Boeing Co., the Arlington, Va.-based aircraft maker, said today its fourth-quarter loss narrowed from a year earlier. The results were a mixed bag.
The company reported a net loss of $663 million, or $1.06 a share, compared with $4.16 billion, or $7.02, during 2021’s final quarter. Quarterly revenue totaled $19.98 billion, up from $14.8 billion a year earlier.
Boeing posted a core operating loss, which excludes some costs, of $650 million, or $1.75 a share, for the quarter. That compares with $4.5 billion, or $7.69, a year earlier. The “core” earnings figure is followed most closely by financial analysts.
The company’s deliveries of planes surged during the last three months of 2022 – 152 planes compared with 99 in 2021’s fourth quarter. Boeing saw increased deliveries of the 737 Max and 787 Dreamliner, two programs recovering from production and safety issues.
For Boeing, the problem was financial analysts had expected better. Boeing had been forecast to report a “core” profit of 26 cents a share and revenue of $20.4 billion, according to CNBC.
Boeing CEO Dave Calhoun, in a memo to employees, played up the positives.
“We delivered a solid fourth quarter,” Calhoun said. The company is “making important strides and steadily improving performance.”
At the same time, he said, “challenges remain and we have more work ahead to drive stability in our operations and within the supply chain.”
For all of 2022, Boeing reported a loss of $5.05 billion, or $8.30 a share, on revenue of $66.6 billion. The company reported a full-year loss of $4.3 billion, or $7.15, on revenue of $62.3 billion. Boeing’s “core” loss for 2022 was $4.7 billion, or $11.06 a share, compared with $4.1 billion, $9.44, for 2021.
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