By Karl Sinclair
Jan. 28, 2025, © Leeham News: The Boeing Company (BA) reported its full-year 2024 fiscal results today and it went pretty much as expected: it was another bad, bad year.
The full press release is here.
Boeing had a tumultuous 12 months:
- A door-plug departed a brand new Alaska Airlines 737-9 MAX aircraft shortly after takeoff in January;
- Its commercial crew spacecraft stranded astronauts at the ISS in June;
- The company was forced to an agreement to purchase a major supplier (Spirit Aerosystems) in July;
- A CEO change happened in August;
- The 777X flight testing program ground to a halt due to broken thrust links (also in August);
- A 53-day union strike hit the PNW in September;
- An equity sale to raise cash occurred in October; and finally,
- The 2024 financial year-end was put out of its misery with this filing.
Financial Summary:
- Operating cash flow for the year was ($12.080bn) and free cash flow (FCF) was ($14.31bn).
- Company revenues were down to $66.5bn from $77.8bn in 2023, a drop of $11.3bn.
- Losses skyrocketed to ($11.875bn) from ($2.222bn), year-over-year.
Segment results
- Boeing Commercial Aircraft (BCA) losses deepened and hit ($7.969bn) for the year.
- Defense and Space (BDS) fared no better as the red ink flowed to the tune of ($5.413bn).
- 4Q2024 losses were ($2.090bn) and ($2.267bn), respectively.
The only bright spot was Boeing Global Services (BGS), which again provided strong results, with full-year revenues of $19.954bn (2023: $19.127bn), earnings of $3.618bn ($3.329bn) and a margin of 18.1% (17.4%).
Company-wide, Boeing lost ($10.7bn) from operations and had a loss per share of ($18.36).
A full analysis of results will be released following the scheduled earnings call.
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