Boeing sees $5B net loss in 2022 with labor instability, supply chain disruption

By Ovunc Kutlu

ISTANBUL (AA) - Boeing saw over $5 billion net loss last year due to labor instability and supply chain disruption issues, according to its financial results statement released Wednesday.

The US-based multinational aerospace manufacturer recorded more than $3.5 billion loss from operations for the full year of 2022.

For the fourth quarter of 2022, it posted a net loss of $663 million. Loss from operations stood at $353 million in the October-December period of last year.

Revenue, on the other hand, rose 7% to $66.6 billion for the full year of 2022 and jumped 35% to almost $20 billion for the final quarter.

As the airline travel industry strongly recovered last year from the coronavirus pandemic, Boeing said it secured net orders for a total of 376 aircraft during the fourth quarter, which includes an order from United Airlines for 100 737 MAX and 100 787 airplanes.

Its defense, space and security revenue for the fourth quarter was $6.2 billion, adding that its operating margin of 1.8% during that period "reflects the continued operational impact of labor instability and supply chain disruption."

"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," said President and CEO Dave Calhoun. "While challenges remain, we are well positioned and are on the right path to restoring our operational and financial strength."

Boeing's stock price was down around 2% in pre-market trading hours on the New York Stock Exchange.