Boeing Droops on Q4 Numbers
Boeing (NYSE:BA) shares declined as much as 4% before the bell after fourth-quarter earnings fell short of estimates on both the top and bottom lines amid labor and supply shortages.
The aircraft maker posted an unexpected loss of $1.75 a share on $19.98 billion in revenue. Analysts had anticipated earnings of 26 cents per share on revenues of $20.38 billion.
Despite the top-and-bottom line miss, Boeing generated free cash flow last year for the first time since 2018.
The airplane maker generated $3.5 billion of operating cash flow and $3.1 billion of free cash flow (non-GAAP); cash and marketable securities of $17.2 billion
Certification efforts continue, meanwhile, on Boeing's 737-7 and 737-10 aircraft. The company also delivered 152 commercial airplanes and recorded 376 net orders.
'We had a solid fourth quarter, and 2022 proved to be an important year in our recovery,' said CEO Dave Calhoun. '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.'
BA shares fell $2.77, or 1.3%, to $209.21.
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