Oh, Boeing. If it wasn’t already clear that this plane was flying on fumes, this latest earnings report basically strapped the whole thing to a rocket and shot it straight into the Bermuda Triangle.

Let’s start with the main event. Boeing posted a $6.17 billion loss for the third quarter, bringing their 2024 total to $8 billion. To put that in perspective, last year they managed to scrape together a positive cash flow of $22 million. This year? We’re looking at a negative-$1.345 billion in operating cash flow.

If that wasn’t enough, Boeing’s also in the middle of a gnarly labor strike with the International Association of Machinists (IAM). We’re talking 32,000 workers walking off the job, factories grinding to a halt, and the company bleeding about $1 billion a month because of it. With a potential $5 billion total cost from this strike alone, this labor vote happening later today could determine if Boeing gets any relief (or if they’re adding another billion to their loss ledger).

Oh, and did I mention they’re laying off 10% of their workforce? That’s around 17,000 people getting pink slips soon, as Boeing tries to "reset priorities" and create a “leaner” organization, according to new CEO Kelly Ortberg.

Oh, and Boeing’s latest satellite just broke up in orbit, scattering around 20 pieces in space like confetti from a very expensive, very sad piñata. So, add some space debris to their growing list of problems.

But don’t worry! CEO Kelly Ortberg thinks Boeing can still make a comeback. He’s telling employees they’ve got time to fix things, pointing to the $10.5 billion in cash and a massive backlog of over 5,400 commercial airplanes. Sounds promising, right? Well, none of that cash or backlog will matter if they can’t get planes built, astronauts home, or workers back on the job.

If, however, Boeing can manage to pull through this absolute dumpster fire of a year, it might just be shaping up to be one of the best dip buys on the market.

Right now, Boeing’s EPS is a painful -$10.44, mostly due to temporary setbacks like the labor strike and the Starliner disaster. But these are short-term issues, and with a $511 billion backlog (including over 5,400 planes) there’s room for a quick recovery once they’re resolved.

Boeing’s P/E ratio has dropped significantly, currently sitting at just under 15x forward earnings, well below its historical average. With air travel demand expected to grow and defense contracts piling up, buying Boeing now could be a steal if you believe in the company’s long-term rebound potential. But if you believe in the long term potential, I’d recommend waiting till after today to buy if you know what I mean.

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