An aerial view of the engines and fuselage of an unpainted Boeing 737 MAX airplane 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 within the fourth quarter, adding to troubles on the manufacturer, which began 2024 with a midair accident and ended it with a crippling labor strike and layoffs.
The corporate said it expects to post a lack of $5.46 per share for the fourth quarter. It said it expects its revenue to be $15.2 billion, lower than analysts’ expectations, in accordance with LSEG estimates. Boeing said it likely burned through $3.5 billion in money through the quarter. The corporate raised greater than $20 billion within the quarter to spice up liquidity during its crises.
Boeing has not posted an annual profit since 2018.
The corporate expects to take a $1.1 billion charge on its 777X and 767 programs due to strike and latest contract.
“Although we face near-term challenges, we took essential steps to stabilize our business through the quarter including reaching an agreement with our IAM-represented teammates and conducting a successful capital raise to enhance our balance sheet,” Boeing CEO Kelly Ortberg said in a news release.
Boeing has struggled to regain its footing after a door plug blew out midair in January 2024, sparking a latest safety crisis at the corporate that was attempting to put behind it the fallout from two fatal crashes in 2018 and 2019.
The near-catastrophic accident brought latest federal scrutiny and a slowdown of deliveries of recent planes. An almost two-month machinists strike that began in September shut down most of its industrial aircraft production. The employees, mostly within the Puget Sound area, won a latest contract in November.
The all-important industrial airplane unit revenue will likely are available at $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 pretax charges of $1.7 billion on the KC-46A tanker, and the long-delayed 747s that can service as the brand new Air Force One aircraft, in addition to its space programs.
