Commercial aircraft manufacturer Boeing Co. (BA) has reported a -$3.86 billion loss for the fourth and final quarter of 2024.
The company has previously released preliminary financial results that showed the loss and revenue that came in below analysts’ expectations.
Boeing announced a per share loss of -$5.90 U.S., which was more than double the loss of -$2.65 expected on Wall Street.
Revenue in the final three months of last year came in at $15.24 billion U.S., which was below expectations of $16.21 billion U.S.
Boeing has not posted a profit since 2018 when the company was hit by the fallout from a pair of fatal crashes of its bestselling 737 Max airplanes.
The pandemic’s impact on air travel, a host of manufacturing defects and cost overruns, and a workers’ strike last fall have all conspired to hurt Boeing financially in recent years.
Boeing said its latest results were negatively impacted by a nearly two-month machinist strike that idled work on most of its aircraft and lengthened delivery delays to customers.
Boeing said it burned through $3.5 billion U.S. of cash in the fourth quarter, a bad ending to what was supposed to be a turnaround year for the company.
Still, Boeing said it is taking steps to get back on track for 2025, resuming production of its 737 Max aircraft and restarting test flights of its 777X aircraft, which need to be certified by the FAA.
Boeing executives said they are also working to certify the Max 7 and Max 10 aircraft, the smallest and largest models in the company’s portfolio.
The stock of Boeing has declined 15% over the past year to trade at $175.16 U.S. per share.
