The loss demonstrates the challenges facing CEO Kelly Ortberg in turning around the planemaker as it cedes more ground to rival Airbus.

Boeing on Tuesday reported an annual loss of $11.83 billion, its largest since 2020, as it grappled with problems at its commercial and defense units and the fallout from a crippling strike by U.S. West Coast factory workers.

In an interview with The Seattle Times after reporting grim financial results early Tuesday, Kelly Ortberg said that six months into the job, he thinks Boeing is "starting to turn the corner."

Boeing's six-year sequence of financial strife continued in 2024 with an $11.8 billion loss, bringing the airframer's total losses since 2019 and the grounding of the 737 Max to $36 billion.

Boeing Co. Chief Executive Officer Kelly Ortberg said he will realign the company around key business lines and cleave off fringe assets, setting in motion a portfolio overhaul after the US planemaker emerged from a tumultuous and deeply unprofitable year.