Boeing closes challenging 2024, as it eyes brighter future

Following preliminary results released last week, Boeing’s Q4 results posted on Tuesday confirmed a US$3.8 billion loss in Q4 and an US$11.8 billion loss overall in 2024.

Boeing building

Following preliminary results released last week, Boeing’s Q4 results posted on Tuesday confirmed a US$3.8 billion loss in Q4 and an US$11.8 billion loss overall in 2024.

The US-based airframe giant also reported the delivery of 348 commercial aircraft and 279 net orders, pushing its total backlog to US$521 billion with over 5,500 commercial airplanes on order.

The company’s Q4 results confirmed revenues in the last three months of 2024 of US$15.2 billion alongside nearly US$3 billion worth in charges affecting its commercial aircraft unit and its defence and space division. These charges were attributed to labour stoppages, workforce reductions and problems with various government programmes.

Boeing’s loss per share (US$5.46) was significantly higher than the US$3.08 loss anticipated by Wall Street analysts, while its US$3.8 billion Q4 loss was drastically higher than its US$30 million loss in the same period the previous year.

Turning the corner on a rocky year

The results cap a tough year for the airframe manufacturer with a nearly two-month strike by machinists halting production at its facilities in Renton and Everett, Washington where the 737 MAX , 777 jet and 767 cargo aircraft are assembled.

The annual loss of US$11.8 billion is its largest since 2020, when its best-selling 737 MAX fleet was grounded following two fatal crashes and the aftermath of the COVID-19 pandemic.

Commenting on the results, Boeing president and CEO Kelly Ortberg reiterated his commitment to making the fundamental changes needed to turn the company around as he noted the last quarter of 2024 saw “progress on key areas to stabilise our operations during the quarter and continued to strengthen important aspects of our safety and quality plan.”

He also stated, “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 counting on us.”

Boeing resumed production of its 737 MAX aircraft in December and expects deliveries of its flagship narrow-body aircraft to reach the upper 30s in January, up from 17 in December.  It has also restarted production of its 767 and earlier this year the OEM also restarted flights of its 777X aircraft, which are yet to be certified by the Federal Aviation Administration. It is also looking to certify the smallest and largest members of the Max family, the MAX 7and Max 10.

The company also anticipates generating positive cash flow in the second half of 2025. Tuesday saw Boeing’s shares rise to their highest level since August 2024 with stock rising more than 7% before settling closer to 4% in the afternoon. 

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