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The Boeing Company (BA - Free Report) incurred an adjusted loss of 47 cents per share in fourth-quarter 2023, narrower than the Zacks Consensus Estimate of a loss of 72 cents. The bottom line also improved from the year-ago quarter’s reported loss of $1.75 per share.
Including one-time items, the company reported a GAAP loss of 4 cents per share, narrower than the year-ago quarter’s reported loss of $1.06.
For 2023, the company reported an adjusted loss of $5.81 per share, which came in narrower than the Zacks Consensus Estimate of a loss of $5.99. The full-year bottom line also improved from the previous year’s reported loss of $11.06 per share.
The Boeing Company Price, Consensus and EPS Surprise
Boeing’s revenues amounted to $22.02 billion, which beat the Zacks Consensus Estimate of $21.23 billion by 3.7%. The top line also rose 10.2% from the year-ago quarter’s reported figure of $19.98 billion. This improvement was driven by higher year-over-year revenues registered by the company’s three business units.
For 2023, the company generated revenues of $77.79 billion, which surpassed the consensus estimate of $77 billion. The full-year revenues also improved 17% from the 2022 reported figure.
Total Backlog
Backlog at the end of the fourth quarter totaled $520.19 billion, up from $469.18 billion recorded at the end of third-quarter 2023.
Segmental Performances
Commercial Airplane: Revenues in this segment increased 13% year over year to $10.48 billion, driven by higher jet deliveries and a favorable mix. The segment generated an operating income of $41 million, indicating an improvement from the year-ago quarter’s reported operating loss of $603 million.
During the quarter under review, Boeing delivered 157 commercial planes, up 3.3% year over year.
The backlog for this segment remained healthy, with more than 5,600 airplanes valued at $441 billion.
Boeing Defense, Space & Security (BDS): The segment recorded revenues of $6.75 billion, indicating a year-over-year improvement of 9%. It incurred an operating loss of $101 million, indicating a deterioration from the year-ago quarter’s reported operating income of $112 million.
BDS recorded a backlog of $59 billion, 29% of which comprised orders from international clients.
Global Services: Revenues in this segment improved 6% year over year to $4.85 billion, driven by higher commercial volume. This unit generated an operating income of $842 million compared with $634 million in the prior-year quarter.
Boeing Capital Corporation (BCC): This segment reported negative quarterly revenues of $58 million compared with negative revenues of $39 million in the fourth quarter of 2022.
Financial Condition
Boeing exited fourth-quarter 2023 with cash and cash equivalents of $12.69 billion, and short-term and other investments of $3.27 billion. At the end of 2022, the company had cash and cash equivalents of $14.61 billion and short-term and other investments of $2.61 billion. Long-term debt amounted to $47.10 billion, down from $51.81 billion recorded at the end of 2022.
The company’s operating cash flow as of Dec 31, 2023, was $5,960 million compared with $3,512 million at the end of 2022.
Free cash flow totaled $4.43 billion at the end of 2023 compared with $2.29 billion at the end of 2022.
Lockheed Martin Corporation (LMT - Free Report) reported fourth-quarter 2023 adjusted earnings of $7.90 per share, which beat the Zacks Consensus Estimate of $7.26 by 8.8%. The bottom line also improved 1.4% from the year-ago quarter's recorded figure.
The company’s net sales were $18.87 billion, which surpassed the Zacks Consensus Estimate of $17.98 billion by 4.9%. The top line, however, decreased 0.6% from $18.99 billion reported in the year-ago quarter.
RTX Corporation’s (RTX - Free Report) fourth-quarter 2023 adjusted earnings per share (EPS) of $1.29 beat the Zacks Consensus Estimate of $1.25 by 3.2%. The bottom line also improved 1.6% from the year-ago quarter’s level of $1.27.
RTX’s fourth-quarter adjusted sales totaled $19,824 million. The company reported GAAP sales of $19,927 million compared with $18,093 million in the fourth quarter of 2022.
Textron Inc. (TXT - Free Report) reported fourth-quarter 2023 adjusted earnings of $1.60 per share, which surpassed the Zacks Consensus Estimate of $1.53 by 4.6%. The bottom line also improved 30.1% from the year-ago quarter’s recorded figure.
The company reported total revenues of $3,892 million, which missed the Zacks Consensus Estimate of $3,917.6 million by 0.7%. However, the reported figure increased 7% from the year-ago quarter’s level of $3,636 million.
