Boeing reported fourth-quarter revenue of US$14.8 billion on Wednesday, reflecting higher commercial volume and lower defence revenue.
According to Generally Accepted Accounting Principles (GAAP), the multinational corporation has recorded loss per share of $7.02, and core loss per share (non-GAAP) of $7.69 reflected lower charges and higher commercial volume.
Boeing President and CEO, David Calhoun, said 2021 had been a “rebuilding year” for the firm.
“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.”
He added: “Demonstrating progress in our overall recovery, we also returned to generating positive cash flow in the fourth quarter.
“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.”
Boeing’s operating cash flow improved to $0.7 billion in the quarter, reflecting higher commercial volume, higher advance payments, and lower expenditures.
Cash and investments in marketable securities decreased to $16.2 billion, compared with $20 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.
