Boeing Reports Fourth Quarter 2023 Results

DALLAS — Boeing has reported sales of US$22.0 billion, GAAP loss per share of US$0.04, and core loss per share (non-GAAP) of US$0.47 for the fourth quarter of 2023. Boeing also reported US$3.0 billion in free cash flow (non-GAAP) and US$3.4 billion in operating cash flow for the same period, citing that higher commercial volume and performance yielded better results.

Boeing delivered 157 commercial airplanes and recorded 611 net orders in the fourth quarter. Revenue increased to US$10.5 billion in Q423, thanks to higher deliveries and a favorable mix of aircraft. An operating margin of 0.4% for the period also reflects improved performance and lower abnormal costs.

The Boeing 787 production rate was five per month, and the 737's was 38 per month. For the full year 2023, the company delivered 528 commercial airplanes and recorded 1,576 net orders, and the total company backlog grew to $520 billion, including over 5,600 commercial airplanes, generating US$6.0 billion of operating cash flow and US$4.4 billion of free cash flow (non-GAAP).

Regarding the Boeing 737-9 Production Debacle

As per the report, Boeing and the FAA are still working together openly in the wake of the 737-9 door plug blowout on Alaska Airlines (AS) Flight 1282. The company assured that its commercial airplane branch was moving quickly to improve the 737 program's quality. Some of the measures it is taking include mandating more inspections at key suppliers and its factory, encouraging airline customers to provide more oversight, and temporarily stopping 737 production to give staff members a day to concentrate on quality.

In addition, Boeing states that it has designated an external specialist to oversee a comprehensive, independent evaluation of Commercial Airplanes' quality management system, with suggestions forwarded directly to Calhoun and the Boeing Board of Directors' Aerospace Safety Committee.

Dave Calhoun, president and chief executive officer of Boeing, stated that while the manufacturer reported its financial results today, its full focus was on taking comprehensive actions "to strengthen quality at Boeing, including listening to input from our 737 employees that do this work every day." The CEO added, "As we move forward, we will support our customers, work transparently with our regulator, and ensure we complete all actions to earn the confidence of our stakeholders."

Read the complete fourth-quarter report here.

Featured image: The Boeing Renton Factory in Washington, US. Photo: Boeing