Boeing reports 4Q results.

The highlights are:

Fourth Quarter 2024

Finalized the International Association of Machinists and Aerospace Workers (IAM) agreement and resumed production across the B-737, B-767 and B-777/B-777X programs

Financials reflect previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year

Revenue of $15.2 billion, GAAP loss per share of ($5.46) and core (non-GAAP) loss per share of ($5.90)

Operating cash flow of ($3.5) billion; cash and marketable securities of $26.3 billion

Full year 2024

Delivered 348 commercial airplanes and recorded 279 net orders

Total company backlog grew to $521 billion, including over 5,500 commercial airplanes.

The Boeing Company recorded fourth quarter revenue of $15.2 billion, GAAP loss per share of ($5.46) and core loss per share (non-GAAP) of ($5.90) primarily reflecting previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year. Boeing reported operating cash flow of ($3.5) billion and free cash flow of ($4.1) billion (non-GAAP).

Operating cash flow was ($3.5) billion in the quarter reflecting lower commercial deliveries, as well as unfavorable working capital timing, primarily driven by the IAM work stoppage.

Cash and investments in marketable securities totaled $26.3 billion, compared to $10.5 billion at the beginning of the quarter, primarily driven by a $24 billion capital raise partially offset by free cash flow usage and debt repayment in the quarter. Debt was $53.9 billion, down from $57.7 billion at the beginning of the quarter, driven by the early repayment of a $3.5 billion bond originally maturing in 2025. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.

Total company backlog at quarter end was $521 billion.

Segment Results

Commercial Airplanes

Commercial Airplanes fourth quarter revenue of $4.8 billion and operating margin of (43.9) percent reflect the previously announced impacts associated with the IAM work stoppage and agreement including lower deliveries and pre-tax charges of $1.1 billion on the 777X and 767 programs.

The 737 program resumed production in the quarter and plans to gradually increase production rate. The 787 program exited the year at a production rate of five per month and recently announced plans to expand South Carolina operations. In January, the 777X program resumed FAA certification flight testing, and the company still anticipates first delivery of the 777/9 in 2026.

Commercial Airplanes booked 204 net orders in the quarter, including 100 B-737/10 airplanes for Pegasus Airlines and 30 B-787/9 airplanes for flydubai. Commercial Airplanes delivered 57 airplanes during the quarter and backlog included over 5,500 airplanes valued at $435 billion.

Defense, Space & Security

Defense, Space & Security fourth quarter revenue of $5.4 billion and operating margin of (41.9) percent reflect the previously announced pre-tax charges of $1.7 billion on the KC-46A, T-7A, Commercial Crew, VC-25B and MQ-25 programs.

In January, the US Air Force announced an updated acquisition approach for the T-7A Red Hawk that allows the company to provide a production-ready configuration to the customer prior to low-rate initial production, which better supports the operational needs of the customer and reduces future production risk.

During the quarter, Defense, Space & Security captured an award from the US Air Force for 15 KC-46A Tankers, secured an order for seven P-8A Poseidon aircraft from the US Navy, and delivered the final T-7A Red Hawk engineering and manufacturing development aircraft to the US Air Force. Backlog at Defense, Space & Security was $64 billion, of which 29 percent represents orders from customers outside the US.

Global Services

Global Services fourth quarter revenue of $5.1 billion and operating margin of 19.5 percent reflect higher commercial volume and mix.

During the quarter, Global Services secured awards for C-17 sustainment and a contract for F-15 Japan Super Interceptor upgrade services from the US Air Force.

See for details AVIONEWS.