Fourth Quarter 2021
- Continued global return to service of 737 MAX, including progress in China
- Revenue of $14.8 billion; operating cash flow of $0.7 billion
- 787 program recorded $3.5 billion pre-tax non-cash charge; focused on actions required to resume deliveries
- GAAP loss per share of ($7.02) and core (non-GAAP)* loss per share of ($7.69)
- Revenue of $62.3 billion; operating cash flow of ($3.4) billion; cash and marketable securities of $16.2 billion
- GAAP loss per share of ($7.15) and core (non-GAAP)* loss per share of ($9.44)
- Total backlog of $377 billion and added 535 net commercial orders
- Focused on safety, quality and operational stability
Boeing's fourth-quarter results fell short of analyst expectations as it saw charges on its 787 Dreamliner and KC-46 programs. Boeing rose early Wednesday.
Boeing took a $3.5 billion pre-tax charge on its 787 Dreamliners after production issues prevented the company from delivering the planes to airlines for most of the last 15 months.
The company, however, said Wednesday that it generated
positive cash flow in the fourth quarter, hitting that key milestone earlier
than Boeing executives forecast. It was driven by a jump in deliveries last
year of its 737 Max after regulators lifted bans on the jets after two fatal
crashes.
Here's how the company performed compared with analysts'
estimates complied by Refinitiv:
- Adjusted results: A loss of $7.69 a share vs. an expected loss of 42 cents a share.
- Revenue: $14.79 billion vs. $16.59 billion, expected.
Boeing lost $4.29 billion last year, its third annual loss
in a row as the pandemic and production issues continued to hurt its bottom
line. It's an improvement from 2020 when the company lost $11.94 billion.
For the fourth-quarter, Boeing reported a net loss of $4.16
billion, less than half of the $8.44 billion it lost a year earlier. Sales fell
3% from a year ago to $14.79 billion, lower than the $16.59 billion analysts
expected.
"2021 was a key rebuilding year for us, and together,
we overcame significant hurdles," CEO David Calhoun said in a note to
employees on Wednesday. "While we have more work to do, I am confident
that we are well positioned to accelerate our progress in 2022 and
beyond."
Boeing's aircraft sales and deliveries surged last year but
handovers of new planes to airlines still trailed rival Airbus.
Boeing has been hamstrung by the pause in deliveries of its
787 Dreamliners for much of the past year due to a series of manufacturing
flaws, challenging customers like American Airlines and Hawaiian Airlines.
American Airlines last month said it would trim its
international schedule because of 787 delivery delays. The carrier's CFO Derek
Kerr said on an earnings call last week that Boeing was already paying
penalties for the delays and "will compensate us for the losses" if
there are additional delays.
The aircraft manufacturer has slashed Dreamliner production,
which has driven up costs. The entire debacle is expected to cost it $5.5
billion, which includes $2 billion in additional costs through 2023.
Still, Calhoun has said he expects the worst is behind the
aviation sector after the pandemic devastated travel demand. Airline executives
earlier in January said they expect international travel demand to rebound this
spring and summer after travel restrictions were lifted in recent months.
Boeing and Airbus supplier General Electric on Tuesday
forecast a 20% increase in revenue this year in its key aviation unit, which
produces and repairs aircraft engines.
The company will hold a 10:30 a.m. ET call with analysts,
when executives are likely to be quizzed about its production pace, supply
chain issues and potential impacts on the company from rising tensions over
Ukraine.
0 comments:
Post a Comment