Boeing Co. reported nearly $3 billion in charges for the fourth quarter of 2024, stemming from an extended labor stoppage, workforce reductions, and complications with various government contracts.

As a result, the aerospace corporation based in Chicago announced on Thursday that it anticipates a loss of $5.46 per share when it releases its comprehensive financial results next week. This figure is significantly worse than Wall Street’s expectations, which had forecast a loss of $1.80 per share.

This substantial loss marks another difficult year for Boeing. The fallout from a strike involving machinists responsible for assembling its popular 737 Max models, as well as the 777 jet and 767 cargo plane, led to disrupted production in its Renton and Everett, Washington facilities, adversely affecting the company’s delivery capabilities.

The strike was resolved after more than seven weeks when Boeing reached an agreement to enhance wages and benefits for the workers.

In addition to the strike fallout, Boeing previously indicated intentions to cut its workforce by 10%.

On Thursday, the company revealed it incurred $1.1 billion in charges related to its 777 and 767 programs during the fourth quarter. Furthermore, it recorded an extra $1.7 billion in charges associated with various government contracts, which include military refueling tankers and replacement jets for Air Force One.

Boeing’s revenue for the fourth quarter amounted to $15.2 billion, falling significantly short of analysts’ predictions that had estimated $16.6 billion. Following this news, the company’s shares experienced a decline.