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ARLINGTON, Va. - The Boeing Company (NYSE:BA) [NYSE: BA] disclosed its fourth-quarter financial results, showing a significant downturn with a reported revenue of $15.2 billion and a GAAP loss per share of ($5.46). The core (non-GAAP) loss per share stood at ($5.90). These results reflect the impact of the International Association of Machinists and Aerospace Workers (IAM) work stoppage, charges for certain defense programs, and costs from prior workforce reductions.
The aerospace giant's operating cash flow was negative $3.5 billion, with cash and marketable securities totaling $26.3 billion. Over the full year of 2024, Boeing delivered 348 commercial airplanes and recorded 279 net orders, resulting in a total company backlog of $521 billion, which includes over 5,500 commercial airplanes.
Boeing's Commercial Airplanes segment saw fourth-quarter revenue drop to $4.8 billion, a 55% decrease from the previous year, and an operating margin of (43.9) percent. The Defense, Space & Security segment reported a revenue of $5.4 billion with an operating margin of (41.9) percent, reflecting pre-tax charges of $1.7 billion on various programs.
The company's president and CEO, Kelly Ortberg, emphasized progress in stabilizing operations and enhancing safety and quality plans. Ortberg stated, "My team and I are focused on making the fundamental changes needed to fully recover our company's performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us."
Boeing's Global Services segment was a bright spot, with a fourth-quarter revenue of $5.1 billion and an operating margin of 19.5 percent, indicating higher commercial volume and mix.
The report also mentioned several strategic moves, including the 737 program resuming production and plans to gradually increase its production rate. The 787 program ended the year at a production rate of five per month, with expansion plans for its South Carolina operations. Additionally, the 777X program resumed FAA certification flight testing in January, with the first delivery of the 777-9 anticipated in 2026.
Boeing secured several orders during the quarter, including 100 737-10 airplanes for Pegasus Airlines and 30 787-9 airplanes for flydubai. Despite the challenges faced, Boeing's total backlog remained substantial at $521 billion.
This analysis is based on a press release statement from The Boeing Company.
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