Boeing reports net loss of over USD6.17 billion for Q3
Date
10/24/2024 5:46:38 AM
(MENAFN) Boeing reported a staggering net loss of over USD6.17 billion for the third quarter, as revealed in a financial results statement issued on Wednesday. This loss is significantly higher than the nearly USD1.64 billion net loss the company experienced in the same period last year, highlighting a dramatic downturn in its financial performance. The global aerospace manufacturer faced considerable challenges, with net losses from operations skyrocketing to more than USD5.76 billion, a substantial increase from the USD808 million recorded during the third quarter of the previous year.
In the first nine months of 2024, Boeing's financial struggles continued, accumulating a total net loss of almost USD8 billion, with losses from operations reaching approximately USD7 billion. The company's revenues for the third quarter amounted to USD17.84 billion, marking a 1.4 percent decrease compared to the USD18.1 billion earned in the same quarter of 2023. Similarly, revenues for the period spanning January to September totaled USD51.3 billion, reflecting an 8 percent decline from USD55.8 billion during the same timeframe in 2023. These figures underscore the persistent difficulties Boeing faces in maintaining revenue growth amid ongoing challenges in the aerospace industry.
As a result of the poor financial performance, Boeing’s shares ended the day on Wednesday with a loss of 1.76 percent. This decline in share value reflects the broader investor sentiment regarding the company's ongoing struggles and raises questions about its future performance and strategies in the competitive aerospace market.
In addition to the financial news, Boeing announced plans on July 1 to acquire Spirit AeroSystems, an American commercial airplane manufacturer, in an all-stock deal valued at approximately USD4.7 billion. The total transaction value is projected to be around USD8.3 billion when factoring in Spirit's last reported net debt. Furthermore, Boeing's board of directors has recently elected Robert K. "Kelly" Ortberg as the new CEO, who has already begun serving on the board, indicating a potential shift in leadership strategy as the company seeks to navigate its challenges and revitalize its performance.
MENAFN24102024000045015839ID1108814935
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.