Boeing Defense, Space & Security Reports Flat Revenue in 2021 as Commercial Airplane Segment Bounces Back
Boeing released its full year 2021 financial results on Wednesday, reporting a 7% revenue boost compared to 2020 driven by a rebound in commercial airplane deliveries. The company reported $62.3 billion in revenue for 2021. Net loss was $4.3 billion.
Boeing’s Defense, Space & Security segment saw mostly flat revenue in 2021 compared to 2020. The segment reported $26.5 billion in revenue for 2021, up 1% from the prior year.
Defense, Space & Security also reported a double-digit decrease in sales in the fourth quarter of 2021, with $5.9 billion in sales, $917 million less than Q4 sales in 2020. Boeing attributed this to lower volume and less favorable performance across the portfolio, including a $402 million pre-tax charge on the KC-46A Tanker program.
The segment highlighted contract wins during the quarter including six MH-47G Block II Chinook helicopters for the U.S. Army Special Operations, a contract extension for Future Logistics Information Services for the U.K. Ministry of Defence, an award for modernization of Airborne Warning and Control System to the Royal Saudi Air Force, and contracts for proprietary space programs.
Backlog at Defense, Space & Security stands at $60 billion, with 33% representing orders from customers outside the U.S.
“2021 was a rebuilding year for us as we overcame hurdles and reached key milestones across our commercial, defense and services portfolios. We increased 737 MAX production and deliveries, and safely returned the 737 MAX to service in nearly all global markets. 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,” commented David Calhoun, Boeing president and CEO.