Boeing Co reported its first yearly positive cash flow since 2018 as losses in its defence unit increased and the company warned of further supply chain issues.
In the fourth quarter of the year, the American planemaker fell short of Wall Street’s revenue and earnings per share expectations. Boeing shares fell 1% Wednesday after rising more than 70% since September.
Boeing CEO Dave Calhoun told analysts that the planemaker is still facing challenges ‘a difficult, difficult supply chain, and while average deliveries met our goals, we continue to experience a few too many line stoppages… So, while they are coming down, those stoppages are not where they should be.’
According to Chief Financial Officer Brian West, the company is increasing its abnormal accounting estimate by about $600 million because it expects 787 production to be lower for ‘a bit longer than expected due to a supplier constraint,’ but it still expects to increase production to five per month later this year.
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