Boeing reported a fourth-quarter loss of $3.8 billion, continuing a challenging period for the aviation giant. Since 2019, Boeing has faced over $35 billion in losses following two 737 Max jet crashes, which led to 346 fatalities. The company recorded a full-year loss of $11.8 billion for 2024, with nearly $3 billion attributed to labor stoppages, job cuts, and government program issues.
Boeing's loss per share was $5.46, significantly exceeding analysts' expectations of a $3.08 loss, according to FactSet. The company's production was disrupted by a machinists' strike that lasted over seven weeks, halting assembly of the "best-selling 737 Max, along with the 777 jet and the 767 cargo plane" in Washington. The strike ended after Boeing agreed to raise pay and improve benefits.
The company reported $15.2 billion in quarterly revenue, below the expected $15.7 billion, with full-year revenue dropping by 14% to $66.5 billion compared to 2023. Boeing, as it "reported earlier this month," delivered 348 jets in 2024, a decline from 528 in 2023, and fewer than half the deliveries of rival Airbus. Most of these deliveries were 737 Max jets, emphasizing its critical role in Boeing's operations.
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In January, a 737 Max incident involving a door panel malfunction led the FAA to limit production until Boeing addressed safety concerns. This, coupled with lacking new orders on the 737 Max for over two months, impacted Boeing's position, leaving it well behind Airbus in net orders for the year. (This story was generated by Newser's AI chatbot. Source: the AP)
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