Boeing expects to lose $4 billion in the fourth quarter after a chaotic 2024

Boeing said on Thursday that it likely lost about $4 billion in the fourth quarter, adding to the manufacturer’s woes, with the start of 2024. mid-air crash and ended with a crippling labor strike and layoffs.

The company said it expects a fourth-quarter loss of $5.46 per share. It said it expects its revenue to be $15.2 billion, lower than analysts expected, according to LSEG estimates. 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 its crisis.

Boeing has not posted an annual profit since 2018.

The company expects to take a $1.1 billion charge on its 777X and 767 programs due to the strike and new contract.

“While we face near-term challenges, we took important steps to stabilize our business during the quarter, including reaching an agreement with our IAM-represented team members and successfully raising capital to improve our balance sheet,” said Boeing CEO Kelly Ortberg. news release

Boeing has struggled to regain its footing a the door plug exploded in the air In January 2024, a new security crisis In 2018 and 2019 he was trying to leave behind the consequences of two fatal accidents in the company.

The near-catastrophic accident led to new federal oversight and a slowdown in new aircraft deliveries. Almost two months machinists strike It shut down most commercial aircraft production that began in September. Workers, mostly in the Puget Sound area, won a new contract in november

Topline revenue from the commercial aircraft unit is likely to be $4.8 billion, with a negative operating margin of nearly 44%.

Boeing’s problems also extend to its defense unit, where it expects to record $1.7 billion in pre-tax spending on the KC-46A tanker and long-delayed 747s that will serve as the new Air Force One, as well as its own aircraft. space programs.