Boeing Pulls 2024 Guidance, Signaling Safety Comes First

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Boeing Pulls 2024 Guidance, Signaling Safety Comes First

Bloomberg01-31

CEO Calhoun tells staff he’s focused on improving qualityFourth-quarter earnings, cash flow surpass analysts’ viewsA Boeing 737-10 Max aircraft lands beside a Boeing B777-9 during a flight ...

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But the report took a back seat to Boeing’s latest 737 Max crisis and its response to the ensuing regulatory clampdown.“While we often use this time of year to share or update our financial and operational objectives, now is not the time for that,” Chief Executive Officer Dave Calhoun told employees in a memo. “We will simply focus on every next airplane while doing everything possible to support our customers, follow the lead of our regulator and ensure the highest standard of safety and quality in all that we do.”Calhoun is expected to use a conference call with analysts later in the day to outline the path forward for Boeing as the Federal Aviation Administration steps up scrutiny of its manufacturing and supplier systems. New FAA chief Michael Whitaker has capped 737 production at current levels until quality improves, and vowed to aggressively expand oversight at all of Boeing’s factories.Investors have long been accustomed to poring over Boeing’s financial metrics and annual targets, with swings in its cash generation reverberating through its shares following results. The fourth-quarter report is particularly key for Boeing as the planemaker typically puts forth an annual forecast for cash flows and deliveries of its two most important products, the 737 Max and the 787 Dreamliner.Now Boeing is asking them to be patient, with so much at stake as customers, regulators and lawmakers in Washington demand Calhoun take meaningful steps to address the spate of manufacturing shortfalls that have cropped up in the post-Covid era.Dave Calhoun in Washington, DC, on Jan. 24.In his message to employees, Calhoun emphasized that he’s focused on strengthening quality.“Our people on the factory floor know what we must do to improve better than anyone,” Calhoun said, encouraging staff to raise issues that need addressing. “We will go slow, we will not rush the system and we will take our time to do it right.”’Fourth QuarterThe strong close to 2023 provided a glimpse of Boeing’s expectations for a pivotal 2024 prior to the Jan. 5 Alaska Airlines accident. Analysts had predicted the company would generate an annual profit in the current year for the first time this decade as it ramped up 737 and 787 output.For the fourth quarter, Boeing reported an adjusted loss of 47 cents a share, compared to the 76-cent loss expected by analysts, based on data compiled by Bloomberg. Revenue of $22 billion was better than the $21.1 billion predicted by Wall Street. Free cash flow was $2.95 billion, also surpassing the $2.09 billion estimate.The shares rose less than 1% before the start of regular trading in New York. Through Tuesday’s close, Boeing stock had tumbled 23% so far this year, the worst performance among the 30-member Dow Jones Industrial Average.The National Transportation Safety Board is expected to release preliminary findings from its probe into the cause of the blowout on Flight 1282 soon.737 OutputBoeing did provide an important clue for narrowbody production, a linchpin to its finances. The planemaker confirmed that it is building the 737 family of jets at a rate of 38 aircraft a month, in line with previous guidance, and will remain at that pace until the FAA is satisfied with the progress it’s made in improving quality.This level of output, augmented by Boeing working down a stockpile of previously manufactured jets from inventory, could generate more than 100 additional Max deliveries this year, beyond the 2023 total, according to Ken Herbert, an analyst with RBC Capital Markets.“Even if the supply chain struggles and they’re only producing at 35-a-month, you could still see a relatively easy path to deliveries in the low- to mid-500” range for the 737 for all of this year, Herbert said in an interview prior to the earnings release. He expects Boeing to step up handovers of already-built jets, especially with China back in the market for US passenger planes.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}