Boeing turned in its sixth year in the red with an $11.8 billion loss

Boeing’s seven-week machinist strike played out just how everyone thought it would for the jet maker’s financials: poorly.

In the company’s latest earnings report, released Tuesday, Boeing said its quarterly loss totaled $3.8 billion. Boeing’s crisis-filled year (which began with a door plug blowing off during an Alaska Airlines flight) totaled more than $11.8 billion. That’s bad enough for its worst year since 2020, when the 737 Max was grounded through November following two fatal crashes. Boeing’s last annual profit came in 2018.

All this red ink and bad news seems to have been largely priced in. Shares are modestly lower in the premarket.

For Boeing’s customers, the plane maker’s turbulent 2024 has caused headaches. Budget airline Ryanair yesterday trimmed its annual passenger traffic goal again, this time to 206 million. It’s slashed its goal by 9 million passengers since November.

In the meantime, rival Airbus has been able to widen its delivery lead, beating Boeing for the sixth straight year. Airbus delivered 766 airplanes to customers last year, more than double Boeing’s 348.