|
Boeing shares fell 1.7% in premarket trading Wednesday after the
company missed market expectations for revenue and earnings for
the quarter.
Boeing generated $3.1 billion in free cash flow in the final
quarter of 2022. Boeing had forecast about $2.5 billion in free
cash flow for the fourth quarter. Boeing reported $2.3 billion
for all of 2022.
The company still faces supply-chain issues and is working to
improve results at its Boeing Defense unit, which posted a $3.5
billion loss in 2022.
Boeing reported fourth-quarter revenue of $20 billion, up from
$14.79 billion in the same quarter in 2022, and a loss per share
of $1.75. Boeing had been expected to report $20.38 billion in
revenue in the quarter and a gain of $0.26 a share, according to
Refinitiv data.
"While challenges remain, we are well positioned and are on the
right path to restoring our operational and financial strength,"
Boeing CEO Dave Calhoun said.
Boeing affirmed it plans to deliver up to 450 737 MAX narrowbody
aircraft and 70 to 80 widebody 787 Dreamliners in 2023. The
company reiterated it expects to generate $3 billion to $5
billion in free cash flow in 2023.
"While we have made meaningful progress, challenges remain and
we have more work ahead to drive stability in our operations and
within the supply chain," Calhoun said in an email to employees.
(Reporting by Valerie Insinna and David Shepardson; Editing by
Leslie Adler, Louise Heavens and Nick Zieminski)
[© 2023 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
