Boeing Reports Fourth Quarter Results

Chicago: The Boeing Company has reported fourth-quarter revenue of $14.8 billion, reflecting higher commercial volume and lower defence revenue.

GAAP loss per share of ($7.02) and core loss per share (non-GAAP) of ($7.69) reflect lower charges and higher commercial volume. Boeing recorded operating cash flow of $0.7 billion, the company said.

Also read: Boeing Expands UK Military Support with Apache AH-64E Long-Term Services Contract

“2021 was a rebuilding year for us as we overcame hurdles and reached key milestones across our commercial, defence and services portfolios. We increased 737 MAX production and deliveries, and safely returned the 737 MAX to service in nearly all global markets. As the commercial market recovery gained traction, we also generated robust commercial orders, including record freighter sales. Demonstrating progress in our overall recovery, we also returned to generating positive cash flow in the fourth quarter,” said David Calhoun, Boeing President and Chief Executive Officer.

“On the 787 programme, we’re progressing through a comprehensive effort to ensure every airplane in our production system conforms to our exacting specifications. While this continues to impact our near-term results, it is the right approach to building stability and predictability as demand returns for the long term. Across the enterprise, we remain focused on safety and quality as we deliver for our customers and invest in our people and in our sustainable future.”

Cash and investments in marketable securities decreased to $16.2 billion, compared to $20.0 billion at the beginning of the quarter, primarily driven by debt repayment partially offset by operating cash flow. Debt was $58.1 billion, down from $62.4 billion at the beginning of the quarter due to the prepayment of a term loan and repayment of maturing debt.

Total company backlog at quarter-end was $377 billion.

Commercial Airplanes fourth-quarter revenue increased slightly to $4.8 billion primarily driven by higher 737 deliveries, partially offset by lower widebody deliveries and less favourable mix. Fourth-quarter operating margin was primarily driven by a charge on the 787 programme.

Commercial Airplanes secured orders for 164 737 MAX and 24 freighter aircraft. Commercial Airplanes delivered 99 airplanes during the quarter and backlog included over 4,200 airplanes valued at $297 billion.

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 programme 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)

Full-Year 2021

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

Table 1. Summary Financial Results

Fourth Quarter

Full Year

(Dollars in Millions, except per share data)

2021

2020

Change

2021

2020

Change

Revenues

$14,793

$15,304

(3)%

$62,286

$58,158

7%

GAAP

Loss From Operations

($4,171)

($8,049)

NM

($2,902)

($12,767)

NM

Operating Margin

(28.2)%

(52.6)%

NM

(4.7)%

(22.0)%

NM

Net Loss

($4,164)

($8,439)

NM

($4,290)

($11,941)

NM

Loss Per Share

($7.02)

($14.65)

NM

($7.15)

($20.88)

NM

Operating Cash Flow

$716

($4,009)

NM

($3,416)

($18,410)

NM

Non-GAAP*

Core Operating Loss

($4,536)

($8,377)

NM

($4,075)

($14,150)

NM

Core Operating Margin

(30.7)%

(54.7)%

NM

(6.5)%

(24.3)%

NM

Core Loss Per Share

($7.69)

($15.25)

NM

($9.44)

($23.25)

NM

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