Boeing's stock took a hit as the company reported a significant decline in aircraft deliveries for the year 2024, marking the lowest delivery numbers since the onset of the COVID-19 pandemic. The aerospace giant delivered just 348 commercial planes last year, a sharp decrease from the 528 planes delivered in 2023. This drop was attributed to a combination of factors including a labor strike, production quality issues, and increased regulatory scrutiny following a midair door panel blowout incident involving a 737 MAX flown by Alaska Airlines in January 2024.

The labor strike, which lasted over seven weeks, severely impacted Boeing's production lines, halting operations at two major assembly facilities in the Seattle region until mid-December. The company also faced challenges in ramping up production due to supply chain delays and stricter regulatory oversight, which led to a cautious approach in resuming production post-strike.

Despite these setbacks, Boeing managed to deliver 30 airplanes in December, including 17 737 MAX and 9 787 Dreamliners, marking a slight recovery from the previous months. However, the company's annual order tallies also saw a significant decline, with gross orders dropping from 1,456 in 2023 to 569 in 2024, and net orders falling from 1,314 to 377 after accounting for cancellations and conversions.

Boeing's struggles were further highlighted by its widening delivery gap with its European rival, Airbus, which delivered 766 jetliners in 2024. This marked the sixth consecutive year that Boeing trailed Airbus in deliveries, underscoring the competitive pressure the company faces in the global aerospace market.

In response to these challenges, Boeing announced plans to invest $1 billion to ramp up Dreamliner production at its South Carolina factory, aiming to increase output to 10 planes per month by 2026. The company also replaced its CEO in 2024 and unveiled a plan to cut 10% of its workforce as part of its efforts to streamline operations and improve efficiency.

As Boeing navigates these turbulent times, investors and industry analysts will be closely watching the company's upcoming fourth-quarter and full-year results, set to be reported on January 28. The focus will be on Boeing's strategies to ramp up production, restore profitability, and regain its competitive edge in the aerospace industry.