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Boeing Posts 7% Revenue Jump in FY 2021; David Calhoun Quoted

Boeing (NYSE: BA) has announced financial results for the fourth quarter and its full 2021 fiscal year ended Dec. 31, 2021.

The Chicago-based aerospace and defense contractor said its full-year revenue increased 7 percent from 2020 figures to $62.3 billion and sales declined 3 percent for the quarter to $14.8 billion from the prior year period.

David Calhoun, president and CEO of Boeing, called 2021 a “rebuilding year” after 2020’s pandemic setbacks and said the company made strides in its commercial, defense and service pursuits.

“As the commercial market recovery gained traction, we also generated robust commercial orders, including record freighter sales. Demonstrating progress in our overall recovery, we also returned to generating positive cash flow in the fourth quarter,” Calhoun said.

The company attributed its fourth-quarter $0.7 billion cash flow to increased commercial volume, boosts in advanced payments and decreased expenditures.

Due to more deliveries of the 737 aircraft, Boeing’s commercial airplanes fourth-quarter revenue totaled $4.8 billion, at a slight increase from the same period in 2020.

Fourth-quarter revenue for defense, space and security operations was $5.9 billion. This was derived from contract awards such as a deal to modernize the airborne warning and control system for the Saudi Arabian Air Force and an order from the U.S. Army Special Operations for six MH-47G Block II Chinook helicopters.

Contributing to Boeing’s defense, space and security revenue were also contracts awarded for proprietary space programs, such as an award from the U.S. Space Force calling for the engineering of Global Positioning System Block IIF satellites.

Boeing defined its main focus areas for the year as “safety, quality and operational stability.”

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