Boeing has reported a USD 11.8 billion net loss for 2024, with a USD 3.9 billion loss in the final quarter alone. The US aerospace giant attributed the substantial losses to a strike by its unionised workforce, charges on defence programs and workforce reductions.

Despite the financial turmoil, Boeing’s total backlog stands at USD 521 billion, including orders for over 5,500 commercial aircraft.

While some areas demonstrated growth and profitability, others faced challenges due to market conditions, supply chain disruptions, and ongoing impacts of the global pandemic.

The company’s Commercial Airplanes segment saw a significant drop in deliveries, with only 57 aircraft delivered in Q4 2024, compared to 159 in the same period the previous year. 

Meanwhile, the 737 manufacturing program has resumed, with plans to gradually increase production rates.

Boeing’s Global Services segment, which provides a diverse range of aviation services, including MRO, supply chain management, and digital solutions, saw a 19 percent increase in operating earnings in the same period.

CEO Kelly Ortberg acknowledged the challenges faced by Boeing and emphasised the company’s commitment regaining trust and recovering from its financial losses.

“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 who are counting on us,” he said.

Boeing has resumed production of the 737.

Boeing’s 2024 financial performance at a glance

  • Revenue for Q4 was USD 15.2 billion, a 31% decrease compared to the same period in 2023. Full-year revenue also declined by 14%, to USD 66.5 billion.
  • Operating cash flow was a negative USD 3.5 billion in Q4 and USD 12.1 billion for the full year.
  • The company’s free cash flow was a negative USD 4.1 billion in the fourth quarter, and a negative USD 14.3 billion for the full year.
  • Operating margins were (24.7)% in the fourth quarter and (16.1)% for the full year.

PHOTO: BOEING