A severe shortage of skilled workers, including mechanics and technicians, affects the entire aviation industry, and finding a quick fix anytime soon seems unlikely. For instance, on its second-quarter earnings call last week to investors, Raytheon Technologies (NYSE: RTX) leaders alluded to and fielded questions about labor challenges 32 times, which was eight times more than any mentions of revenue.
On that call, Neil Mitchill, Raytheon’s chief financial officer, pointed out how bad that was for the company when he said, “the absence of productivity” from not enough workers being available to complete projects was hurting profit margins between 15 and 30 percent.
