Summary
The Boeing Company's 2021 10-K filing highlights a challenging year marked by the ongoing impacts of the COVID-19 pandemic, 787 production issues, and the residual effects of the 737 MAX grounding. While revenues increased compared to 2020, driven by higher 737 MAX deliveries and improved Global Services volume, the company reported a significant net loss attributable to shareholders of $4.2 billion. The Commercial Airplanes segment, in particular, incurred substantial operating losses, exacerbated by a $3.5 billion reach-forward loss on the 787 program and $1.9 billion in abnormal production costs for the 737 MAX. Despite these headwinds, Boeing saw a substantial increase in its backlog to $377.5 billion, driven by new orders and price escalation. The company is actively managing its liquidity, having repaid a significant portion of its debt. The Defense, Space & Security segment demonstrated resilience with stable revenues and earnings, while Global Services showed strong earnings growth. Key risks and uncertainties remain, including the pace of commercial air travel recovery, continued production disruptions, and the regulatory environment, all of which will influence future performance.
Financial Highlights
54 data points| Revenue | $62.29B |
| Cost of Revenue | $59.24B |
| Gross Profit | $3.05B |
| R&D Expenses | $2.25B |
| Operating Income | -$2.87B |
| Net Income | -$4.20B |
| EPS (Basic) | $-7.15 |
| EPS (Diluted) | $-7.15 |
| Shares Outstanding (Basic) | 587.60M |
| Shares Outstanding (Diluted) | 587.60M |
Key Highlights
- 1Boeing reported a net loss of $4.2 billion for 2021, a significant improvement from the $11.9 billion loss in 2020, but still reflecting ongoing operational challenges.
- 2The Commercial Airplanes (BCA) segment experienced a $6.5 billion loss from operations, impacted by a $3.5 billion reach-forward loss on the 787 program and $1.9 billion in abnormal production costs for the 737 MAX.
- 3Total backlog increased to $377.5 billion, indicating strong future demand, though delivery timing remains uncertain due to production issues and market recovery pace.
- 4The Defense, Space & Security (BDS) segment maintained stable revenues and earnings, contributing positively to overall results.
- 5Global Services (BGS) showed significant improvement with a $2.0 billion profit from operations, up from $450 million in 2020, driven by higher commercial and government services volume.
- 6The company's liquidity was managed through debt repayments and a strong cash and short-term investments balance of $16.2 billion at year-end 2021.
- 7Key programs like the 737 MAX and 787 continue to face production and delivery challenges, impacting the company's financial performance and requiring ongoing management attention.