Boeing Reports $11.8 Billion Loss, Largest Since 2020

Boeing reported a staggering $11.83 billion annual loss for 2024, its worst financial performance since 2020, amid ongoing challenges from strikes, production issues, and safety concerns. The company has lost over $35 billion since 2019 due to the fallout from two fatal 737 MAX crashes and has been further impacted by a recent machinists strike that halted production for over seven weeks. CEO Kelly Ortberg, who took charge in August 2024, is under pressure to stabilize operations and regain market share from Airbus, while also addressing significant losses in the Defense, Space & Security business. The fourth-quarter results included nearly $3 billion in charges related to labor disputes and other operational problems, with a loss per share of $5.46 compared to Wall Street's expectation of $3.08. Despite outlining a four-part plan for recovery, including cultural changes, the company still faces major hurdles, including production delays and regulatory scrutiny. Analysts are closely monitoring whether Boeing can restore trust and improve its financial outlook amidst these persistent challenges.