Boeing has posted a fourth-quarter loss of $US3.8 billion ($6.1 billion) as a machinists strike and other problems continue to plague the troubled aircraft manufacturer.
The numbers Boeing released on Tuesday are in line with what the company pre-reported last week, including nearly $US3 billion worth of charges in the period due to the labor stoppage, job cuts and problems with a number of government programs.
Boeing’s loss per share was $US5.46 per share, well above the $US3.08 loss that Wall Street analysts expected, according to the data firm FactSet.
The walkout ended after more than seven weeks when the company agreed to pay raises and improved benefits.
The company reiterated much of what it reported in last week’s release, including that it took charges totalling $US1.1 billion related to the 777 and 767 programs in the fourth quarter. Boeing took an additional $US1.7 billion in charges related to a number of government programs including a military refuelling tanker and Air Force One replacement jets.
Boeing said revenue for the fourth quarter totalled $US15.2 billion, below analysts’ updated estimate of $US15.7 billion, according to FactSet. Full-year revenue came in at $US66.5 billion, a $US14 billion decline from 2023.
As it also reported earlier this month, Boeing said it supplied 348 jetliners last year, more than a third fewer than the 528 the company finished for airlines and leasing outfits in 2023 and less than half the number of jetliners that Airbus delivered last year.
Deliveries are an important source of cash for plane manufacturers since buyers typically pay a large portion of the purchase price when their orders are fulfilled.
More than three-quarters of the planes that Boeing furnished were 737 Max jets, a reminder of how integral its best-selling airline model has been to the company’s fortunes and challenges.
The hit to the company’s finances and reputation extended to sales of new aircraft. Boeing received no 737 Max orders for at least two months and ended the year far behind Airbus in total net orders for commercial planes, an indicator that factors in cancellations.
Shares of Boeing Co, based in Arlington, Virginia, nudged up less than 1 per cent before the opening bell.