Here are the specific viewpoints from earnings call
Bullish Points:
1. Revenue was $22 billion, up 10% year over year, driven by higher commercial volume and favorable mix.
2. Core loss per share improved to $0.47, better than last year, primarily due to improved commercial volume, better mix, and lower abnormal costs.
3. Free cash flow was $3 billion in the quarter, in line with the prior year and up sequentially from the third quarter.
4. Boeing Commercial Airplanes (BCA) booked 611 net orders in the quarter, with a backlog valued at $441 billion.
5. BCA delivered 157 airplanes in the quarter, up 13%, driven by higher wide-body deliveries and favorable mix.
6. Operating margin for BCA was just positive at 0.4%, showing a return to profitability.
7. 737 program delivered 396 airplanes for the year, on the upper end of the revised guidance range.
8. 787 program successfully transitioned production to five per month and plans to increase to 10 per month in the '25, '26 time frame.
9. 777X program resumed production and secured a significant order from Emirates, bringing the backlog to more than 400 airplanes.
10. Boeing Defense and Space (BDS) booked $8 billion in orders during the quarter, with a backlog now at $59 billion.
Bearish Points:
1. Boeing faced a grounding of the 737 MAX 9 following an incident with Alaska Airlines Flight 1282, leading to an apology and a focus on quality and safety.
2. The company is not issuing a financial outlook for 2024, indicating uncertainty and a focus on resolving current issues.
3. BCA's operating margin was low at 0.4%, suggesting there is still significant room for improvement.
4. Approximately 200 MAX airplanes remain in inventory, with delivery challenges particularly for the China and India markets.
5. Approximately 60 787 airplanes are in inventory, with about 50 requiring rework before delivery.
6. Boeing booked abnormal costs related to the 787 and 777X programs, although these are expected to wind down by year-end.
7. BDS operating margin was minus 1.5% in the quarter, indicating more work is needed to improve profitability.
8. 4Q results were impacted by cost true-ups on three fixed-price development programs totaling $139 million.
9. Unfavorable performance and mix on other programs affected 4Q results.
10. Despite progress, the defense portfolio still saw negative margin trends in the fourth quarter.
For more information about Boeing(BA)'s earnings call, you can read the relevant news: Boeing (BA) Q4 2023 Earnings Call Transcript.
Comments
Great ariticle, would you like to share it?