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Boeing cuts its 4Q loss to $30 million, but that was before one of its jets lost a panel in flight
By Associated Press - Jan 31, 2024, 07:54 AM ET
Last Updated - Jan 31, 2024, 07:54 AM EST
Boeing says it lost $30 million in the fourth quarter, and revenue was stronger than expected
Boeing narrowed its fourth-quarter loss to $30 million and bumped up production of its best-selling plane just before one of them suffered a blowout of a side panel during a flight, an accident that has raised new safety concerns about the aircraft manufacturer.
The loss reported Wednesday was smaller than Wall Street expected, and revenue beat forecasts.
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However, the company declined to offer its own forecast of 2024 results — an indication of the uncertainty swirling around Boeing since a 737 Max 9 operated by Alaska Airlines suffered a midflight blowout of a panel called a door plug on Jan. 5.
CEO David Calhoun said the company's focus is on improving quality, and he repeated a promise to help airline customers and “work transparently” with the Federal Aviation Administration, which is investigating quality-control issues at Boeing and its suppliers.
The results were an improvement from a loss of $663 million in the fourth quarter a year earlier. Boeing said that excluding one-time items, it lost 47 cents per share. Analysts surveyed by FactSet had expected an adjusted loss of 78 cents per share.
Revenue rose 10% to $22.02 billion, topping analysts' prediction of $21.18 billion. Boeing said that at the end of last year, it hit its target of producing 38 737s a month.
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