Boeing‘s new CEO Kelly Ortberg said the company is reviewing its various businesses and laying out a vision for a leaner future for the struggling plane maker in its first quarterly call with analysts on Wednesday. At the same time, thousands of striking Boeing machinists will vote on a new labor contract, and Ortberg said he hopes for an agreement.

“We are currently doing a portfolio process to look at the overall portfolio and see what we want to look like in five years. That may include streamlining certain things,” Ortberg said in an interview with CNBC’s Squawk on the Street on Wednesday. He added that no decisions have been made yet. “I think our core business of commercial aircraft and core defense products will always be with Boeing remain.”

“I tend to do less and do it better rather than do more and not do it well, and I think there are some cases where we can do less and do it better,” he said.

Boeing reported a third-quarter loss of more than $6 billion, its biggest since 2020, as the pandemic halted demand for most planes and its best-selling plane was grounded after two crashes.

CFO Brian West said the company is expected to continue burning cash this year and next, pointing to a likely improvement in the second half of 2025. Boeing had originally planned to be cash flow positive this year. Boeing shares fell during the call, trading about 3% lower around 11:30 a.m. ET.

Boeing reported preliminary third-quarter results earlier this month that showed revenue of $17.8 billion, down less than 2% from a year ago, and an operating loss of $9.97 per share Cash outflow of $1.3 billion. The company disclosed charges of more than $5 billion across its commercial and defense units and said it ended the third quarter with $10.5 billion in cash and marketable securities.

The commercial aircraft division’s losses rose to more than $4 billion from a loss of $678 million a year earlier. The charges were related to the additional delay of the debut of its 777X widebody aircraft until 2026 and another delay related to the 767. Boeing plans to stop production of the 767 when orders are filled in 2027.

Its defense unit lost $2.4 billion in the third quarter, compared with a loss of $924 million in the same period in 2023, with the charges tied to several programs including the KC-46 tanker and the in Starliner that got into trouble. The Starliner capsule returned empty from the International Space Station this summer, without the two NASA astronauts it originally carried into space.

Ortberg announced the resignation of Defense Unit CEO Ted Colbert in September.

When asked by CNBC about the Starliner problem, Ortberg said: “My gut feeling is that we need to improve our systems engineering and our design skills so that something like this never happens again.”

Here’s what the company reported compared to the expectations of Wall Street analysts surveyed by LSEG:

• Loss per share: $10.44 adjusted, compared to an adjusted loss of $10.52
• Revenue: $17.84 billion versus $17.82 billion expected

Ortberg, a former Rockwell Collins CEO, took the helm of Boeing in August with the task of restoring the company’s reputation and fixing quality problems on planes and other programs. In January, a door plug on an Alaska Airlines 737 Max 9 flight burst minutes later after the key bolts were not reinstalled before the plane left the Boeing factory. The near-disaster sparked renewed safety concerns among regulators and customers.

“We need to know what’s going on, not just with our products, but also with our employees,” Ortberg said in prepared remarks Wednesday before the earnings release. “And most importantly, we prevent problems from festering and work better together to identify, address and understand the root cause.”

Ortberg acknowledged that it will take time to get the ship back into service, but expressed optimism that the company can increase production of its best-selling 737 Max once the strike ends.

“We have employees who are striving to return to the legendary company they know that sets the standard for the products we deliver,” he said.

Ortberg said earlier this month that Boeing would cut 10% of its global workforce of about 170,000 employees, indicating a leaner manufacturer. He is expected to face questions on the call about which units or projects the company will consider separating.

“We must reset priorities and create a leaner, more focused organization,” he said in his prepared remarks.

The most pressing issue for Boeing this week is ending a costly labor strike that has crippled its factories in the Seattle area, where most of its planes are made. More than 32,000 machinists quit their jobs in early September, about two weeks before the end of the quarter, after they overwhelmingly voted against a contract that included a 25% pay increase. A new proposal unveiled Saturday included 35% raises over four years, a larger signing bonus and 401(k) contributions, among other improvements.

According to S&P Global Ratings, the strike is costing Boeing $1 billion a month and a quick conclusion is critical for the fragile aerospace supply chain, which is already experiencing furloughs.

“We worked feverishly to find a solution that worked for the company and met the needs of our employees,” Ortberg said.

The deal includes a commitment from Boeing to build its next plane in the Pacific Northwest. That was a sore point for union machinists after Boeing moved its 787 Dreamliner production to a non-union plant in South Carolina.

“Boeing is an aircraft company and at the right time in the future we need to develop a new aircraft. But until then we still have a lot of work to do,” said Ortberg on Wednesday.

Analysts are optimistic that the deal will go through. The results of the labor vote are expected late Wednesday evening.

—CNBC’s Phil LeBeau contributed to this article.