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Boeing has slumped to its second-largest annual loss, capping a turbulent 12 months as the plane maker battles to recover from the fallout of a door panel blowout and a labour strike.
The aircraft maker on Tuesday reported a net loss of $11.8bn for the 2024 fiscal year, second only to its loss in 2020, on revenue of $66.5bn. It also burnt through $14.3bn in free cash for the year, compared with the $4.4bn it generated in 2023.
For the second consecutive year, the company declined to issue guidance. Chief executive Kelly Ortberg said Boeing was focused on “making the fundamental changes needed to fully recover” both financial performance and public trust.
“We made progress on key areas to stabilise our operations during the
quarter and continued to strengthen important aspects of our safety
and quality plan,” he said.
Last week, Boeing unexpectedly announced a wider fourth-quarter loss on
lower revenue than Wall Street anticipated, in addition to burning
through $3.5bn in cash between October and December and taking $2.8bn
in charges.
This is a developing story
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