Boeing expects a $4 billion loss for the fourth quarter after the 2024 crash.
An aerial view of the engines and fuselage of a Boeing 737 Max plane parked in storage at King County International Airport-Boeing Field in Seattle, Washington.
Lindsey Wasson | Reuters
Boeing It said Thursday that it could lose about $4 billion in the fourth quarter, adding to problems for the manufacturer, which began 2024 with an air disaster and ended with heavy strikes and layoffs.
The company said it expects to post a loss of $5.46 per share for the fourth quarter. LSEG said it expects revenue to come in at $15.2 billion, below analysts’ expectations. Boeing said it burned through $3.5 billion in cash during the quarter. The company raised more than $20 billion in the quarter to boost liquidity during the crisis.
Boeing has not reported an annual profit since 2018.
The company expects to spend $1.1 billion on its 777X and 767 programs through the strikes and new contracts.
Boeing CEO Kelly Ortberg in a news release.
Boeing in 2010 It struggled to get back on its feet after a door jamb exploded in mid-air in January 2024, sparking a new safety crisis for a company trying to put behind it the fallout from two deadly accidents in 2018 and 2019.
The near-miss crash led to a new federal investigation and a slowdown in the supply of new planes. A nearly two-month strike by machinists that began in September has shut down most of the commercial aircraft. The workers, mostly in the Puget Sound area, won a new contract in November.
The all-important commercial aircraft unit revenue could come in at $4.8 billion, with a negative operating margin of nearly 44%.
Boeing’s problems are related to the defense division, which expects to pay $1.7 billion in taxes on the KC-46A tanker, the long-delayed 747 aircraft, as well as the new Air Force One, as well as the space program.