Boeing reported an annual loss of $11.83bn, its largest since 2020, as it grappled with problems at its commercial and defense units and the fallout from a crippling strike by US west coast factory workers.
Boeing reports $11.8bn annual loss – its largest since 2020 Planemaker grapples with problems at commercial and defense units and fallout from west coast workers’ strike.
The loss demonstrates the challenges facing CEO Kelly Ortberg in turning around the US planemaker as it cedes ground to rival Airbus in the delivery race and comes under the crosshairs of regulators and customers following a series of missteps.
Ortberg, who took the helm of the planemaker in August, said the company was making progress on restoring stability to its struggling production lines after a harrowing mid-air accident a year ago raised concerns about the safety of its jets.
The company reported a quarterly cash burn of $4.1bn, a metric closely watched by investors, slightly lower than analysts’ expectation of a $4.26bn cash burn, according to data compiled by LSEG.
