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Of the 30 companies in the Dow Jones Industrial Average, Boeing’s share price fell the most in 2024.
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The planemaker got off to a worrying start with January’s Alaska Airlines blowout.
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Its new CEO also had to contend with a seven-week strike that contributed to delivery delays.
Boeing’s painful 2024 ended with the planemaker ranking as the biggest loser in the Dow Jones Industrial Average.
Its share price dropped 31% last year — the worst of the index’s 30 companies, according to Markets Insider data.
The planemaker was close to avoiding that title as Nike shares fell nearly 30% across the same period. As a whole, the Dow Jones was up 13%, led by Nvidia after its stock more than doubled.
Just days into 2024 it was apparent that it was going to be a testing year for Boeing.
On January 5, an Alaska Airlines 737 Max lost a door plug in midair. The fact that the plane was delivered 66 days earlier suggested the problem originated with the manufacturer. That was later shown in the National Transportation Safety Board’s preliminary report that said the plane left Boeing’s factory missing key bolts.
The incident sparked an overhaul of the company’s processes and culture — and a wave of criticism from airline bosses.
Regulators placed Boeing under further scrutiny too. The Federal Aviation Administration limited production of the 737 Max to 38 jets a month. Its administrator, Mike Whitaker, told Reuters last month he expects Boeing to take several months to get up to that number.
In March, Dave Calhoun stepped down as CEO. He was replaced in August by Kelly Ortberg, an industry veteran who signaled a return to prioritizing engineering over profit.
Ortberg announced plans to be based in Seattle, Boeing’s historic home, and visited factories.
Still, the embattled company couldn’t stay out of the headlines.
In September, its Starliner spacecraft returned to Earth uncrewed. The astronauts it took to the International Space Station were supposed to return after eight days, but problems with Starliner meant they are instead set to spend eight months in space.
Later that month, some 30,000 Boeing workers went on strike, hampering production for seven weeks amid tense union negotiations. 737 Max production didn’t restart until December.
Late deliveries continued to irritate airline customers. During the strike, Ortberg announced further delays to Boeing’s highly anticipated but yet-to-be-certified 777X jet.
The CEO also said Boeing would lay off 10% of its 170,000 employees.
Boeing’s biggest rival, Airbus, has seen its stock rise 14% over the past year.
