Boeing Shares Drop On Missing Q4 Earnings Consensus, 737 Program Is Stabilizing Monthly Production Rate At 31

  • Boeing Co's BA fourth-quarter sales increased 35% year-on-year to $19.98 billion, missing the consensus of $20.38 billion
  • Adjusted loss per share of $(1.75) missed the consensus of $0.26.
  • Boeing delivered 152 commercial airplanes in Q4 compared to 99 last year. It recorded 376 net orders in Q4.
  • Commercial Airplanes unit revenue increased by 94% Y/Y to $9.22 billion. 
  • Defense, Space & Security unit revenue grew by 5% year-on-year to $6.18 billion.
  • Global Services unit revenue grew by 6% Y/Y to $4.57 billion.
  • Boeing generated a free cash flow of $3.13 billion, up from $494 million in the same period a year ago. It held $17.2 billion in cash and equivalents.
  • The total backlog was $404 billion, including over 4,500 commercial airplanes.
  • Boeing said, "the 737 program is stabilizing production rate at 31 per month with plans to ramp production to approximately 50 per month in the 2025/2026 timeframe."
  • 2023 Outlook: Boeing reaffirmed its outlook of $3.0 billion - $5.0 billion free cash flow and $4.5 billion - $6 billion in operating cash flow.
  • Price Action: BA shares are down 2.35% at $207 during the premarket session on the last check Wednesday.
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