Boeing has reported its Q4 2022 results and its full-year financial results. The American plane maker joins a host of other aviation companies providing the data to the public.
One of Boeing’s most significant takeaways for the calendar year is that it lost USD 5 billion. However, this still occurred, with revenues reaching USD 66.6 billion. Boeing says around 20 billion of that revenue came in the fourth quarter.
Notably, even with the significant loss they reported, they did announce their first positive free cash flow since 2018. In addition, the year was labelled as essential for rebuilding the global aviation industry, with executives citing supply chain issues as catalysts for the challenging year.
Boeing reported 480 deliveries across their commercial aircraft, meanwhile recording 808 net orders for 2022. Its backlog subsequently grew to 4,500 commercial airplanes or USD 404 billion.
Meanwhile, Boeing says it remains hard at work trying to the 737-7 and 737-10. These are the last remaining variants of the MAX series that are yet to be certified to fly with airlines. Production rates for the series were said to stabilise at 31 per month. However, they will look to increase this to 50 per month by 2025/26. For the 787, by the end of 2023, they hope to achieve a production rate of 5 per month. By 2025/26, they’ll look to have 10 produced per month.
The Chief Executive Officer told analysts he expected challenges to remain present as they try to meet delivery objectives. Norwegian came out and said that they’ll welcome 737 MAX aircraft later than expected due to current delivery pressures at manufacturers. Meanwhile, AerCap says that manufacturers need to be more transparent, not overpromising, and under-delivering.
For 2023, Boeing has said it hopes to deliver 450 narrow-body aircraft. While also delivering 70 to 80 787 Dreamliners.