QNA
Washington
Boeing, the American aerospace company, reported a massive annual loss of $11.83 billion, its largest since 2020.
The company faced challenges in both its commercial and defense sectors, compounded by the impact of a strike by its factory workers in US In a message to employees, President and CEO of Boeing, Kelly Ortberg, acknowledged the difficulties which company has been experiencing but highlighted some encouraging signs of recovery.
He mentioned that efforts are underway to restructure company and improve its operations.
Ortberg also emphasized that Boeing is working to stabilize its production lines after a significant incident last year that raised safety concerns about its aircraft.
He pointed out that the company has made progress in its supply chain and has increased its production rate of the 787 model to five planes per month by the end of last year.
In October, Boeing announced plans to reduce its global workforce by 10 percent in coming months, following production quality issues and more than 50 days of strikes that disrupted operations at two major factories.
Lower 2024 output has contributed to pressure on Boeing’s finances, driving its credit rating down to just above junk level as it accumulated $87.5 billion in inventory from suppliers.