Summary by Futu AI
Boeing, the aerospace giant, released its annual financial report for the fiscal year ended December 31, 2023. The company reported revenues of $77.8 billion, a significant increase from the previous year's $66.6 billion. Despite the revenue growth, Boeing experienced a loss from operations of $773 million, an improvement from the $3.5 billion loss in 2022. The report highlighted challenges such as production quality issues, supply chain disruptions, and labor instability. Boeing's Defense, Space & Security segment saw a decrease in loss from operations, while the Global Services segment's earnings increased. The Commercial Airplanes segment also reported higher revenues due to increased 787 deliveries. The report included details on Boeing's backlog, valued at over $520 billion, with expectations to convert 16% into revenue by 2024. The company's financial position was bolstered by $12.7 billion in cash and short-term investments, and a total debt of $52.3 billion. Boeing's financial statements were audited by Deloitte & Touche LLP, which confirmed the effectiveness of the company's internal control over financial reporting.