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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 plane maker got off to a troubling start after the Alaska Airlines explosion in January.
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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 plane maker ranked as the biggest loser in the Dow Jones Industrial Average.
Its share price fell 31% last year — the worst of the 30 companies in the index, according to Data from Markets Insider.
The aircraft maker came close to avoiding that title as Nike shares fell nearly 30% over the same period. Overall, the Dow Jones rose 13%, led by Nvidia after its shares more than doubled.
Just days into 2024, it was apparent that it would be a testing year for Boeing.
On January 5, Alaska Airlines 737 Max lost the door stopper in the air. The fact that the plane was delivered 66 days early suggested that the problem originated with the manufacturer. This was later shown in a preliminary report by the National Transportation Safety Board, which said the plane left the Boeing factory without key screws.
The incident sparked a review of the company’s processes and culture — and a wave of criticism from airline bosses.
Regulators have also placed Boeing under further scrutiny. The Federal Aviation Administration has limited production of the 737 Max to 38 jets per month. Its administrator, Mike Whitaker, told Reuters last month that he expected Boeing to take several months to reach that figure.
In March, Dave Calhoun stepped down as CEO. He replaced him in August Kelly Ortbergan industry veteran who heralded a return to prioritizing engineering over profit.
Ortberg announced plans for the headquarters in Seattle, Boeing’s historic home, and toured factories.
Still, the struggling company couldn’t stay out of the headlines.
In September, his Starliner the spacecraft returned to Earth without a crew. The astronauts he took to the International Space Station were supposed to return after eight days, but problems with the Starliner meant they would spend eight months in space instead.
Later that month, some 30,000 Boeing workers went on strikedisrupting production for seven weeks amid tense union negotiations. Production of the 737 Max did not restart until December.
Late deliveries continued to irritate airline customers. During the strike, Ortberg announced further delays to Boeing’s long-awaited 777X jet, which has yet to be certified.
The CEO also said Boeing would lay off 10% of its 170,000 employees.
Boeing’s biggest rival, Airbussaw a 14% growth in shares over the past year.
