Manufacturer Releases Earnings Report From a Rocky 2024

On January 28, Boeing published its fourth quarter and full-year 2024 earnings report. As expected, the manufacturer’s losses and deliveries were nothing to brag about.

Boeing reported a revenue of $15.2 billion in Q4 and a full-year revenue of $66.5 billion. In comparison, the troubled plane maker brought in $22 billion in Q4 and $77.8 billion in 2023. This represents a 31% quarter-to-quarter decrease and a 14% drop for full-year earnings. The manufacturer also hit a $5.46 loss per share in 2024 Q4 compared to $0.04 a year prior.

This translated to a $3.9 billion fourth-quarter net loss for the company, bringing its 2024 total to $11.8 billion in losses. Boeing attributed this statistic to the International Association of Machinists (IAM) union strikes late in the year, delaying production and causing it to execute cost reduction strategies.

Earlier in January, Boeing released its deliveries report. It produced 57 aircraft in Q4 2024, just over a third of the 157 it completed in Q4 2023. Its full-year deliveries took a similar dive, with 348 only commercial planes making it out of the shop as opposed to the 528 in 2023. 

"We made progress on key areas to stabilize our operations during the quarter and continued to strengthen important aspects of our safety and quality plan," stated Kelly Ortberg, President and CEO of Boeing. "My team and I are focused on making the fundamental changes needed to fully recover our company's performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us."

However, with Ortberg settled into his new position, Boeing is preparing to dig its way out of the financial pit in the new year. The manufacturer is “making steady progress,” he said, allowing it to more quickly roll out aircraft. Ortberg confirmed that Boeing has enough stock to produce 38 of its top-selling airliners, the 737 Max, per month moving forward. Eventually, he hopes to carry this trend into the company’s other commercial jets.

“Like the 737, we’re working to ensure the 787 production system—including the supply chain—is stable prior to making the next rate increase,” Ortberg said. In the meantime, he has to focus on getting the 737-7, 737,10, and 777X certified.

FMI:www.boeing.com