More financial woes for Boeing, $4 billion loss to end 2024

[CRAIG NIGRELLI]

2024 WAS ANOTHER VERY DIFFICULT YEAR FOR AIRCRAFT MANUFACTURER, BOEING. THE COMPANY ANNOUNCED IT LOST $4 BILLION DOLLARS IN THE FOURTH QUARTER.
IN ADDITION TO THE $4 BILLION LOSS FIGURE, BOEING HAD TO DEAL WITH A MACHINISTS STRIKE THAT BEGAN IN SEPTEMBER AND RESULTED IN THE STOPPAGE OF MOST OF BOEING’S COMMERCIAL AIRCRAFT PRODUCTION. SOME 30,000 WORKERS, WENT ON STRIKE SEEKING BETTER WAGES, COSTING THE COMPANY ABOUT $50 MILLION A DAY, ACCORDING TO BANK OF AMERICA. THE STRIKE ENDED IN NOVEMBER.
THE PLANE MAKER WAS ALSO MARRED BY MAINTENANCE PROBLEMS TO START 2024, AS A DOOR PLUG BLEW OFF A BOEING 737 MAX 9 FLIGHT IN MIDAIR, AFTER DEPARTING FROM PORTLAND, OREGON. THE DOOR PANEL WAS MISSING BOLTS, SPARKING YET ANOTHER ROUND OF QUESTIONS AND INSPECTIONS WHEN IT COMES TO SAFETY. BOEING HAD BEEN UNDER THE MICROSCOPE SINCE TWO OF ITS 737 MAX JETLINERS CRASHED – ONE IN INDONESIA IN 2018, ANOTHER IN ETHIOPIA IN 2019. HUNDREDS OF PEOPLE WERE KILLED.
IN ADDITION, BOEING STRUGGLED WITH ITS DEFENSE UNIT. THE COMPANY REVEALS IT LOST $1.7 BILLION ON ITS KC-46A REFUELING TANKER. STILL, BOEING CEO KELLY ORTBERG TRIED TO PAINT AN OPTIMISTIC PICTURE, SAYING “ ALTHOUGH WE FACE NEAR-TERM CHALLENGES, WE TOOK IMPORTANT STEPS TO STABILIZE OUR BUSINESS AND OUR TEAM REMAINS FOCUSED ON THE HARD WORK AHEAD TO BUILD A NEW FUTURE FOR BOEING.”
THIS WEEK, PRESIDENT DONALD TRUMP’S NOMINEE FOR TRANSPORTATION SECRETARY SEAN DUFFY, SAID BOEING NEEDS TOUGH LOVE TO GET BACK ON TRACK. HE WILL KEEP THE FAA IMPOSED PRODUCTION CAP OF 38 PLANES PER MONTH IN PLACE FOR 737 MAX. DUFFY ALSO PLANS TO MEET WITH BOEING LEADERSHIP. FOR MORE UNBIASED UPDATES DOWNLOAD THE STRAIGHT ARROW NEWS APP