Boeing(BA)2025-01-28 12:01Financial Performance - Boeing reported fourth quarter revenue of $15.2 billion, a decrease of 31% compared to $22.0 billion in Q4 2023[2]. - Total revenues for 2024 were $66,517 million, a decrease of 14.5% from $77,794 million in 2023[27]. - Net loss attributable to Boeing shareholders for 2024 was $11,817 million, compared to a net loss of $2,222 million in 2023[27]. - Basic loss per share for 2024 was $18.36, significantly higher than the $3.67 loss per share in 2023[27]. - The company recorded a GAAP loss per share of ($5.46) and a core loss per share of ($5.90), reflecting significant operational challenges[3]. - The diluted loss per share for 2024 was $18.36, compared to $3.67 in 2023[45]. - Operating margins for 2024 were -16.1%, a decline from -1.0% in 2023[45]. Cash Flow and Debt - Operating cash flow was ($3.5) billion for the quarter, with free cash flow of ($4.1) billion, indicating cash usage primarily due to lower commercial deliveries[4]. - The company experienced a net cash used by operating activities of $12,080 million in 2024, compared to a net cash provided of $5,960 million in 2023[31]. - The company maintained cash and marketable securities totaling $26.3 billion, significantly up from $10.5 billion at the beginning of the quarter[5]. - Consolidated debt decreased to $53.9 billion from $57.7 billion, driven by early repayment of a $3.5 billion bond[5]. Deliveries and Orders - Boeing delivered 348 commercial airplanes in 2024, down 34% from 528 in 2023, and recorded 279 net orders[3]. - Deliveries of Commercial Airplanes decreased to 348 units in 2024 from 528 units in 2023, a decline of 34.1%[37]. Backlog and Future Outlook - The total company backlog grew to $521 billion, including over 5,500 commercial airplanes[6]. - The total backlog for Boeing as of December 31, 2024, was $521,336 million, slightly up from $520,195 million in 2023[37]. - Boeing plans to gradually increase production rates for the 737 program and anticipates the first delivery of the 777-9 in 2026[9]. Segment Performance - The Defense, Space & Security segment reported revenues of $5.4 billion, a 20% decline from $6.7 billion in Q4 2023, with an operating margin of (41.9)%[11]. - The Defense, Space & Security segment reported a loss from operations of $5,413 million in 2024, compared to a loss of $1,764 million in 2023[35]. - Global Services achieved fourth quarter revenues of $5.1 billion, a 6% increase year-over-year, with an operating margin of 19.5%[14]. - Commercial Airplanes segment reported a loss from operations of $7,969 million in 2024, significantly worse than the loss of $1,635 million in 2023[35]. Assets and Liabilities - Total assets increased to $156,363 million in 2024 from $137,012 million in 2023[29]. - Total liabilities rose to $160,277 million in 2024, up from $154,240 million in 2023[29]. Research and Development - Research and development expenses for 2024 were $3,812 million, compared to $3,377 million in 2023[27]. - Total research and development expense for 2024 was $3,812 million, up from $3,377 million in 2023, reflecting an increase of 12.9%[35]. Inventory and Acquisitions - The company reported a significant increase in inventories, which rose to $87,550 million in 2024 from $79,741 million in 2023[29]. - The company is in the process of acquiring Spirit AeroSystems Holdings, Inc., which may impact future performance[26].