Struggling aircraft maker Boeing’s losses increased in 2024 as a strike, workforce reductions and other charges took their toll.
The American company said its core operating loss in the 12 months to 31 December was US$11.811 billion, compared with a loss of $1.829 billion in 2023.
The loss per share widened to $20.38 from $5.81 as revenue plummeted 14% to $66.517 million.
The company reported a $4.041 billion ($5.90 per share) loss in the fourth quarter of 2024, versus a $90 million profit in the previous corresponding period (47 cents).
Boeing said the fourth quarter loss mainly reflected the impact of a strike by thousands of its employees and an agreement with their union, charges for some defence programs, and costs associated with workforce reductions.
President and Chief Executive Officer Kelly Ortberg said Boeing made progress in stabilising its operations during the quarter and continued to strengthen important aspects of its 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,” Ortberg said in a press release.
The 128 year-old-company, which is also major player in the global aerospace industry, delivered 348 commercial airplanes, recorded 279 net orders and resumed production of 737, 767 and 777/777X aircraft.
Boeing’s backlog grew to $521 billion, including over 5,500 commercial airplanes.
Boeing (NYSE: BA) shares, which have lost 44% of their value in the last five years in the wake of the fatal crashes of two of its jets, rose $2.60 or 1.48% to $177.78, capitalising the company at $133.01 billion.
