Boeing reports Q4 loss amid work stoppage impacts; backlog reaches record levels

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GLOBAL INDUSTRY NEWS

Brett C. Gerry Chief Legal Officer Executive Vice President, Global Compliance | Boeing

By Sky Industry News

Jan 28, 2025

Boeing has released its financial results for the fourth quarter of 2024, reporting a revenue of $15.2 billion and a GAAP loss per share of ($5.46). The company also recorded a core loss per share (non-GAAP) of ($5.90), which reflects previously announced impacts from an International Association of Machinists and Aerospace Workers (IAM) work stoppage, charges on certain defense programs, and costs associated with workforce reductions.

Operating cash flow was reported at ($3.5) billion, while cash and marketable securities totaled $26.3 billion, up from $10.5 billion at the beginning of the quarter due to a significant capital raise. Boeing's total debt decreased to $53.9 billion following early repayment of bonds.

Kelly Ortberg, Boeing's president and CEO, stated: "We made progress on key areas to stabilize our operations during the quarter and continued to strengthen important aspects of our safety and quality plan."

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In terms of segment performance, Commercial Airplanes generated $4.8 billion in revenue but faced challenges due to IAM-related disruptions and pre-tax charges totaling $1.1 billion on specific programs like the 777X and 767.

The Defense, Space & Security division posted revenues of $5.4 billion but incurred pre-tax charges amounting to $1.7 billion across several projects including KC-46A and T-7A programs.

Global Services achieved a revenue figure of $5.1 billion with an operating margin standing at 19.5 percent driven by increased commercial activity.

Boeing's backlog reached $521 billion by year-end 2024, encompassing over 5,500 commercial airplanes valued at approximately $435 billion.

The company highlighted various strategic developments such as resuming production in several aircraft programs post-IAM agreement finalization, securing orders from international customers in both commercial airplanes and defense sectors, as well as expanding operations in South Carolina for its 787 program.