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Boeing lost $3.5 billion due to labor strikes and layoffs in the fourth quarter
Boeing lost $3.5 billion due to labor strikes and layoffs in the fourth quarter
Pras Subramanian • Senior Reporter
Fri, January 24, 2025 at 7:50 AM EST • 2 min read
Boeing (BA) reported preliminary fourth quarter results on Thursday after the bell, estimating a whopping $3.5 billion operating cash flow loss due to the effects of the IAM (International Association of Machinists) work stoppage, alongside workforce reductions and changes to its defense business.
For the quarter, Boeing expects to report revenue of $15.2 billion versus $16.76 billion consensus estimates per Bloomberg on a GAAP loss per share of $5.46 versus an estimated loss of $1.32. Boeing also expects to take pre-tax charges of $1.7 billion in its defense and space business.
Boeing stock was up less than 1% in early trade.
"Although we face near-term challenges, we took important steps to stabilize our business during the quarter including reaching an agreement with our IAM-represented teammates and conducting a successful capital raise to improve our balance sheet," Boeing president and CEO Kelly Ortberg said. "We also restarted 737, 767, and 777/777X production, and our team remains focused on the hard work ahead to build a new future for Boeing."
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Pras Subramanian • Senior Reporter
Fri, January 24, 2025 at 7:50 AM EST • 2 min read
Boeing (BA) reported preliminary fourth quarter results on Thursday after the bell, estimating a whopping $3.5 billion operating cash flow loss due to the effects of the IAM (International Association of Machinists) work stoppage, alongside workforce reductions and changes to its defense business.
For the quarter, Boeing expects to report revenue of $15.2 billion versus $16.76 billion consensus estimates per Bloomberg on a GAAP loss per share of $5.46 versus an estimated loss of $1.32. Boeing also expects to take pre-tax charges of $1.7 billion in its defense and space business.
Boeing stock was up less than 1% in early trade.
"Although we face near-term challenges, we took important steps to stabilize our business during the quarter including reaching an agreement with our IAM-represented teammates and conducting a successful capital raise to improve our balance sheet," Boeing president and CEO Kelly Ortberg said. "We also restarted 737, 767, and 777/777X production, and our team remains focused on the hard work ahead to build a new future for Boeing."
{snip}
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