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Boeing reports $11.8 bln in annual loss after crisis-ridden year

28 January 2025 16:45 (UTC +04:00)

Boeing (BA.N), opens new tab on Tuesday reported an annual loss of $11.83 billion, its largest since 2020, as it grappled with problems at its commercial and defense units and the fallout from a crippling strike by U.S. West Coast factory workers, APA reports citing Reuters.

The loss demonstrates the challenges facing CEO Kelly Ortberg in turning around the planemaker as it cedes more ground to rival Airbus (AIR.PA), opens new tab in the delivery race and comes under the crosshairs of regulators and customers following a series of missteps.

Shares of Boeing fell marginally in trading before the bell on Tuesday.

Ortberg, who took the reins of the planemaker in August, however, said the company was making progress on restoring stability to its struggling production lines after a harrowing mid-air accident in 2024 raised concerns about the safety of its jets.

The company reported a loss of $3.86 billion in the fourth quarter due to what Ortberg called "disappointing" charges in several fixed-price defense programs. He, however, added Boeing was "now more proactive and clear-eyed on the risks" to the programs.

Revenue for the quarter through December fell 31% to $15.24 billion, missing analysts' expectation of $16.21 billion, according to data compiled by LSEG.

Quarterly adjusted loss per share was $5.9, compared with expectations of a loss of $3 per share.

Cash burn was $14.3 billion in 2024, compared with a cash flow of $4.43 billion in 2023.