being given to nearly all employees, excluding executives, Boeing spokesman Paul Bergman said.

Nearly half of Boeing’s worldwide workforce is in Washington. Other regions with Boeing jobs also will get bonuses, but those figures were not immediately available.

The February and March timeframe is routinely when bonuses are given out. By then, the company usually has been able to assess how well it met goals for the previous year.

“The bonuses are really linked to the great performance by the Boeing team and how we beat our plans for 2017,” Bergman said.

The head of the local International Association of Machinists and Aerospace Workers said the large payout was well deserved.

“We are proud of what our members do every day,” said IAM District 751 President Jon Holden. “Our members have shown they have earned this incentive pay and more by creating great value for this company with their hard work.”

Last week, Boeing announced record 2017 operating cash flow of $13.3 billion and that it had repurchased 46.1 million shares of stock for $9.2 billion.

It also reported revenue of $93.4 billion, reflecting a record 763 commercial deliveries.

Also on Tuesday, Boeing announced more than $900 million in business deals at the Singapore Airshow. The orders consist of aircraft parts, digital applications and planning tools.

“Predicted growth for aerospace services in the Asia-Pacific brings opportunities to partner with local industry to understand the region’s greatest needs … and then bring them to market quickly,” Stan Deal, president and chief executive of Boeing Global Services, said in a news release.

Eric Stevick: 425-339-3446; stevick@heraldnet.com.

Talk to us

> Give us your news tips.

> Send us a letter to the editor.

> More Herald contact information.

More in Business

Two couples walk along Hewitt Avenue around lunchtime on Wednesday, Oct. 19, 2022 in Lynnwood, Washington. (Olivia Vanni / The Herald)
Everett businesses say it’s time the city had its own Chamber of Commerce

The state’s seventh-largest city hasn’t had a chamber since 2011. After 13 years, businesses are rallying for its return.

Students Mary Chapman, left, and Nano Portugal, right, work together with a fusion splicer and other equipment during a fiber optic technician training demonstration at Sno-Isle TECH Skills Center on Tuesday, May 28, 2024, in Everett, Washington. (Ryan Berry / The Herald)
Sno-Isle students on the path to becoming fiber professionals

The state will roll out $1.2 billion to close gaps in internet access. But not enough professionals are working to build the infrastructure.

Washingtonians lost $250M to scammers in 2023

Identity theft, imposter scams and phony online ads were the most common schemes, a new study says.

LETI founder and president Rosario Reyes, left, and LETI director of operations Thomas Laing III, right, pose for a photo at the former Paroba College in Everett, Washington on Saturday, June 1, 2024. (Annie Barker / The Herald)
Woman brings Latino culture to business education in Snohomish County

Rosario Reyes spent the past 25 years helping other immigrants thrive. Now, she’s focused on sustaining her legacy.

Annie Crawley poses for a photo with her scuba gear at Brackett’s Landing near the Port of Edmonds on Saturday, Feb. 3, 2024 in Edmonds, Washington. (Annie Barker / The Herald)
Edmonds ocean activist to kids: Life is better under the sea

From clownfish to kelp, Annie Crawley has been teaching kids and adults about the ocean’s wonders for three decades.

Reed Macdonald, magniX CEO. Photo: magniX
Everett-based magniX appoints longtime aerospace exec as new CEO

Reed Macdonald will take the helm at a pivotal time for the company that builds electric motors for airplanes.

People walk along a newly constructed bridge at the Big Four Ice Caves hike along the Mountain Loop Highway in Snohomish County, Washington on Wednesday, July 19, 2023. (Annie Barker / The Herald)
Check out the best tourist attractions in Snohomish County

Here’s a taste of what to do and see in Snohomish County, from shopping to sky diving.

People walk out of the Columbia Clearance Store at Seattle Premium Outlets on Thursday, April 25, 2024 in Quil Ceda Village, Washington. (Olivia Vanni / The Herald)
Head to Tulalip for retail recreation at Seattle Premium Outlets

The outlet mall has over 130 shops. You might even bring home a furry friend.

Brandon Baker, deputy director for the Port of Edmonds, shows off the port's new logo. Credit: Port of Edmonds
A new logo sets sail for the Port of Edmonds

Port officials say after 30 years it was time for a new look

Penny Clark, owner of Travel Time of Everett Inc., at her home office on Tuesday, April 23, 2024 in Arlington, Washington. (Olivia Vanni / The Herald)
In a changing industry, travel agents ‘so busy’ navigating modern travel

While online travel tools are everywhere, travel advisers still prove useful — and popular, says Penny Clark, of Travel Time in Arlington.

Travis Furlanic shows the fluorescent properties of sulfur tuft mushrooms during a Whidbey Wild Mushroom Tour at Tilth Farmers Market on Saturday, April 27, 2024 in Langley, Washington. (Annie Barker / The Herald)
On Whidbey Island, local fungi forager offers educational mushroom tours

Every spring and fall, Travis Furlanic guides groups through county parks. His priority, he said, is education.

ZeroAvia founder and CEO Val Mifthakof, left, shows Gov. Jay Inslee a hydrogen-powered motor during an event at ZeroAvia’s new Everett facility on Wednesday, April 24, 2024, near Paine Field in Everett, Washington. (Ryan Berry / The Herald)
ZeroAvia’s new Everett center ‘a huge step in decarbonizing’ aviation

The British-American company, which is developing hydrogen-electric powered aircraft, expects one day to employ hundreds at the site.

Support local journalism

If you value local news, make a gift now to support the trusted journalism you get in The Daily Herald. Donations processed in this system are not tax deductible.