Boeing Co losses widened to $3.5 billion for 2022 but the US plane-maker reported its first yearly positive cash flow since 2018 on stronger commercial deliveries.
Boeing shares fell 1.7 per cent in premarket trading Wednesday after the company missed market expectations for revenue and earnings for the quarter.
Boeing generated $3.1 billion in free cash flow in the final quarter of 2022. Boeing had forecast about $2.5 billion in free cash flow for the fourth quarter. Boeing reported $2.3 billion for all of 2022.
The company still faces supply-chain issues and is working to improve results at its Boeing Defense unit, which posted a $3.5 billion loss in 2022.
Boeing reported fourth-quarter revenue of $20 billion, up from $14.79 billion in the same quarter in 2022, and a loss per share of $1.75. Boeing had been expected to report $20.38 billion in revenue in the quarter and a gain of $0.26 a share, according to Refinitiv data.
"While challenges remain, we are well positioned and are on the right path to restoring our operational and financial strength," Boeing CEO Dave Calhoun said.
Boeing affirmed it plans to deliver up to 450 737 MAX narrowbody aircraft and 70 to 80 widebody 787 Dreamliners in 2023. The company reiterated it expects to generate $3 billion to $5 billion in free cash flow in 2023.
"While we have made meaningful progress, challenges remain and we have more work ahead to drive stability in our operations and within the supply chain," Calhoun said in an email to employees.