Boeing Reports $6.2 Billion Quarterly Loss

Boeing reported a significant loss of $6.2 billion for the third quarter of 2024, primarily due to a nearly six-week strike by 33,000 machinists that halted production of key aircraft like the 737 Max. This loss brings Boeing's total losses for the year to nearly $8 billion, raising concerns about its long-term viability, as the company has not seen profitability since 2018. New CEO Kelly Ortberg emphasized the need for a 'fundamental culture change' at Boeing to steer the company towards recovery, highlighting the impact of costly program charges and ongoing operational challenges. A crucial union vote on a new contract is set to take place, which could determine whether the strike continues, adding further pressure on Ortberg. Despite these challenges, Boeing maintains a backlog of $511 billion in orders, suggesting potential for future recovery. The company also secured $10 billion in supplemental credit to help navigate its financial difficulties.