Boeing took nearly $3 billion hit in Q4 related to strike, layoffs and troubled government programs

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Boeing took nearly $3 billion hit in Q4 related to strike, layoffs and troubled government programs

Boeing Co. said it incurred nearly $3 billion worth of charges in the fourth quarter of 2024 due to a lengthy labor stoppage, job cuts and problems with a number of government programs.

As a result, the Chicago-based aerospace giant said Thursday that it will report a loss of $5.46 per share next week when it issues its full financial results. Wall Street had been expecting a fourth-quarter loss of $1.80 per share.

The sizeable loss caps a rough year for Boeing. A strike by the machinists who assemble the best-selling

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, along with the 777 jet and the 767 cargo plane at factories in Renton and Everett, Washington, halted production at those facilities and hampered Boeing’s delivery capability.

The

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after more than seven weeks when the company agreed to pay raises and improved benefits.

The aerospace giant also announced previously it would reduce its workforce by 10%.

The company said Thursday that it took charges totaling $1.1 billion related to the 777 and 767 programs in the fourth quarter. Boeing took an additional $1.7 billion in charges related to a number of government programs including a military refueling tanker and Air Force One replacement jets.

Boeing said revenue for the fourth quarter totaled $15.2 billion, well below analysts’ estimate of $16.6 billion. Shares fell

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