Annual and Quarterly Revenue Decline

Boeing Co. reported a significant drop in its annual revenue for 2024, totaling $66.5 billion, which is a 14% decrease from the previous year. The fourth-quarter revenue also saw a sharp decline, coming in at $15.2 billion, a 31% drop compared to the same period last year.

Record Losses and Operational Challenges

The aerospace giant faced its largest annual net loss since 2020, with a staggering $11.8 billion loss for the full year and a $3.9 billion loss for the quarter. This financial downturn was attributed to labor disputes, charges from defense programs, and operational inefficiencies. The loss per share (EPS) for the quarter was $5.46, a significant downturn from $0.04 in the corresponding quarter of 2023. The full-year EPS loss also widened dramatically to $18.36 from $3.67 in 2023.

CEO's Commitment to Recovery

CEO Kelly Ortberg emphasized the company's focus on implementing fundamental changes necessary for recovery and rebuilding trust with all stakeholders. "My team and I are dedicated to making the essential adjustments needed to fully restore our company's performance and regain the confidence of our customers, employees, suppliers, investors, regulators, and everyone relying on us," Ortberg stated.

Market Reaction

Following the announcement, Boeing's stock remained steady in premarket trading, indicating a cautious investor response to the company's financial health and future prospects.