Boeing Co. said it incurred about $3 billion worth of charges in the fourth quarter of 2024 due to long labor layoffs, job cuts and problems with several government programs.
As a result, the Chicago-based aerospace giant said Thursday it will report a loss of $5.46 per share next week when it releases its full financial results. Wall Street had expected a fourth-quarter loss of $1.80 per share.
The big loss is a tough year for Boeing. A machinists strike collecting the best-selling 737 maxAlong with the 777 jet and 767 cargo aircraft at factories in Renton and Everett, Washington, production at those facilities was halted and affected Boeing’s delivery capacity.
gave Walkout is over More than seven weeks after the company agreed to pay raises and better benefits.
The aerospace giant had earlier announced that it would cut its workforce by 10 percent.
The company said Thursday it took charges related to the 777 and 767 programs totaling $1.1 billion in the fourth quarter. Boeing took an additional $1.7 billion in charges related to several government programs, including a military refueling tanker and replacement jets for Air Force One.
Boeing said fourth-quarter revenue totaled $15.2 billion, short of analysts’ estimates of $16.6 billion. Shares fell.
