Boeing has reported a net loss of $6.17bn for the third quarter (Q3) ending 30 September 2024, driven by the International Association of Machinists and Aerospace Workers (IAM) work stoppage and previously announced charges on commercial and defence programmes.
Total revenue of $17.84bn for the quarter of 2024, revealing a 1.43% decrease from $18.10bn in the same quarter of the previous year.
Basic loss per share was $9.97 in Q3 2024, compared with a loss of $2.70 in the corresponding quarter of 2023.
Boeing's operating cash flow stood at a negative $1.3bn during the quarter, influenced by lower commercial widebody deliveries and adverse working capital timing, including the impact of the IAM work stoppage.
The company’s Defense, Space & Security division reported third-quarter revenue of $5.5bn and a negative operating margin of 43.1%.
This was due in part to pre-tax charges of $2bn on various programmes, including the T-7A, KC-46A Tanker, Commercial Crew, and MQ-25.
During the quarter, Defense, Space & Security division achieved milestones such as delivering the first production MH-139A to the US Air Force and finalising a contract for two E-7A Wedgetails.
The division's backlog stood at $62bn at the end of the quarter, with 28% of orders coming from international customers.
For the first nine months of 2024, Boeing reported a total revenue of $51.27bn, an 8% decline from $55.77bn in the same period the previous year.
The net loss for the first nine months of 2024 was $7.96bn, compared to a net loss of $2.21bn in 2023.
In his remarks, Boeing president and CEO Kelly Ortberg acknowledged that the company was at the crossroads with ‘eroded’ trust, debt and ‘serious lapses’ that ‘disappointed’ many of its customers.
Ortberg also outlined the ‘great opportunities ahead’ and cited a backlog of roughly half-a-trillion dollars.
Boeing's total company backlog at the end of the quarter amounted to $511bn.
Ortberg said: “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.
“Going forward, we will be focused on fundamentally changing the culture, stabilising the business, and improving programme execution, while setting the foundation for the future of Boeing.”
