Boeing has today reported a third quarter 2024 net loss of $6.2 billion or ($9.97) per share on revenue of $17.8 billion. The company’s results were primarily impacted by the IAM work stoppage and commercial and defense program charges.
On Wednesday (October 23, 2024), Boeing reported their third quarter financial results for the period ending September 30, 2024. The company reported a net loss of $6.2 billion or ($9.97) per share on a 1.0 percent year-over-year decline in revenue to $17.8 billion. At the close of the third quarter, Boeing had an order backlog of $511 billion, including over 5,400 commercial airplanes, and cash and investments in marketable securities totaling $10.5 billion. In October, the company entered into a new $10 billion short-term credit facility, and the Boeing now has access to $20 billion in credit facilities, which remain undrawn.
In Wednesday’s announcement, Boeing’s President and Chief Executive Officer, Kelly Ortberg, said,
“It will take time to return Boeing to its former legacy, but with the right focus and culture, we can be an iconic company and aerospace leader once again. Going forward, we will be focused on fundamentally changing the culture, stabilizing the business, and improving program execution, while setting the foundation for the future of Boeing.”
Boeing Commercial Airplanes delivered 116 jets during the third quarter and reported revenue of $7.4 billion, a 5.0 percent decline versus the same period last year. This reflects previously announced pre-tax charges of $3.0 billion on the 777X and 767 programs, as well as impacts from the IAM work stoppage. Currently, the 787 program is producing four per month, and the company maintains plans to return to five per month by the end of 2024. Boeing Commercial Airplanes booked 49 net orders during Q3, and ended the quarter with a backlog of 5,400 airplanes valued at $428 billion.
Boeing (NYSE: BA) is a leading supplier of commercial airplanes, defense, space and security systems, as well as global services. The aerospace giant tops the list of the largest U.S. exporters, providing a significant positive impact to America’s annual GDP. Boeing supports government and commercial customers in over 150 countries and employs more than 170,000 team members worldwide. As Boeing continues to deliver for customers, they are committed to their legacy of aerospace leadership in technology and innovation and living the company’s core values of safety, quality, and integrity.
In trading Wednesday morning (October 23, 2024), shares in The Boeing Company (NYSE: BA) were 1.12% lower at $158.09/share (10:25 AM EDT).
Source: Boeing
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