Boeing has published its fourth quarter and year-end 2023 results, but without including any of the “financial and operational objectives” that would normally be expected to feature.
Boeing CEO, President and CEO Dave Calhoun, made the decision to shelve the annual financial guidance to reflect the company’s determination to focus squarely on safety.
Addressing staff in a letter accompanying the latest financial results on January 31, 2024, Calhoun explained his reasoning.
“While we often use this time of year to share or update our financial and operational objectives, now is not the time for that. We will simply focus on every next airplane while doing everything possible to support our customers, follow the lead of our regulator and ensure the highest standard of safety and quality in all that we do. Ultimately – that is what will drive our performance,” the Boeing boss wrote.
Calhoun added: “As we go about that work, I want to be clear that we still have every confidence in our recovery. I have confidence in you, and I have confidence in Boeing. We have a serious challenge in front of us – but I know this team is up to the task.”
Boeing and its quality processes are currently under intense scrutiny after a plug door separated from an Alaska Airlines 737 MAX 9 midflight on January 5, 2024.
The National transportation Safety Board (NTSB) is yet to reach any final conclusions about the cause of the incident, but the Boeing CEO has himself admitted that “mistakes” were made.
Four bolts designed to hold the plug door in place were missing when investigators from the NTSB first investigated the Alaska 737-9 aircraft. A whistleblower who claims to be an employee at Boeing has alleged that the bolts were likely not to have been in place.
Among the financial results that were published on January 31, 2024, was news that revenue at Boeing had increased in 2023 from $62 billion in 2022 to $77 billion this year (17% rise).
The fourth quarter results were also more positive than had been expected, with a net loss recorded of $30 million, compared to $663 million over the same three months last year.
In the fourth quarter, the 737 MAX production rate was at 38 per month and the 787 rate at five per month.
Boeing also claims to have delivered 157 commercial airplanes in the last three months of 2023 and recorded 611 net orders.
In total, Boeing delivered 528 commercial planes and recorded 1,576 net orders during 2023, with the entire company backlog growing to $520 billion, including over 5,600 commercial planes.