Boeing posted an annual loss of $11.8 billion for 2024, its biggest since 2020 and its sixth consecutive annual deficit, as lower commercial jet deliveries, problems at its defence unit and a strike by its US West Coast factory workers affected financial results.
The company's loss in 2023 amounted to $2.2 billion. Revenue for last year dropped 14 per cent year-on-year to $66.5 billion, Boeing said on Tuesday.
Boeing reported a loss of $3.8 billion in the fourth quarter, as revenue for the three months to December fell 31 per cent year-on-year to $15.2 billion.
“We made progress on key areas to stabilise our operations during the quarter and continued to strengthen important aspects of our safety and quality plan,” said Kelly Ortberg, Boeing's president and chief executive, who joined the company in August.
He said Boeing was taking steps to turn around the company and win the trust of its stakeholders. “My team and I are focused on making the fundamental changes needed to fully recover our company's performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us,” he added.
The results underscore the magnitude of challenges facing Mr Ortberg as he seeks to turn around the company that has lagged far behind its European rival Airbus, frustrated airline customers and came under the scrutiny of regulators after safety and quality issues.
Boeing endured a turbulent 2024 as it navigated a lengthy strike by staff, safety issues on some of its commercial planes, overrunning costs of defence contracts and shake-ups to its senior management.
The company's woes last year started with a near-catastrophic incident in January when a 737 Max operated by Alaska Airlines made an emergency landing after a door panel blew off in mid-flight. Boeing then faced higher scrutiny by the US Federal Aviation Administration and slowed production of the model after the incident.
"Financials reflect previously announced impacts of the IAM [International Association of Machinists and Aerospace Workers] work stoppage and agreement, charges for certain defence programmes and costs associated with workforce reductions announced last year," the company said.
Boeing's commercial planes unit recorded fourth-quarter revenue of nearly $4.8 billion, a 55 per cent plunge from the same period in the previous year, reflecting the effects of the strike and subsequent agreement, including lower deliveries and pre-tax charges of $1.1 billion on the 777X and 767 programmes, it said.
The commercial planes unit booked 204 net orders in the last quarter, including 100 of the 737-10 planes for Turkish low-cost carrier Pegasus Airlines and 30 of the 787-9 planes for flydubai. It delivered 57 planes during the three months, down from 157 in the fourth quarter of 2023, and its backlog included more than 5,500 planes valued at $435 billion.
Last year, it delivered 348 commercial planes, down from 528 in 2023. Its main rival Airbus, meanwhile, delivered 766 commercial aircraft to 86 customers in 2024 and registered 878 gross new orders. As a result, Airbus's 2024 year-end backlog stood at 8,658 aircraft.
Boeing's defence, space and security business revenue fell 20 per cent year-on-year to $5.4 billion for the fourth quarter and took pre-tax charges of $1.7 billion on the KC-46A, T-7A, commercial crew, VC-25B and MQ-25 programmes, the manufacturer said.
The Global Services unit's fourth-quarter revenue rose 6 per cent year-on-year to $5.1 billion, reflecting "higher commercial volume and mix", Boeing said.
The company did not provide financial targets for this year in its statement on Tuesday.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Long Shot
Director: Jonathan Levine
Starring: Charlize Theron, Seth Rogan
Four stars
UAE SQUAD
Ahmed Raza (Captain), Rohan Mustafa, Jonathan Figy, CP Rizwan, Junaid Siddique, Mohammad Usman, Basil Hameed, Zawar Farid, Vriitya Aravind (WK), Waheed Ahmed, Karthik Meiyappan, Zahoor Khan, Darius D'Silva, Chirag Suri
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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UAE currency: the story behind the money in your pockets
Final results:
Open men
Australia 94 (4) beat New Zealand 48 (0)
Plate men
England 85 (3) beat India 81 (1)
Open women
Australia 121 (4) beat South Africa 52 (0)
Under 22 men
Australia 68 (2) beat New Zealand 66 (2)
Under 22 women
Australia 92 (3) beat New Zealand 54 (1)
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
