Boeing reported a $2.2bn net loss for 2023 and a $30 million net loss for the fourth quarter of 2023. Adjusted loss per share sat at $0.47 in the fourth quarter and at $5.81 per share.
Boeing reported revenues of $22bn in the fourth quarter of 2023, up 10% from 2022's $19.9bn. The company reported a 17% increase in its full year revenues with 2023 seeing $77.8bn, up from $66.6bn in 2022.
Free cash flow was at $4.4bn in 2023 and $2.9bn for the fourth quarter.
Commercial aircraft deliveries for 2023 rose 10% to 528, up from 480 in 2022 and rose from 152 in the fourth quarter of 2022 to 157 in the fourth quarter of 2023. Revenues for commercial aircraft deliveries increased 13% to $10.4bn in the fourth quarter in 2023 and up 30% in the full year to $33.9bn.
Boeing reported that the 737 program continues to deliver airplanes despite the Alaska Airlines Flight 1282 disaster involving a 737-9 and the production rate is at now 38 per month. The 787 program production rate is at five per month. The report said it ""is taking immediate actions to strengthen quality on the 737 program, including requiring additional inspections within its factory and at key suppliers, supporting expanded oversight from airline customers and pausing 737 production for one day to refocus its employees on quality.""
The report added that it has appointed an independent expert to ""lead an in-depth independent assessment"" on Boeing's commercial aircraft quality management system along with the ongoing Federal Aviation Administration (FAA) investigation into Boeing's aircraft quality control. The expert will provide recommendations directly to Boeing CEO Dave Calhoun and Boeing's board of directors.
In the earnings call, Calhoun did not provide a 2024 financial or delivery forecast. He said: ""Now is not the time for that. We won't predict timing. We won't get ahead of our regulator. We will go slow to go fast. And we will encourage and reward employees for speaking up to slow things down if that's what's needed."" Calhoun added that the company will instead focusing on its quality control for commercial aircraft. ""We will simply focus on every next airplane and ensuring we meet all the standards that we have, all the standards that our regulator has and that our customers demand. As we go about that work, we remain confident in our recovery.""
Boeing began certification flight testing for its 737-10 aircraft in the fourth quarter of 2023.