Boeing took nearly $3 billion hit in Q4 related to strike, layoffs and troubled government programs
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Hey there, time traveller!
This article was published 23/01/2025 (292 days ago), so information in it may no longer be current.
Boeing Co. said it incurred nearly $3 billion worth of charges in the fourth quarter of 2024 due to a lengthy labor stoppage, job cuts and problems with a number of government programs.
As a result, the Chicago-based aerospace giant said Thursday that it will report a loss of $5.46 per share next week when it issues its full financial results. Wall Street had been expecting a fourth-quarter loss of $1.80 per share.
The sizeable loss caps a rough year for Boeing. A strike by the machinists who assemble the best-selling 737 Max, along with the 777 jet and the 767 cargo plane at factories in Renton and Everett, Washington, halted production at those facilities and hampered Boeing’s delivery capability.
The walkout ended after more than seven weeks when the company agreed to pay raises and improved benefits.
The aerospace giant also announced previously it would reduce its workforce by 10%.
The company said Thursday that it took charges totaling $1.1 billion related to the 777 and 767 programs in the fourth quarter. Boeing took an additional $1.7 billion in charges related to a number of government programs including a military refueling tanker and Air Force One replacement jets.
Boeing said revenue for the fourth quarter totaled $15.2 billion, well below analysts’ estimate of $16.6 billion. Shares fell