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Jan. 31 (UPI) -- Boeing is reporting on Tuesday that yearly revenue of the aircraft manufacturer was up year over year, as the company narrowed losses on their shares in the final quarter of 2023. The company updated shareholders just a few days after Alaska Airlines returned Boeing's 737-9 Max aircraft to service. The company did not provide any outlook for 2024.
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The Boeing Company reported their year to year revenue of $22.0 billion, which was up from a forecast of $21.1 billion. The company said it had lost $30 million, or 4 cents a share in the fourth quarter of 2023. Adjusting for one-time items, Boeing said it experienced a net loss of 47 cents per share.
According to the financial report issued on Tuesday, Boeing reported operating cash flow of $3.4 billion and free cash flow of $3.0 billion, with the improvement being tied to "higher commercial volume and performance."
Dave Calhoun, Boeing president and chief executive officer, said despite the positive report, the company would be focusing on quality control.
On Jan. 11, Alaska Airlines 737-9 Max airliner lost a plug panel on the rear fuselage. The flight was taking 171 passengers and six crew from Portland, Ore., to Ontario, Calif. No one was seriously injured, but the blowout prompted Boeing to ground its fleet 737-9 Max jets and undertake a "thorough" safety inspection of the aircraft.
"While we report our financial results today, our full focus is on taking comprehensive actions to strengthen quality at Boeing, including listening to input from our 737 employees that do this work every day," he said in a statement. "As we move forward, we will support our customers, work transparently with our regulator and ensure we complete all actions to earn the confidence of our stakeholders."
The report comes a week after Boeing reported the ongoing grounding of the Boeing 737-9 MAX would cost the airlines $150 million. On Friday, Alaska Airlines announced Alaska Flight 1146 marked the first for this model of Boeing aircraft since the FAA grounded the planes after the mid-air blow out.
Boeing said it continues to cooperate transparently with the FAA following the Alaska Airlines Flight 1282 accident involving a 737-9 and is taking immediate actions to "strengthen quality on the 737 program, including requiring additional inspections within its factory and at key suppliers, supporting expanded oversight from airline customers and pausing 737 production for one day to refocus its employees on quality."
In the quarterly report, the company said it had appointed an outside expert to lead an in-depth independent assessment of Commercial Airplanes' quality management system, with recommendations provided directly to Calhoun and the Aerospace Safety Committee of Boeing's Board of Directors.
