adbackhome or ad casino Boeing took nearly $3 billion hit in Q4 related to strike, layoffs

adbackhome or ad casino

FILE- A Boeing plane displayed during a debut for employees and media of the new jet in Renton, Wash. U.S., Feb. 5, 2018. (AP Photo/Elaine Thompson, File)

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.

Article continues after this advertisement

READ: Boeing announces almost 2,200 layoffs at historic sites

FEATURED STORIES BUSINESS BIZ BUZZ: DJ ‘John-C’ goes to AC BUSINESS Cebu Pacific flights to Masbate, Siargao moving to Clark BUSINESS Big retail chains asked to sell cheap NFA rice 

The sizeable loss caps a rough year for Boeing. A strike by the machinists who assemble the best-selling 737 Max, 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 walkout ended after more than seven weeks when the company agreed to pay raises and improved benefits.

Article continues after this advertisement

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

In an interview with Bagong Pilipinas Ngayon on Thursday, Peza Director General Tereso Panga said the Investment Promotion Agency (IPA) currently has an additional 35,871 jobs in ecozones nationwide from January to September this year.

Article continues after this advertisement

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

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

bonanza138 slot SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.adbackhome or ad casino

READ NEXT US news giant CNN eyes 200 job cuts, streaming overhaul Trump bans the creation of a ‘digital dollar’ EDITORS' PICK Drug den raided in Dalaguete, 3 suspects arrested In Basilan, 2 dead as MILF fighters ambush soldiers House leaders press PhilHealth to defer 2025 premium collections House OKs magna carta for tricycle sector Depoliticized and biodiverse: A closer look at the new peso bill designs Southern Leyte earthquake: 5 injured, 191 houses damaged – governor MOST READ Revilla's name, number on ballot based on court decision – Comelec Southern Leyte earthquake: 5 injured, 191 houses damaged – governor Depoliticized and biodiverse: A closer look at the new peso bill designs Jollibee Group opens first Milksha concept store in the Philippines Follow @FMangosingINQ on Twitter --> View comments