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An aerial view of the engines and fuselage of an unpainted Boeing 737 MAX aircraft parked in storage at King County International Airport-Boeing Field in Seattle, Washington.
Lindsey Wasson | Reuters
boeing said Thursday that it likely lost about $4 billion in the fourth quarter, adding to the woes of the manufacturer, which began 2024 with a accident in the air and ended it with a crippling labor strike and layoffs.
The company said it expects to post a loss of $5.46 per share for the fourth quarter. It said it expects revenue to be $15.2 billion, less than analysts expected, according to LSEG estimates. Boeing said it likely burned through $3.5 billion in cash during the quarter. The company raised more than $20 billion in the quarter to boost liquidity during its crises.
Boeing has not posted an annual profit since 2018.
The company expects to take a $1.1 billion charge for its 777X and 767 programs because of the strike and the new contract.
“While we face near-term challenges, we took important steps to stabilize our business during the quarter, including reaching an agreement with our IAM-represented teammates and conducting a successful capital raise to improve our balance sheet,” Boeing CEO said , Kelly Ortberg, in a press release.
Boeing has struggled to regain its footing after a The door stopper exploded in the air in January 2024, which caused a new security crisis to the company that was trying to put the consequences of two fatal accidents in 2018 and 2019 behind it.
The near-catastrophic crash prompted new federal scrutiny and a slowdown in deliveries of new planes. almost two months train drivers’ strike which began in September closed most of its commercial aircraft production. Workers, mostly in the Puget Sound area, won a new contract in November.
Significant commercial aircraft unit revenue will likely amount to $4.8 billion, with a negative operating margin of nearly 44%.
Boeing’s problems also extend to its defense unit, for which it expects to record pre-tax charges of $1.7 billion for the KC-46A tanker, and for the long-delayed 747s that will serve as the new Air plane. Force One, as well as its space programs.
