Boeing(BA) - 2024 Q4 - Annual Results

Financial Performance - Boeing reported fourth quarter revenue of $15.2 billion, a decrease of 31$22.0 billion in Q4 2023[2]. - Total revenues for 2024 were $66,517 million, a decrease of 14.5$77,794 million in 2023[27]. - Net loss attributable to Boeing shareholders for 2024 was $11,817 million, compared to a net loss of$2,222 million in 2023[27]. - Basic loss per share for 2024 was $18.36, significantly higher than the$3.67 loss per share in 2023[27]. - The company recorded a GAAP loss per share of ($5.46) and a core loss per share of ($5.90), reflecting significant operational challenges[3]. - The diluted loss per share for 2024 was $18.36, compared to$3.67 in 2023[45]. - Operating margins for 2024 were -16.1%, a decline from -1.0% in 2023[45]. Cash Flow and Debt - Operating cash flow was ($3.5) billion for the quarter, with free cash flow of ($4.1) billion, indicating cash usage primarily due to lower commercial deliveries[4]. - The company experienced a net cash used by operating activities of $12,080 million in 2024, compared to a net cash provided of$5,960 million in 2023[31]. - The company maintained cash and marketable securities totaling $26.3 billion, significantly up from$10.5 billion at the beginning of the quarter[5]. - Consolidated debt decreased to $53.9 billion from$57.7 billion, driven by early repayment of a $3.5 billion bond[5]. Deliveries and Orders - Boeing delivered 348 commercial airplanes in 2024, down 34$521 billion, including over 5,500 commercial airplanes[6]. - The total backlog for Boeing as of December 31, 2024, was $521,336 million, slightly up from$520,195 million in 2023[37]. - Boeing plans to gradually increase production rates for the 737 program and anticipates the first delivery of the 777-9 in 2026[9]. Segment Performance - The Defense, Space & Security segment reported revenues of $5.4 billion, a 20$6.7 billion in Q4 2023, with an operating margin of (41.9)%[11]. - The Defense, Space & Security segment reported a loss from operations of $5,413 million in 2024, compared to a loss of$1,764 million in 2023[35]. - Global Services achieved fourth quarter revenues of $5.1 billion, a 6$7,969 million in 2024, significantly worse than the loss of $1,635 million in 2023[35]. Assets and Liabilities - Total assets increased to$156,363 million in 2024 from $137,012 million in 2023[29]. - Total liabilities rose to$160,277 million in 2024, up from $154,240 million in 2023[29]. Research and Development - Research and development expenses for 2024 were$3,812 million, compared to $3,377 million in 2023[27]. - Total research and development expense for 2024 was$3,812 million, up from $3,377 million in 2023, reflecting an increase of 12.9$87,550 million in 2024 from $79,741 million in 2023[29]. - The company is in the process of acquiring Spirit AeroSystems Holdings, Inc., which may impact future performance[26].