Boeing(BA) ZACKS·2025-01-28 16:26Core Viewpoint - Boeing Company reported significant losses in both the fourth quarter and full year of 2024, with various operational challenges impacting its financial performance [1][3]. Financial Performance - The adjusted loss for the fourth quarter of 2024 was $5.90 per share, worse than the Zacks Consensus Estimate of a loss of $3.22, and deteriorated from a loss of 47 cents per share in the same quarter last year [1][2]. - For the full year 2024, Boeing incurred an adjusted loss of $20.38 per share, exceeding the Zacks Consensus Estimate of a loss of $17.92, and worsening from a loss of $5.81 per share in 2023 [3]. - The company reported a GAAP loss of $5.46 per share for the fourth quarter, compared to a loss of 4 cents per share in the prior year [2]. Revenue Analysis - Revenues for the fourth quarter amounted to $15.24 billion, slightly above the Zacks Consensus Estimate of $15.19 billion, but down 31% from $22.02 billion in the previous year [4]. - For the full year 2024, revenues totaled $66.52 billion, falling short of the Zacks Consensus Estimate of $66.84 billion and down 14% from $77.79 billion in 2023 [5]. Segment Performance - The Commercial Airplanes segment saw revenues decline by 55% year over year to $4.76 billion, with an operating loss of $2.09 billion, a significant drop from an operating profit of $0.04 million in the prior year [7]. - Boeing delivered 57 commercial planes during the quarter, a 64% decrease year over year, but maintained a backlog of over 5,500 airplanes valued at $435 billion [8]. - The Defense, Space & Security segment recorded revenues of $5.41 billion, down 20% year over year, with an operating loss of $2.26 billion, worsening from a loss of $0.10 billion in the previous year [9]. - Global Services revenues improved by 6% year over year to $5.12 billion, with an operating income of $998 million, up 19% from the prior year [10]. Backlog Status - Total backlog at the end of the fourth quarter of 2024 was $521.34 billion, an increase from $510.51 billion at the end of the third quarter [6]. Financial Condition - Boeing ended 2024 with cash and cash equivalents of $13.80 billion, up from $12.69 billion at the end of 2023, while short-term and other investments increased to $12.48 billion from $3.27 billion [12]. - Long-term debt rose to $52.59 billion from $47.10 billion at the end of 2023, with an operating cash outflow of $12.08 billion compared to an inflow of $5.96 billion in the previous year [12]. - Free cash outflow totaled $14.31 billion at the end of 2024, contrasting with a free cash inflow of $4.43 billion at the end of 2023 [13].