Boeing posted a $663 million net loss in its fourth-quarter due to higher on production costs and supply-chain problems despite strong revenue.
The US plane maker narrowed its loss in the three month-period to the end of December from about $4.1 billion in the same period a year earlier.
The company’s loss per share in the fourth quarter was reduced to $1.06 from $7.02 in the same period in 2021. Total company backlog at quarter-end stood at $404 billion.
Boeing's revenue jumped 35 per cent annually to almost $20 billion in the quarter, it said in a statement on Wednesday.
“We had a solid fourth quarter and 2022 proved to be an important year in our recovery,” said Dave Calhoun, Boeing's president and chief executive.
“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.”
The company’s stock dropped almost 1.6 per cent, trading at $208.83 a share on Wednesday.
The operating cash flow improved to more than $3.4 billion in the quarter, from $716 million in the prior year period, reflecting “higher commercial deliveries and timing of receipts and expenditures”.
The commercial plane division’s fourth-quarter revenue increased 94 per cent annually to more than $9.2 billion, driven by higher 737 and 787 deliveries.
The unit delivered 152 planes during the quarter and backlog included more than 4,500 planes valued at $330 billion.
The company said its 737 programme is stabilising its production rate at 31 per month, with plans to increase production to about 50 per month in the 2025-2026 timeframe. The 787 programme continues at a low production rate, with plans to ramp up production to five per month in late 2023 and 10 per month in the 2025-2026 time frame, Boeing said.
Revenue from the defence, space and security unit jumped 5 per cent to $6.2 billion in the fourth quarter. The operating margin of only 1.8 per cent in the division reflects the “continued operational impact of labour instability and supply chain disruption”.
During the October-December period, Boeing’s defence, space and security arm’s backlog reached $54 billion, of which 28 per cent represents orders from customers outside the US.
Global services' third-quarter revenue increased 6 per cent to about $4.6 billion.
During the quarter, global services finalised the US Air Force F-15 depot support order and opened the Germany distribution centre to serve more than 6,000 customers with chemicals and speciality materials.
“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,” Mr Calhoun said.
The company also generated $3.1 billion of free cash flow in the quarter while its cash and investments in marketable securities increased to $17.2 billion, compared to $14.3 billion at the beginning of the quarter. The company said it had access to credit facilities of $12 billion, which remain undrawn.
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
SQUADS
Pakistan: Sarfraz Ahmed (capt), Azhar Ali, Shan Masood, Sami Aslam, Babar Azam, Asad Shafiq, Haris Sohail, Usman Salahuddin, Yasir Shah, Mohammad Asghar, Bilal Asif, Mir Hamza, Mohammad Amir, Hasan Ali, Mohammad Abbas, Wahab Riaz
Sri Lanka: Dinesh Chandimal (capt), Lahiru Thirimanne (vice-capt), Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Sadeera Samarawickrama, Roshen Silva, Niroshan Dickwella, Rangana Herath, Lakshan Sandakan, Dilruwan Perera, Suranga Lakmal, Nuwan Pradeep, Vishwa Fernando, Lahiru Gamage
Umpires: Ian Gould (ENG) and Nigel Llong (ENG)
TV umpire: Richard Kettleborough (ENG)
ICC match referee: Andy Pycroft (ZIM)
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
QUALIFYING RESULTS
1. Max Verstappen, Netherlands, Red Bull Racing Honda, 1 minute, 35.246 seconds.
2. Valtteri Bottas, Finland, Mercedes, 1:35.271.
3. Lewis Hamilton, Great Britain, Mercedes, 1:35.332.
4. Lando Norris, Great Britain, McLaren Renault, 1:35.497.
5. Alexander Albon, Thailand, Red Bull Racing Honda, 1:35.571.
6. Carlos Sainz Jr, Spain, McLaren Renault, 1:35.815.
7. Daniil Kvyat, Russia, Scuderia Toro Rosso Honda, 1:35.963.
8. Lance Stroll, Canada, Racing Point BWT Mercedes, 1:36.046.
9. Charles Leclerc, Monaco, Ferrari, 1:36.065.
10. Pierre Gasly, France, Scuderia Toro Rosso Honda, 1:36.242.
Eliminated after second session
11. Esteban Ocon, France, Renault, 1:36.359.
12. Daniel Ricciardo, Australia, Renault, 1:36.406.
13. Sebastian Vettel, Germany, Ferrari, 1:36.631.
14. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:38.248.
Eliminated after first session
15. Antonio Giovinazzi, Italy, Alfa Romeo Racing Ferrari, 1:37.075.
16. Kimi Raikkonen, Finland, Alfa Romeo Racing Ferrari, 1:37.555.
17. Kevin Magnussen, Denmark, Haas Ferrari, 1:37.863.
18. George Russell, Great Britain, Williams Mercedes, 1:38.045.
19. Pietro Fittipaldi, Brazil, Haas Ferrari, 1:38.173.
20. Nicholas Latifi, Canada, Williams Mercedes, 1:38.443.
Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
UAE currency: the story behind the money in your pockets
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Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
