Boeing Reports Q4 Operating Cash Flow Loss and Revenue Miss
Key Points:
* Estimated operating cash flow loss of $3.5 billion due to IAM work stoppage
* Revenue of $15.2 billion, below $16.76 billion consensus estimates
* GAAP loss per share of $5.46, wider than $1.32 loss estimate
* $1.7 billion in pre-tax charges in defense and space business
* IAM strike resulted in higher labor costs and $1.1 billion in pre-tax charges
* Layoffs and workforce reductions expected as company reduces headcount by 10%
* Delivered 57 planes in Q4, down from 87 last year
* Cash and investments at $26.3 billion at end of Q4
* Fourth quarter and full-year results to be reported on January 28th