Boeing has announced its third-quarter results for 2024, revealing the significant impact of industrial action by the International Association of Machinists and Aerospace Workers (IAM) and earlier charges on its commercial and defense programs.
Boeing reported a net loss of $6,17 billion, the company’s second-highest quarterly loss since mid-2018. The plane maker saw its revenue fall by 1% to $17.8 billion. The group had warned that its quarterly results would be weighed down by a total pre-tax charge of around $5 billion.
Boeing’s total company backlog stands at $511 billion, including over 5,400 commercial airplanes valued at $428 billion. In the third quarter, Boeing Commercial Airplanes booked 49 net orders and delivered 116 aircraft.
In a message to employees, Boeing President and CEO Kelly Ortberg emphasized the importance of collaboration in overcoming the company’s challenges.
“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,” Ortberg said. “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 announced plans to cut nearly 10% of its global workforce, and to postpone the first deliveries of its 777X jet by a year, to 2026.
By the end of October 23, 2024, IAM Local 751, which represents around 33,000 unionized Boeing workers primarily in Washington state, is expected to vote on a new contract proposal that could end the costly five-week strike that has halted the production of Boeing’s 737 MAX, 767 and 777 models.