A Boeing 737 MAX-10 airliner
Photo by: Boeing
US giant aerospace and defence group Boeing has released its results for 2022. While revenues were up 7%, year-on-year (y/y), to $66.608-billion (from $62.286-billion), other indicators deteriorated, y/y. Net loss went from $4.29-billion in 2021 to $5.053-billion in 2022, and the loss from operations last year came to $3.547-billion in comparison to 2021’s loss of $2.902-billion.
There was, however, a dramatic turnaround in operating cash flow, from negative $3.416-billion in 2021 to positive $3.512-billion in 2022. Free cash flow (that is, operating cash flow minus additions to property, plant and equipment) went from negative $4.396-billion to positive $2.290-billion. (All these figures were calculated by the group using Generally Accepted Accounting Principles, better known as GAAP.)
“We delivered a solid fourth quarter,” highlighted Boeing president and CEO Dave Calhoun in his note to company staff. “We generated more than $3-billion in free cash flow in the fourth quarter, driven by progress in our performance and strong demand. This helped us generate positive full-year free cash flow for the first time since 2018, an important metric in our recovery.”
The group’s Commercial Airplanes business delivered 480 aircraft last year, a 41% increase over the 340 delivered in 2021. Its revenues increased 33% y/y, from $19.493-billion to $25.867-billion. Losses from operations declined significantly, from $6.475-billion in 2021 to $2.37-billion in 2022.
The Defence, Space and Security business recorded revenues of $23.162-billion last year. This was actually a 13% decline, y/y, from $26.54-billion. And while the business had secured earnings from operations of $1.544-billion in 2021, last year these slumped into losses from operations totalling $3.544-billion. During 2022, Defence, Space and Security delivered 45 aircraft and three satellites. The business had an order backlog worth $54-billion, of which 28% was with customers outside the US.
The Global Services business saw its revenues rise 8%, to $17.611-billion last year, from $16.328-billion the year before. Earnings from operations, however, increased by 35%, to $2.727-billion in 2022 from $2.017-billion in 2021.
“Demand across our portfolio is strong, and we remain focused on driving stability in our operations and within the supply chain to meet our commitments in 2023 and beyond,” noted Calhoun in the Boeing press release. “We are investing in our business, innovating and prioritising safety, quality and transparency in all that we do. While challenges remain, we are well positioned and are on the right path to restoring our operational and financial strength.”