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Boeing's (BA) Q4 Earnings Beat Estimates, Revenues Rise Y/Y
The Boeing Company (BA - Free Report) incurred an adjusted loss of 47 cents per share in fourth-quarter 2023, narrower than the Zacks Consensus Estimate of a loss of 72 cents. The bottom line also improved from the year-ago quarter’s reported loss of $1.75 per share.
Including one-time items, the company reported a GAAP loss of 4 cents per share, narrower than the year-ago quarter’s reported loss of $1.06.
For 2023, the company reported an adjusted loss of $5.81 per share, which came in narrower than the Zacks Consensus Estimate of a loss of $5.99. The full-year bottom line also improved from the previous year’s reported loss of $11.06 per share.
The Boeing Company Price, Consensus and EPS Surprise
The Boeing Company price-consensus-eps-surprise-chart | The Boeing Company Quote
Revenues
Boeing’s revenues amounted to $22.02 billion, which beat the Zacks Consensus Estimate of $21.23 billion by 3.7%. The top line also rose 10.2% from the year-ago quarter’s reported figure of $19.98 billion. This improvement was driven by higher year-over-year revenues registered by the company’s three business units.
For 2023, the company generated revenues of $77.79 billion, which surpassed the consensus estimate of $77 billion. The full-year revenues also improved 17% from the 2022 reported figure.
Total Backlog
Backlog at the end of the fourth quarter totaled $520.19 billion, up from $469.18 billion recorded at the end of third-quarter 2023.
Segmental Performances
Commercial Airplane: Revenues in this segment increased 13% year over year to $10.48 billion, driven by higher jet deliveries and a favorable mix. The segment generated an operating income of $41 million, indicating an improvement from the year-ago quarter’s reported operating loss of $603 million.
During the quarter under review, Boeing delivered 157 commercial planes, up 3.3% year over year.
The backlog for this segment remained healthy, with more than 5,600 airplanes valued at $441 billion.
Boeing Defense, Space & Security (BDS): The segment recorded revenues of $6.75 billion, indicating a year-over-year improvement of 9%. It incurred an operating loss of $101 million, indicating a deterioration from the year-ago quarter’s reported operating income of $112 million.
BDS recorded a backlog of $59 billion, 29% of which comprised orders from international clients.
Global Services: Revenues in this segment improved 6% year over year to $4.85 billion, driven by higher commercial volume. This unit generated an operating income of $842 million compared with $634 million in the prior-year quarter.
Boeing Capital Corporation (BCC): This segment reported negative quarterly revenues of $58 million compared with negative revenues of $39 million in the fourth quarter of 2022.
Financial Condition
Boeing exited fourth-quarter 2023 with cash and cash equivalents of $12.69 billion, and short-term and other investments of $3.27 billion. At the end of 2022, the company had cash and cash equivalents of $14.61 billion and short-term and other investments of $2.61 billion. Long-term debt amounted to $47.10 billion, down from $51.81 billion recorded at the end of 2022.
The company’s operating cash flow as of Dec 31, 2023, was $5,960 million compared with $3,512 million at the end of 2022.
Free cash flow totaled $4.43 billion at the end of 2023 compared with $2.29 billion at the end of 2022.
Zacks Rank
Boeing currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Q4 Defense Releases
Lockheed Martin Corporation (LMT - Free Report) reported fourth-quarter 2023 adjusted earnings of $7.90 per share, which beat the Zacks Consensus Estimate of $7.26 by 8.8%. The bottom line also improved 1.4% from the year-ago quarter's recorded figure.
The company’s net sales were $18.87 billion, which surpassed the Zacks Consensus Estimate of $17.98 billion by 4.9%. The top line, however, decreased 0.6% from $18.99 billion reported in the year-ago quarter.
RTX Corporation’s (RTX - Free Report) fourth-quarter 2023 adjusted earnings per share (EPS) of $1.29 beat the Zacks Consensus Estimate of $1.25 by 3.2%. The bottom line also improved 1.6% from the year-ago quarter’s level of $1.27.
RTX’s fourth-quarter adjusted sales totaled $19,824 million. The company reported GAAP sales of $19,927 million compared with $18,093 million in the fourth quarter of 2022.
Textron Inc. (TXT - Free Report) reported fourth-quarter 2023 adjusted earnings of $1.60 per share, which surpassed the Zacks Consensus Estimate of $1.53 by 4.6%. The bottom line also improved 30.1% from the year-ago quarter’s recorded figure.
The company reported total revenues of $3,892 million, which missed the Zacks Consensus Estimate of $3,917.6 million by 0.7%. However, the reported figure increased 7% from the year-ago quarter’s level of $3,636 million.