Boeing Company records fourth quarter profit following multibillion dollar asset sale

The Boeing Company BAreported a fourth-quarter net profit of $8.22 billion, or $10.23 per share, representing a sharp turnaround from a loss of $3.86 billion, or $5.46 per share, a year earlier. This headline figure was primarily driven by the $10.6 billion sale of Jeppesen digital aviation services to Thoma Bravo, which masked operating challenges within the core business of the United States USmanufacturer. On an adjusted basis including the divestiture, the Boeing Companyearned $0.32 per share, which outperformed the loss of $0.39 per share anticipated by market analysts.

Despite the net gain, the Boeing Companycommercial airplane unit posted a quarterly loss of $632 million, while the Boeing Companydefense and space unit recorded a loss of $507 million. The company also took a $565 million charge on its KC-46 aerial-refueling tanker program due to increased production support and supply chain costs. Chief Executive Officer Kelly Ortberg kelly ortbergnoted that he expects this KC-46 charge to be a one-time event as the company works through fixed-cost programs that are currently behind schedule and have cost the Boeing Companybillions of dollars.