Before the US stock market closed on January 31st, Boeing released its fourth quarter financial report for 2023. The company's fourth quarter revenue exceeded market expectations and losses narrowed.
The report shows that Boeing's revenue in the fourth quarter increased by 10% year-on-year, reaching $22.18 billion, exceeding the market forecast of $21.1 billion; Net loss of 30 million US dollars, compared to a net loss of 663 million US dollars in the same period last year; The core loss per share was $0.47, which was better than the market's expected loss per share of $0.78. The annual revenue for 2023 was 77.794 billion US dollars, a year-on-year increase of 17%; Net loss of 2.242 billion US dollars, compared to a net loss of 5.053 billion US dollars in the same period last year.
The market is paying more attention to Boeing's recent quality issues. Boeing stated that after the Boeing 737 MAX 9 flight accident, the company has continued to engage in open and transparent cooperation with the FAA. The company is taking action to ensure the quality of Boeing 737 products, including requiring additional inspections of factories and major suppliers, supporting airline customers to expand supervision, and suspending production of Boeing 737 aircraft for one day to refocus employees on quality. Boeing has also appointed an external expert to conduct an in-depth independent evaluation of the quality management system for commercial aircraft.
Meanwhile, Boeing has stated that it will suspend the release of its 2024 financial guidelines to demonstrate that the company is focused on addressing a range of product quality issues. Boeing President and CEO Dave Calhoun said, "Although we announced our financial results today, we will still focus all of our efforts on taking comprehensive actions to enhance Boeing's quality, including listening to the opinions of 737 aircraft related employees."
Affected by the positive fourth quarter report, Boeing's stock price rose 5.29% at the close of January 31st local time.