Boeing (BA) stock is trading lower in the pre-market as the aerospace and defense company reported a fourth-quarter revenue miss and surprise earnings per share (EPS) loss.
For the quarter Boeing reported:
Boeing’s fourth quarter revenue rose 35% from a year ago but still missed Street estimates, while the company reported a quarterly loss for the second straight quarter.
Boeing reaffirmed its prior 2023 guidance of $4.5 billion to $6.5 billion of operating cash flow and $3 billion-$5 billion of free cash flow (non-GAAP). It appears investors were looking for more profitability in 2023, after a rough 2022 where the company only produced $3.5 billion of operating cash flow for the year.
“We had a solid fourth quarter, and 2022 proved to be an important year in our recovery,” Dave Calhoun, Boeing CEO and president, said in a statement. “Demand across our portfolio is strong, and we remain focused on driving stability in our operations and within the supply chain to meet our commitments in 2023 and beyond. We are investing in our business, innovating and prioritizing safety, quality and transparency in all that we do. While challenges remain, we are well positioned and are on the right path to restoring our operational and financial strength.”
For the quarter, Boeing delivered 152 airplanes in its commercial division, a jump of over 50% compared to a year ago. Boeing’s 110 737 planes were the bulk of the deliveries, which jumped 31% from a year ago. Boeing also delivered 22 787 Dreamliners jets in the quarter, compared to zero planes a year ago. Still, the commercial airplanes division posted a $626 million loss for the quarter, and $2.37 billion loss for the year, registering an operating margin loss of (9.2%) for the year.
At the end of 2022, Boeing had a total backlog of planes worth $4.043 billion, nearly $270 million more than a year ago.
This story is developing. Check back for updates.
Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.
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