By Valerie Insinna and David Shepardson
(Reuters) -Boeing Co generated $3.1 billion in free cash flow in the final quarter of 2022 on improved airplane deliveries, allowing the company to post positive full-year free cash flow for the first time since 2018.
The U.S.-based plane manufacturer had forecast about $2.5 billion in free cash flow for the fourth quarter. Boeing reported $2.3 billion for all of 2022.
Boeing reported fourth-quarter revenue of $20 billion, up from $14.79 billion in the same quarter in 2022, and a loss per share of $1.06. Boeing had been expected to report $20.38 billion in revenue in the quarter, according to Refinitiv data.
Boeing shares were down 3.8% in premarket trading.
In a Wednesday morning email to employees, which was made available to Reuters, Boeing CEO Dave Calhoun called the transition to positive cash flow “an important metric in our recovery.”
Boeing has said it plans to deliver up to 450 737 MAX narrowbody aircraft and 70 to 80 widebody 787 Dreamliners in 2023. The company previously stated it would generate $3 billion to $5 billion in free cash flow in 2023.
“While we have made meaningful progress, challenges remain and we have more work ahead to drive stability in our operations and within the supply chain,” Calhoun said in the email.
(Reporting by Valerie Insinna and David Shepardson; Editing by Leslie Adler and Louise Heavens)