Boeing Co. (NYSE: BA), on Wednesday, reported a surprise loss for its fourth financial quarter. Shares opened in the red this morning.
CEO Dave Calhoun’s remarks on CNBC
On the plus side, though, the multinational reiterated its guidance for $3.0 billion to $5.0 billion worth of free cash flow in 2023. Discussing the earnings print on CNBC’s “Squawk on the Street”, CEO Dave Calhoun said:
We focused on deliveries and cash flow as primary metrics and on both those fronts, we exceeded even our own expectations. We still feel the $10 billion cash flow for 2025-2026 is well within our reach without doing remarkable things.
According to Wall Street, investors should buy Boeing shares as they have upside to $219 on average.
Boeing’s backlog increased year-over-year
Boeing ended this quarter with $404 billion worth of backlog – a 7.0% increase from $377.5 billion in the same quarter last year. CEO Calhoun also noted:
We feel very good about the fourth quarter and the execution. Our margins from an accounting standpoint will be bouncy throughout this year largely built around return to service of inventory planes both the Max and 787.
Last month, the Seattle-headquartered company landed the largest order for wide-body aircraft in the U.S. history as Invezz reported here. Boeing shares are still up nearly 75% versus late September.
Key takeaways from Boeing’s Q4 earnings report
Lost $634 million versus the year-ago $4.16 billion
Per-share loss also contracted sharply from $7.02 to $1.06
Adjusted loss printed at $1.75 a share as per the press release
Revenue went up 35% year-over-year to $19.98 billion
Consensus was 20 cents of EPS on $20.32 billion revenue
CEO Calhoun also confirmed that Boeing is now competing well against Airbus in the United States. He’s confident about the return to glory in China as well.
The post Boeing CEO feels ‘very good’ despite a surprise loss in Q4 appeared first on Invezz.