MIAMI – The Boeing Company recorded a net profit of $1.6 billion for the fourth quarter (Q4) of 2016, up 59.0% year-over-year against figures from Q4 of 2015. For the full year, Boeing recorded a net profit of $4.9 billion, down 5.4% YOY. Operating cash flow (a more stable sign of Boeing’s true financial state given the vagaries of program accounting) was down 9.2% YOY for Q4 to $2.8 billion but up 12.1% YOY for the full year to $10.5 billion.

Boeing delivered these metrics on a base of $23.3 billion in Q4 revenue (down 1.2% YOY) and $94.6 billion in full year revenue (down 1.6% YOY). These results combined to deliver a 9.4% operating margin for Q4 (up 4.5 percentage points YOY) but a 6.2% one for the year (down 1.5 percentage points YOY).

Boeing also gave various guidance figures for 2017, including $90.5-92.5 billion of revenue, $10.8 billion of operating cash flow, and 760-765 commercial aircraft deliveries.

Airways Senior Business Analyst Vinay Bhaskara live-blogged Boeing’s Q4 and full year 2016 earnings call earlier this morning. His overall take for Boeing’s Q4 and FY 2016 was:

Overall, a solid quarter for Boeing, which delivered good financial results and gave decent if unspectacular guidance for 2017. Someone on the earnings call asked about the state of Boeing right now and I’d characterize it as very strong at present with uncertainty for the future. Right now, Boeing has strong deliveries and technical execution, and nothing would appear to change that in the next couple of years (plus or minus any sort of miss from external suppliers like the engine makers). The bigger questions for Boeing are looking 5-7 years down the line. Things like: Has demand for the 787 plateaued in the current fuel and economic environment? What do you do about the MOM space and the overall narrowbody weakness versus Airbus? This dichotomy between strong present fundamentals and future uncertainty has been a recurring theme for Boeing over the last year plus of earnings calls.

You can re-read his commentary below via the ReplyAll tool.