The Boeing Company's fourth-quarter revenue fell short of analysts' estimates, as a two-month strike halted production of most of its commercial aircraft and affected new aircraft deliveries.
Boeing said it had revenue of $15.2 billion last quarter, below Wall Street's estimate of $16.76 billion, according to preliminary earnings data. Boeing said it had a loss of $5.46 per share under generally accepted accounting principles. The company will release full quarterly earnings next Tuesday.
The Boeing Company's commercial aircraft division will take $1.1 billion in accounting charges for its 767 and delayed 777X wide-body aircraft, some of which are related to the strike. The company said another $1.7 billion in charges were related to five troubled defense projects, including the KC-46 aerial refueling tanker and the next-generation Air Force One aircraft.
This shows that Boeing CEO Kelly Ortberg still faces daunting challenges as he works to restore production operations and stabilize the supply chain. Although Boeing workers ended their strike in early November after reaching an agreement with the company for a 38% pay increase over four years, Boeing did not resume production of aircraft, including the 737 Max, until December. New aircraft deliveries also fell sharply.
The Boeing Company shares fell in after-hours trading.