Boeing (NYSE:BA) shares declined as a lot as 4% earlier than the bell after fourth-quarter earnings fell wanting estimates on each the highest and backside strains amid labor and provide shortages.
The plane maker posted an surprising lack of $1.75 a share on $19.98 billion in income. Analysts had anticipated earnings of 26 cents per share on revenues of $20.38 billion.
Regardless of the top-and-bottom line miss, Boeing generated free money stream final yr for the primary time since 2018.
The airplane maker generated $3.5 billion of working money stream and $3.1 billion of free money stream (non-GAAP); money and marketable securities of $17.2 billion
Certification efforts proceed, in the meantime, on Boeing’s 737-7 and 737-10 plane. The corporate additionally delivered 152 business airplanes and recorded 376 internet orders.
“We had a strong fourth quarter, and 2022 proved to be an vital yr in our restoration,” mentioned CEO Dave Calhoun. “Demand throughout our portfolio is robust, and we stay centered on driving stability in our operations and inside the provide chain to satisfy our commitments in 2023 and past. We’re investing in our enterprise, innovating and prioritizing security, high quality and transparency in all that we do. Whereas challenges stay, we’re effectively positioned and are on the correct path to restoring our operational and monetary energy.”
BA shares fell $2.77, or 1.3%, to $209.21.