10:42 AM EDT, 10/23/2024 (MT Newswires) -- Boeing's ( BA ) loss in the third quarter grew more than Wall Street expectations as International Association of Machinists and Aerospace Workers union strike weighed on the troubled plane maker's results.

The company's core loss came in at $10.44 per share for the September quarter, compared with a $3.26 per-share loss the year before. The consensus on Capital IQ was for a normalized per-share loss of $8.82. Revenue edged down 1% year over year to $17.84 billion, missing the Street's view for $17.94 billion.

"It will take time to return Boeing ( BA ) to its former legacy, but with the right focus and culture, we can be an iconic company and aerospace leader once again," Boeing ( BA ) Chief Executive Kelly Ortberg said in a Wednesday statement. "Going forward, we will be focused on fundamentally changing the culture, stabilizing the business, and improving program execution, while setting the foundation for the future of Boeing ( BA )."

Boeing ( BA ) on Saturday said it reached a new and improved tentative labor deal with the IAM union to end the strike that has been plaguing the company for over a month. Members of the union are set to vote on the latest proposal on Wednesday.

Earlier in the month, the aircraft manufacturer announced it expected to report a net loss of $9.97 a share for the third quarter amid pre-tax charges for certain programs across its commercial airplanes and defense, space and security segments, as well as the strike. It also disclosed plans to lay off around 10% of its employees in the coming months.

Revenue in the commercial airplane segment fell 5% to $7.44 billion in the third quarter, while its operational loss jumped to $4.02 billion from $687 million a year ago. This reflected the previously announced pretax charges of $3 billion on the 777X and 767 programs and the strike, according to the company.

The group delivered 116 commercial planes in the period, up from last year's tally of 105. Boeing ( BA ) maintained its plan to return production of its 787 Dreamliner to five aircraft per month by the end of the year from its current output of four planes.

Revenue in the defense, space and security division ticked up to $5.54 billion from $5.48 billion in the prior-year quarter. The segment's operational loss rose to $2.38 billion from $924 million due to pretax charges of $2 billion on certain programs. Global services revenue improved 2% to $4.9 billion.

Boeing's ( BA ) loss from operations advanced to $5.76 billion from $808 million last year. Operating cash flow turned negative in the quarter, at $1.35 billion, due to lower commercial widebody deliveries, as well as unfavorable working capital timing. Free cash flow was negative $1.96 billion, up from negative $310 million last year.

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