Boeing revealed preliminary fourth-quarter financial results on Thursday, indicating a loss of $5.46 per share, primarily due to labor disruptions. Despite these setbacks, the aerospace giant plans to release its full results on Tuesday as originally scheduled. The company anticipates a $1.1 billion charge related to its 777X and 767 programs, attributed to a near two-month labor strike and a subsequent new labor agreement.
The labor strike, which lasted nearly two months, significantly impacted Boeing's financial position and operations. The strike and the new contract not only resulted in substantial charges but also affected the company's revenue. Boeing projects its revenue for the quarter to be $15.2 billion, falling short of analysts' expectations based on LSEG estimates.
In addition to these challenges, Boeing is expected to have burned through approximately $3.5 billion in cash during the quarter. The preliminary results underscore the various issues faced by the manufacturer, with the labor disruptions playing a pivotal role in the financial turbulence.
The 777X and 767 programs were notably affected by the labor strike and new contract. These programs are crucial components of Boeing's operations, and the disruptions have led to further complications in their timelines and costs.
The new labor agreement, signed last year, was intended to address some of the ongoing concerns but has also contributed to the financial adjustments Boeing now faces. The company remains committed to releasing its full financial results on Tuesday, providing a comprehensive overview of its performance and challenges over the past quarter.