Boeing faces turbulent year with shares plummeting amid multiple crises

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Global Industry News

Boeing faces turbulent year with shares plummeting amid multiple crises

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Simple Flying | Simple Flying

By Sky Industry News

Jan 1, 2025

Boeing's shares experienced a significant drop in 2024, with a report by Reuters highlighting a 32% decline, positioning the company as potentially the biggest loser on the Dow Jones Index for that year. The company's shares began at $257.50 but faced severe setbacks following incidents such as the Alaska Airlines Boeing 737 MAX 9 midair blowout.

The European competitor Airbus saw an 11% rise in share value during the same period, while the S&P 500 index gained over 23%, according to Reuters.

The downturn for Boeing was marked by multiple challenges, including FAA regulations, supply-chain disruptions, and a workers' strike. The Federal Aviation Administration restricted production of the MAX aircraft to 38 units per month. However, Boeing struggled to meet this target due to global supply chain issues.

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Leadership changes were also significant as Dave Calhoun stepped down as CEO amidst dwindling confidence in his leadership. Kelly Ortberg, former leader of Rockwell Collins, was appointed as his successor and immediately began addressing company challenges.

In September, over 33,000 machinists initiated a nearly two-month strike demanding better compensation. This action concluded in early November after an agreement promising a 38% wage increase was reached. The strike reportedly cost Boeing upwards of $5 billion.

Accusations from whistleblowers regarding questionable factory practices further affected Boeing's reputation during this tumultuous period.

Looking ahead to 2025, Boeing aims to stabilize its operations and rebuild customer trust while improving its working culture and financial management.