Zinger Key Points
- Boeing expects to report fourth-quarter revenue of $15.2 billion versus estimates of $16.27 billion.
- Boeing anticipates a fourth-quarter loss of $5.46 per share.
Boeing Co BA shares are losing altitude in Thursday’s after-hours session after the company reported preliminary fourth-quarter financial results.
What Happened: After the market close on Thursday, Boeing announced that it will recognize impacts to its quarterly results related to the IAM work stoppage and agreement, charges for certain Defense, Space & Security programs and costs associated with workforce reductions from last year.
As a result, the airplane manufacturer now expects to report fourth-quarter revenue of $15.2 billion versus estimates of $16.27 billion, according to Benzinga Pro. Boeing also anticipates a fourth-quarter loss of $5.46 per share.
Operating cash flow is expected to be negative $3.5 billion in the fourth quarter. Boeing said it had $26.3 billion in cash and investments in marketable securities at the quarter’s end.
“Although we face near-term challenges, we took important steps to stabilize our business during the quarter including reaching an agreement with our IAM-represented teammates and conducting a successful capital raise to improve our balance sheet,” said Kelly Ortberg, president and CEO of Boeing.
“We also restarted 737, 767 and 777/777X production and our team remains focused on the hard work ahead to build a new future for Boeing.”
BA Price Action: Boeing shares were down 1.43% in after-hours, trading at $175.95 at the time of publication Thursday, according to Benzinga Pro.
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Photo: Courtesy of Boeing.
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