Boeing has reported revenues amounting to $15.2bn for the fourth quarter (Q4) of 2024 and a GAAP loss per share of ($5.46) due to the impact of the International Association of Machinists & Aerospace Workers (IAM) strike, specific defence programme charges, and workforce reduction expenses.
The IAM strike concluded in November, following the agreement on new terms of employment for its members.
The operating cash flow, which was reported at negative $3.5bn, reflected the impact of lower commercial deliveries and unfavourable working capital timing, primarily due to the IAM work stoppage.
The Defense, Space & Security segment reported a Q4 revenue of $5.4bn against $6.7bn in the prior year period and an operating margin of (41.9)%.
These figures include the pre-tax charges of $1.7bn on key programmes such as the KC-46A, T-7A, Commercial Crew, VC-25B, and MQ-25.
In January 2025, the US Air Force (USAF) revealed a revised acquisition approach for the T-7A Red Hawk, enabling the company to deliver a production-ready configuration before low-rate initial production.
During Q4, the Defense, Space & Security division secured several contracts, including an award for 15 KC-46A Tankers from the USAF, an order for seven P-8A Poseidon aircraft from the US Navy, and more.
The backlog for this division stood at $64bn, with 29% of orders coming from international customers.
Boeing president and CEO Kelly Ortberg said: “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.
“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.”
For the entire year of 2024, Boeing's total revenue was reported at $66.51bn, marking a 14% decline from $77.79bn in the previous year.
The net loss for 2024 totalled $11.82bn, an increase from the $2.24bn net loss in 2023.
