updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Despite seeing a surge in product demand for Q4 2022, Boeing sustained a gigantic $663 million loss due to macroeconomic constraints.
Boeing (NYSE: BA) recently posted its Q4 2022 financial report, which showed a losing effort characterized by labor and supply strains. The American aeronautics manufacturing giant posted a loss of $663 million in the fourth quarter amid supply chain constraints. These unsavory operational elements overshadowed the increased revenue the company realized from higher demand in aircraft sales and deliveries.
Nonetheless, Boeing chief executive officer Dave Calhoun optimistically viewed the latest quarterly outing. Calhoun stated:
“We had a solid fourth quarter, and 2022 proved to be an important year in our recovery. 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.”
In addition, the company’s CEO also said Boeing continues to invest in its business while innovating and prioritizing safety. Furthermore, he explained that Boeing would strive for quality and transparency in all its operational deeds.
For the fourth quarter of 2022, Boeing reported a revenue haul of $19.98 billion compared to the higher $20.38 billion analysts expected. Furthermore, the company’s adjusted loss per share came in at $1.75 versus the much lower expected earnings per share of 26 cents.
Amid the rise in demand for Boeing’s products, the Chicago-based company’s top executives refrain from ramping up production. In a memo to staff, Calhoun said:
“We’re proud of how we closed out 2022, and despite the hurdles in front of us, we’re confident in our path ahead. We have a robust pipeline of development programs; we’re innovating for the future, and we’re increasing investments to prepare for our next generation of products.”
Despite the labor and supply drawbacks, Boeing also generated positive free cash flow in 2022 for the first time since 2018. Since the easing of pandemic restrictions, aircraft operators and manufacturers have benefited from a sharp rebound in air travel. During the height of Covid, the airline space ranked high among the most affected industries across the globe.
For Q4 2022, Boeing generated $3.1 billion in cash flow. This sum came in much higher than the consensus estimates of $2.3 billion for the year and represented the most since 2018. In the ensuing time, the aeronautics corporation endured a years-long crisis sparked by the second of two fatal 737 Max crashes.
Calhoun admitted that despite glaring challenges, Boeing remains well-positioned to restore its operational and financial strength.
Boeing’s BA shares were trading 1% lower in premarket trading following its latest quarterly results.
Last July, Boeing received a substantial order from Delta Air Lines Inc (NYSE: DAL) for 100 737 Max 10 planes. According to reports, the delivery of said aircraft would commence in 2025 in a deal worth around $13.5 billion. Furthermore, the deal is Delta’s first with Boeing in over 10 years and includes an option for 30 more Boeing planes.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
There has been no dearth of interesting news from the technology, cryptocurrency and corporate sectors despite the long Labor Day weekend. Here is a quick roundup of the top five stories that investors may have missed.
1. El Salvador Buys Bitcoin Ahead Of Making It Legal Lender: Bitcoin (CRYPTO: BTC) is officially a legal tender in El Salvador beginning Tuesday and ahead of that, late Monday, the country’s President Nayib Bukele announced that the country has purchased nearly $21 million worth of the apex cryptocurrency, in first such move anywhere in the world.
See Also: How To Buy Bitcoin (BTC)
2. Elon Musk “Likes” Dogecoin’s Wife: Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk apparently ‘likes’ meme cryptocurrency Dogecoin’s (CRYPTO: DOGE) ‘wife,’ Wifedoge (CRYPTO: WIFEDOGE), which jumped over 3,000% in a single day to exceed a market capitalization of $2.32 million last week. However, the altcoin failed to stay the course and its capitalization plunged to $301,406 within two days.
3. Moderna Boosters Could Face Delay: Moderna Inc.’s (NASDAQ: MRNA) COVID-19 booster shot may not be rolled out in the week of Sept. 20 as the company is yet to submit the required data to the U.S. Food and Drug Administration, according to U.S. President Joe Biden’s Chief Medical Adviser Anthony Fauci. However, the Pfizer Inc. (NYSE: PFE)-BioNTech SE (NASDAQ: BNTX) booster shot is on track as the companies have submitted the necessary data.
4. Musk Agrees With Cathie Wood’s $3,000 Tesla Price Target: Elon Musk said he agrees with Cathie Wood-led Ark Invest’s $3,000 price target for Tesla by 2025, provided the electric vehicle maker executes “really well.” Tesla currently trades at $733 per share.
5. Boeing Woes Continue: Boeing Co. (NYSE: BA) may not be able to deliver the 787 Dreamliner jets until at least late October as the U.S. Federal Aviation Administration (FAA) has rejected that the company’s recent proposal to inspect them.
Meanwhile, European budget airline Ryanair Holdings Plc (NASDAQ: RYAAY), one of Boeing’s biggest customers, said it has terminated talks with the aircraft manufacturer over the purchase of 737 Max 10 jets due to differences over pricing.
What Else: Among other stories from the weekend, investors would want to check out the Benzinga EV week in review, the week ahead in Biotech, why the National Football League (NFL) has banned teams from selling sponsorships to cryptocurrency trading firms or non fungilble tokens (NFTs), and Olympic gold medal-winning heavyweight wrestler Gable Stevenson reportedly joining World Wrestling Entertainment Inc. (NYSE: WWE).
In addition, Walt Disney Co.’s (NYSE: DIS) new Marvel Cinematic Universe release “Shang-Chi and the Legend of the Ten Rings” grossed $71.4 million during the Labor Day weekend, surpassing the Labor Day opening record of $30.6 million set by “Halloween” in 2007 and Wood’s firm Ark Invest has completely divested its stake in Alibaba Group Holding Ltd. (NYSE: BABA).
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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