Boeing has released its operational and financial results for the past year, indicating that it concluded 2023 by delivering 528 commercial airplanes and securing 1,576 net orders. The total company backlog reached $520 billion, including over 5,600 commercial airplanes.
Financially, Boeing reported fourth-quarter revenues of $22 billion. Despite an earnings per share loss of $0.04, the company generated $6.0 billion in operating cash flow. This positive trend was driven by increased commercial volume and improved performance. Regarding this, Dave Calhoun, President and CEO of Boeing, emphasized the company’s commitment to quality improvement. “Our total focus is on taking comprehensive actions to strengthen quality at Boeing,” said Calhoun. Additionally, he added that the company’s dedication to transparency includes cooperation with the FAA following the incident of Alaska Airlines Flight 1282.
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Boeing Commercial Aircraft continued its expansion in 2023. The 737 program, currently delivering aircraft at a production rate of 38 per month -a limit imposed by the FAA-, experienced a boost with 611 net orders in the last quarter. The 787 program also maintains its production rate of five units per month. Boeing is taking immediate actions to reinforce the quality of the 737, including additional inspections and a temporary production pause. Additionally, the company hired an external auditor to conduct an independent and in-depth assessment of the quality management system in the division.
As for the Defense, Space, and Security division, the fourth quarter posed challenges with revenues of $6.7 billion. Despite a negative operating margin impacted by losses in fixed-price development programs, the division secured significant contracts, including 15 KC-46A tanker aircraft for the United States Air Force.
Lastly, Global Services reported a robust fourth quarter, with revenues of $4.8 billion and an operating margin of 17.4 percent. The division expanded its global presence by opening a parts distribution center in India and securing a contract option for C-17 Globemaster III maintenance.
