Boeing reported a significant annual loss of $11.83 billion, its largest since 2020, due to challenges in its commercial and defense units and the impact of a strike by U.S. West Coast factory workers. The loss highlights the difficulties CEO Kelly Ortberg faces in revitalizing the company, as it trails Airbus in deliveries and faces scrutiny from regulators and customers following a series of setbacks.
on Tuesday reported an annual loss of $11.83-billion, its largest since 2020, as it grappled with problems at its commercial and defence units and the fallout from a crippling strike by U.S. West Coast factory workers.
The company reported a loss of $3.86-billion in the fourth quarter due to what Ortberg called “disappointing” charges in several fixed-price defence programs. He, however, added Boeing was “now more pro-active and clear-eyed on the risks” to the programs.Cash burn was $14.3-billion in 2024, compared with a positive cash flow of $4.43-billion in 2023.
After banking record-high profits in the 2010s, Boeing has bled more than $20-billion since 2019 after two fatal crashes of its best-selling 737 Max jet triggered production quality and safety concerns and worries that it had misled regulators during the plane’s certification process. “We have completed deep dives on all of our challenging fixed-price development programs,” Ortberg said on Tuesday in a letter to employees.Ortberg added Boeing has made progress with its supply chain and has returned to an output rate of five 787 jets per month at the end of 2024, despite delays in areas like seats.
BOEING LOSS PRODUCTION DEFENSE STRIKE
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