Boeing Q4 Loss Sharply Narrows, Tops Estimates

(RTTNews) - Boeing Co. (BA) reported on Wednesday a loss for the fourth quarter that sharply narrowed from last year, reflecting a 10 percent revenue growth amid improved commercial volume and performance. Core loss per share came in above analysts' expectations and quarterly revenues also topped it.

For the fourth quarter, the Chicago-based aerospace and defense giant reported that net loss attributable to shareholders sharply narrowed to $23 million or $0.04 per share from $634 million or $1.06 per share in the prior-year quarter.

Core loss for the quarter was $0.47 per share, compared to core loss of $1.75 per share in the year-ago quarter.

On average, 22 analysts polled by Thomson Reuters expected the company to report a loss of $0.78 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter grew 10 percent to $22.02 billion from $19.98 billion in the same quarter last year, primarily driven by higher commercial volume. Analysts expected revenues of $21.10 billion for the quarter.

Total company backlog at quarter-end was $520 billion, including over 5,600 commercial airplanes.

Commercial Airplanes revenues grew 13 percent year-over-year to $10.48 billion, driven by higher deliveries and favorable mix.

Boeing said the 737 program continues to deliver airplanes and its production rate is now at 38 per month, despite the Alaska Airlines Flight 1282 accident involving a 737-9. The 787 program production rate is now at five per month.

During the quarter, Commercial Airplanes delivered 157 airplanes, up 3 percent from last year's 152 airplanes. The backlog included over 5,600 airplanes valued at $441 billion. It also secured net orders of 611, including 411 737, 98 777X, and 83 787 airplanes. It also began certification flight testing on the 737-10, and resumed production on the 777X program.

Defense, Space & Security revenue also increased 9 percent to $6.75 billion from $6.18 billion in the previous year.

Global Services revenue increased 6 percent year-over-year to $4.85 billion, primarily driven by higher commercial services volume and favorable mix.

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