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2024 Results and Recovery for Primes
The 2024 Financial Year (FY) results from the major primes are now published. Reading across Airbus, Boeing, Leonardo, and Lockheed Martin, financial outcomes point to a dynamic and evolving landscape characterised by strong demand, in a time of recovery and market prioritisation. What is evident is that as a whole industry is moving in the right direction with increased backlogs across the aerospace and defence giants.
On 20 February, Airbus stated gross commercial orders for its aircraft in 2024 at 878, which was down from 2,319 in 2023. The company’s order backlog is 8,658 aircraft. The A320 family production line is increasing to 75 aircraft per month by 2027. In addition, the Helicopters division performed well with 450 net orders up from 393 in 2023 which equates to revenues of €7.9 billion.
In January, on its FY 2024 results, Boeing reported to market the receipt of 279 new orders for its commercial aeroplanes with an annual delivery rate of 348 aircraft. The aerospace prime’s backlog includes more than 5,500 airplanes valued at $435 billion. The 737-programme resumed production in Q4 with promises of a steady production rate increase. While the 787-programme ended 2024 with a production rate of five aircraft per month.
Last year’s orders reached €20.9 billion, according to Leonardo’s results, which marked a 15.8% increase compared with 2023, this was driven by the electronics and security divisions. Revenues were up by 16.2% to €17.8 billion, again this growth relates to the electronics side of the business, but another major contributor was the rotary division. The company’s order backlog covers 2.5 years of production.
Lockheed Martin’s financials are on the up when compared with 2023, net sales rose by 5% to $71 billion. Net earnings for Lockheed Martin stand at $5.3 billion, this includes $2 billion in losses from classified programmes, down from $6.9 billion 2023. The company reported a record backlog of $176 billion at the end of last year.
Guillaume Faury, Airbus Chief Executive Officer, said: “We achieved strong order intake across all businesses in 2024, with a book-to-bill well above 1, confirming the solid demand for our products and services. We delivered on our 2024 guidance in what was a testing year for Airbus… The 2024 financial results and the level of confidence we have in our future performance support our proposal for an increased dividend.”
Kelly Ortberg, Boeing President and CEO, commented: “We made progress on key areas to stabilize our operations during the quarter and continued to strengthen important aspects of our safety and quality plan. My team and I are focused on making the fundamental changes needed to fully recover our company’s performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us.”
Roberto Cingolani, CEO and General Manager of Leonardo, stated: “The 2024 preliminary results demonstrate the economic, financial, and industrial strength of Leonardo, with a medium-term development outlook aligned with the objectives outlined in the Industrial Plan. In 2024, we experienced significant volume growth alongside improved EBITA.”
Jim Taiclet, Chair, President and CEO at Lockheed Martin, said: “2024 was another successful and productive year for Lockheed Martin. Our 5% sales growth and record year-end backlog of $176 billion demonstrate the enduring global demand for our advanced defence technology and systems.”
The 2024 FY results from the major aerospace and defence primes indicates compelling demands with growing backlogs. Industry is in recovery mode and expanding which indicates early signs of buoyancy for 2025.
Sources:
Airbus reports Full-Year (FY) 2024 results | Airbus
Boeing Company – Boeing Reports Fourth Quarter Results
Lockheed Martin Reports Fourth Quarter and Full Year 2024 Financial Results – Jan 28, 2025