Boeing ( BA , Financials ) announced a fourth-quarter net loss of $3.9 billion, translating to a GAAP loss of $5.46 per share, driven by impacts of a recent work stoppage agreement with the International Association of Machinists and Aerospace Workers.

Reflecting a slow road back toward pre-stoppage output levels, the aircraft maker said it had restarted manufacturing on its 737, 767, and 777 lines.

Due mainly to decreased commercial aircraft deliveries and extra expenses in Boeing's military projects, the firm claims that income for the quarter came at $15.2 billion, down 31% from the same period in 2023. Negative $3.5 billion operating cash flow reflected bad working capital timing and union agreement-related expenditures.

Supported by more than 5,500 unfulfilled commercial jet orders, Boeing said the overall backlog rose to $521 billion. Booking 204 net orders in the fourth quarter, the Commercial Airplanes division highlighted agreements for 30 787-9 aircraft for flydubai and 100 737-10 planes for Pegasus Airlines. But with the work stoppage and costs on the 777X and 767 projects, the segment's income fell to $4.8 billion, down 55% year over year.

Comparatively to 157 in the same time a year earlier, the business saw that 57 commercial aircraft were delivered in the quarter. Boeing executives recently revealed intentions to increase operations in South Carolina and indicated the 787 program left 2024 at five airplanes per month. First delivery of the 777X project is still expected in 2026; the project restarted Federal Aviation Administration certification flight testing.

Reflecting costs in projects like the KC-46A tankers and T-7A Red Hawk, the company reported $5.4 billion in military income. By providing a production-ready configuration before low-rate manufacturing starts, Boeing said the revised procurement strategy of the U.S. Air Force for the T-7A would lower future production risk.

According to Boeing officials, the quarter saw improvement in stabilizing operations and bolstering safety precautions. Driven by a $24 billion capital offering that helped discharge debt ahead of schedule, the business closed the month with $26.3 billion in cash and marketable securities.

This article first appeared on GuruFocus .