Boeing Co (NYSE:BA, ETR:BCO) offered a stark view of the struggles it has faced this year through results on Wednesday.
Operating losses surged from US$808 million to US$5.76 billion year on year in the third quarter, as margins sank from -4.5% to -32.3%, the manufacturer reported.
This comes after scrutiny over its quality control practices and a strike most recently by thousands of workers in the Seattle region have hampered operations.
A US$4 billion operating loss from Boeing’s affected commercial aircraft wing was recorded as a result, with the strike having only hit the final two weeks of the three months.
Revenue dipped 1% during the third quarter to US$17,84 billion, while basic per share losses climbed from US$2.70 to US$9.97.
Some 291 aircraft had been delivered over the first nine months of the year, against 371 during the same period in 2023, Boeing added.
“It will take time to return Boeing to its former legacy, but with the right focus and culture, we can be an iconic company and aerospace leader once again,” chief executive Kelly Ortberg commented.
“Going forward, we will be focused on fundamentally changing the culture, stabilising the business, and improving program execution, while setting the foundation for the future.”
Shares dipped 0.6% in pre-market trading.