Boeing Co (NYSE:BA, ETR:BCO) said it plans to "gradually increase" production of its 737 aircraft after it resumed in the past quarter after a multitude of safety problems in recent years for its most in-demand energy-efficient model.
The aircraft manufacturer published fourth-quarter results on Tuesday that had already largely been pre-released, confirming a basic loss per share of $5.46 and an adjusted loss per share of $5.90, versus previous estimates of closer to $3 and the previous year's much smaller losses.
Revenues for the quarter were down 31% year on year to $15.24 billion, worse than previously had been expected, with the full-year turnover down 14% at $66.5 billion.
"We made progress on key areas to stabilize our operations during the quarter and continued to strengthen important aspects of our safety and quality plan," said president and chief executive officer Kelly Ortberg, who was appointed last year.
"My team and I are focused on making the fundamental changes needed to fully recover our company's performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us."
The quarter saw the company finalize an agreement with its main union, IAM, enabling resumption of production across the 737, 767 and 777/777X programs, which had hit revenues and earnings, while costs were inflated by the workforce reductions announced last year.
The 787 program exited the year at a production rate of five per month and earlier this month the 777X program resumed FAA certification flight testing, and the company still anticipates making the first delivery of the 777-9 in 2026.