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Boeing reports significant losses amid operational challenges in Q4

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Boeing reports significant losses amid operational challenges in Q4
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Kelly Ortberg president and chief executive officer of The Boeing Company | Boeing Website

Boeing has reported its financial results for the fourth quarter and full year of 2024, revealing a net loss of $3.8 billion for the quarter and $11.8 billion for the year. Revenue fell significantly during both periods compared to the previous year.

Kelly Ortberg, Boeing's president and CEO, stated that despite the losses, there was progress in stabilizing operations. "My team and I are focused on making the fundamental changes needed to fully recover our company's performance and restore trust with our customers, employees, suppliers, investors, regulators, and all others who are counting on us."

The company faced challenges due to a strike by over 33,000 machinists that ended on November 4, 2024. The strike affected production lines in Washington state as Boeing prioritized training and readiness before resuming operations.

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Boeing's revenue for Q4 was $15.2 billion, down 31% from the previous year. The operating cash outflow was $3.4 billion compared to an inflow of $3.3 billion in Q4 2023. For the full year, revenues were $66.5 billion—a decline of 14%—with a worsened net loss of $11.8 billion.

The commercial aircraft division suffered most from the strike with only 57 deliveries in Q4 compared to 157 in Q4 2023. Full-year deliveries were also down from 528 in 2023 to 348 in 2024.

In addition to these challenges, Boeing recorded another $1.1 billion charge related to its 777X and 767 programs after previously announcing a $3 billion pre-tax charge on these programs.

"The 737 program resumed production in the quarter and plans to gradually increase production rate," said Ortberg regarding ongoing projects at Boeing.

Despite these setbacks, Boeing's total backlog grew slightly from $520.1 billion at the end of 2023 to $521.3 billion by the end of last year due partly to new orders including those from Pegasus Airlines and flydubai.

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