More financial woes for Boeing, $4 billion loss to end 2024

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Craig Nigrelli Anchor/Reporter

By Craig Nigrelli (Anchor/Reporter ), Brock Koller (Senior Producer), Jack Henry (Video Editor)

Boeing saw another difficult year financially in 2024, announcing it lost $4 billion in the fourth quarter. Boeing experienced a machinist strike that began in September and resulted in the stoppage of most of Boeing’s commercial aircraft production.

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About 30,000 workers went on strike, seeking better wages. The labor action cost the company about $50 million per day, according to Bank of America.

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The strike ended in November 2024.

Boeing was also marred by maintenance problems throughout last year.

In January 2024, a door plug blew off an Alaska Airlines Boeing 737 Max 9 mid-flight. The door panel was missing bolts, sparking yet another round of questions and safety inspections.

The aircraft manufacturer was already under the microscope after two fatal 737 Max jetliner crashes. Hundreds of people were killed in both the 2018 Indonesia and 2019 Ethiopia accidents.

In addition, Boeing struggled with its defense unit. The company revealed it lost $1.7 billion on its KC-46A refueling tanker.

Still, Boeing CEO Kelly Ortberg tried to paint an optimistic picture, saying the company took important steps to stabilize its business and that it was working hard to build a new future.

This week, President Donald Trump’s nominee for Transportation Secretary, Sean Duffy, said Boeing needs tough love to get back on track. He will keep the FAA-imposed production cap of 38 planes per month in place for the 737 Max. Duffy also said he plans to meet with Boeing leadership.

Tags: Boeing, Boeing 737 MAX

[CRAIG NIGRELLI]

2024 WAS ANOTHER VERY DIFFICULT YEAR FOR AIRCRAFT MANUFACTURER, BOEING. THE COMPANY ANNOUNCED IT LOST $4 BILLION DOLLARS IN THE FOURTH QUARTER.
IN ADDITION TO THE $4 BILLION LOSS FIGURE, BOEING HAD TO DEAL WITH A MACHINISTS STRIKE THAT BEGAN IN SEPTEMBER AND RESULTED IN THE STOPPAGE OF MOST OF BOEING’S COMMERCIAL AIRCRAFT PRODUCTION. SOME 30,000 WORKERS, WENT ON STRIKE SEEKING BETTER WAGES, COSTING THE COMPANY ABOUT $50 MILLION A DAY, ACCORDING TO BANK OF AMERICA. THE STRIKE ENDED IN NOVEMBER.
THE PLANE MAKER WAS ALSO MARRED BY MAINTENANCE PROBLEMS TO START 2024, AS A DOOR PLUG BLEW OFF A BOEING 737 MAX 9 FLIGHT IN MIDAIR, AFTER DEPARTING FROM PORTLAND, OREGON. THE DOOR PANEL WAS MISSING BOLTS, SPARKING YET ANOTHER ROUND OF QUESTIONS AND INSPECTIONS WHEN IT COMES TO SAFETY. BOEING HAD BEEN UNDER THE MICROSCOPE SINCE TWO OF ITS 737 MAX JETLINERS CRASHED – ONE IN INDONESIA IN 2018, ANOTHER IN ETHIOPIA IN 2019. HUNDREDS OF PEOPLE WERE KILLED.
IN ADDITION, BOEING STRUGGLED WITH ITS DEFENSE UNIT. THE COMPANY REVEALS IT LOST $1.7 BILLION ON ITS KC-46A REFUELING TANKER. STILL, BOEING CEO KELLY ORTBERG TRIED TO PAINT AN OPTIMISTIC PICTURE, SAYING “ ALTHOUGH WE FACE NEAR-TERM CHALLENGES, WE TOOK IMPORTANT STEPS TO STABILIZE OUR BUSINESS AND OUR TEAM REMAINS FOCUSED ON THE HARD WORK AHEAD TO BUILD A NEW FUTURE FOR BOEING.”
THIS WEEK, PRESIDENT DONALD TRUMP’S NOMINEE FOR TRANSPORTATION SECRETARY SEAN DUFFY, SAID BOEING NEEDS TOUGH LOVE TO GET BACK ON TRACK. HE WILL KEEP THE FAA IMPOSED PRODUCTION CAP OF 38 PLANES PER MONTH IN PLACE FOR 737 MAX. DUFFY ALSO PLANS TO MEET WITH BOEING LEADERSHIP. FOR MORE UNBIASED UPDATES DOWNLOAD THE STRAIGHT ARROW NEWS APP