Airplane maker Boeing released its third-quarter earnings on Wednesday, revealing $6 billion in losses and a year-over-year drop in revenue.
Boeing reported revenue of $17.85 billion, representing a 1% year-over-year decline and missing the analysts’ estimates of $17.93 billion. The company’s adjusted loss per share came at $10.44 versus $3.62 in Q3 of 2023 and $10.34 expected.
The adjusted operating loss ballooned to $6 billion in the third quarter alone and has now surpassed $8 billion for the year. The losses have been largely attributed to the ongoing strike of 33,000 unionized workers on the West Coast who build 737 MAX, Boeing’s best-selling jet.
The company’s operating cash flow came at a loss of $1.34 billion compared to $22 million in the same period last year. Boeing expects to have a negative free cash flow for the better part of next year before improvement is seen in late 2025.
According to Kelly Ortberg, Boeing’s new CEO, the company now intends to assess its business and streamline some of its operations in an effort to achieve better efficiency.
“We’re going through a portfolio process right now to look at the overall portfolio and seeing what do we want to look like five years from now. That may include streamlining certain things,” Ortberg told CNBC in an interview.
Boeing’s stock saw a slight movement on Wednesday, dipping 1.68% to $157.25 per share. The company’s shares are now 37.54% down year-to-date.