Boeing reports Q3 losses amid worker strike impacts

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GLOBAL INDUSTRY NEWS

Ziad (Z) Ojakli Executive Vice President Government Operations | Boeing

By Sky Industry News

Oct 23, 2024

Boeing has released its financial results for the third quarter of 2024, reporting revenue of $17.8 billion. The company experienced a GAAP loss per share of ($9.97) and a core loss per share (non-GAAP) of ($10.44). These figures primarily reflect the impact of an International Association of Machinists and Aerospace Workers (IAM) work stoppage and previously announced charges on commercial and defense programs.

The operating cash flow for the quarter was negative at ($1.3) billion, while free cash flow stood at ($2.0) billion (non-GAAP). Boeing's total company backlog reached $511 billion, including over 5,400 commercial airplanes.

Kelly Ortberg, Boeing President and CEO, stated, "It will take time to return Boeing to its former legacy, but with the right focus and culture, we can be an iconic company and aerospace leader once again." He added that future efforts would focus on changing the company's culture, stabilizing business operations, improving program execution, and setting a foundation for future growth.

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Commercial Airplanes reported third-quarter revenue of $7.4 billion with an operating margin of (54.0) percent. This reflects pre-tax charges on certain programs along with IAM work stoppage impacts. The segment delivered 116 airplanes during the quarter.

Defense, Space & Security recorded revenue of $5.5 billion with an operating margin of (43.1) percent due to pre-tax charges on several programs and unfavorable performance in others.

Global Services achieved revenue of $4.9 billion with an operating margin of 17.0 percent driven by higher commercial volume.

The company also announced it entered into a new $10 billion short-term credit facility in October 2024, increasing its total undrawn credit facilities to $20 billion.