Boeing reported Wednesday that it lost $663 million in the fourth quarter due to supply-chain issues and rising manufacturing costs that outweighed increasing sales.
Another lousy quarter for the aerospace behemoth, which is still reeling from two of its 737 Max jets being involved in catastrophic crashes, and a pandemic that slowed airline demand for new aircraft until recently.
$1.06 in losses were sustained per share. Loss per share was $1.75 when “non-core” factors such as revisions to pension expenditures were considered. To $19.98 billion, revenue grew 35% from the previous year.
According to a FactSet survey, analysts predicted the corporation would make 20 cents per share on $18.75 billion in revenue.
Boeing chose to concentrate on cash flow, which increased for the quarter and the entire year — the first full year of positive cash flow since 2018 — and increased for the company.
Since late 2021, when the 737 Max was given the go-ahead to resume flight, and after Arlington, Virginia-based Boeing proved to authorities that it had fixed production issues with another aircraft, the larger 787 Dreamliner, deliveries of its products have increased.
Deliveries are a significant source of revenue for the organization.
Sales have also increased as airlines feel more optimistic that the worst of the pandemic has passed and demand for air travel is returning.
Boeing’s defense and space division generated a small profit in the fourth quarter after losing $2.85 billion the previous quarter due to significant charges on several programs, including finishing two new Air Force One presidential jets.