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Highlights:
- Boeing's third-quarter operating losses surged to US$5.76 billion, with margins falling to -32.3%.
- Aircraft deliveries declined to 291 over the first nine months, compared to 371 last year.
- CEO Kelly Ortberg pledged to focus on changing company culture and improving operations to restore Boeing’s leadership in aerospace.
Boeing Co (NYSE:BA) reported significant financial struggles for the third quarter of 2024, revealing a sharp rise in operating losses, which surged from US$808 million to US$5.76 billion year on year. Margins plunged from -4.5% to -32.3%, reflecting ongoing challenges faced by the aerospace giant, including quality control issues and recent worker strikes.
Boeing’s commercial aircraft division was hit particularly hard, recording a US$4 billion operating loss due to operational disruptions, including a strike by thousands of workers in the Seattle region. Although the strike only impacted the final two weeks of the quarter, its effects were significant.
The company’s revenue dipped by 1%, coming in at US$17.84 billion for the quarter. Basic per-share losses escalated from US$2.70 to US$9.97, further underscoring the company's difficulties. Aircraft deliveries also declined, with Boeing reporting 291 deliveries over the first nine months of 2024, compared to 371 during the same period last year.
Boeing’s chief executive, Kelly Ortberg, acknowledged the challenges, noting that the company has a long road ahead to regain its former standing as a leader in aerospace. Ortberg emphasized that Boeing will focus on fundamentally changing its corporate culture, stabilizing operations, and improving program execution. These efforts, he believes, will lay the foundation for Boeing to rebuild its legacy.
Despite these efforts, Boeing’s shares dipped by 0.6% in pre-market trading following the release of the results.
