The Boeing Company BA incurred an adjusted loss of $7.69 per share for fourth-quarter 2021, much wider than the Zacks Consensus Estimate of a loss of 9 cents. However, the bottom line improved from the year-ago quarter’s loss of $15.25.Including one-time items, the company posted a GAAP loss of $7.02 per share compared with a loss of $14.65 incurred in the fourth quarter of 2020.The year-over-year improvement can be attributed primarily to lower charges and higher commercial volume witnessed in the reported quarter.For 2021, the company reported an adjusted loss of $9.44 per share, which came in wider than the Zacks Consensus Estimate of a loss of $1.70. The bottom line declined from 2020’s adjusted loss of $23.25 per share.The Boeing Company Price, Consensus and EPS Surprise The Boeing Company price-consensus-eps-surprise-chart | The Boeing Company QuoteRevenuesIn the quarter under review, Boeing’s revenues amounted to $14.79 billion, which missed the Zacks Consensus Estimate of $16.96 billion by 12.8%. The top line fell 3% from the year-ago quarter’s figure of $15.30 billion.This decline was due to lower year-over-year revenues registered by the company’s Defense, Space & Security business unit.For 2021, the company recorded revenues of $62.29 billion, which missed the Zacks Consensus Estimate of $64.52 billion by 3.5%. However, full-year revenues improved from 2020’s $58.16 billion.Total BacklogBacklog at the end of fourth-quarter 2021 increased to $377.50 billion from $363.40 billion at the end of 2020.Segmental PerformancesCommercial Airplane: Revenues at this segment remained flat year over year at $4.75 billion. Higher 737 deliveries boosted revenues, which was offset by lower widebody deliveries and less favorable mix. The segment incurred an operating loss of $4.45 billion compared with a loss of $7.65 billion in the year-ago quarter.Boeing delivered 99 commercial planes during the quarter under review, down 68% year over year.Backlog for this segment remained healthy with over 4,200 airplanes valued at $297 billion.Boeing Defense, Space & Security (BDS): This segment recorded revenues worth $5.86 billion in the fourth quarter, reflecting year-over-year decline of 14%, primarily driven by lower volume and less favorable performance across the portfolio.Meanwhile, this unit incurred an operating loss of $255 million, against an operating income of $502 million in the year-ago quarter.Backlog at BDS was $60 billion, 33% of which comprised orders from international clients.Global Services: Revenues at this segment improved 15% to $4.29 billion on account of higher commercial services volume and favorable mix. This unit generated operating income of $401 million compared with $143 million in the year-ago quarter.Boeing Capital Corporation (BCC): This segment reported quarterly revenues of $63 million compared with $56 million in the year-ago quarter.At the end of fourth-quarter 2021, BCC's portfolio balance was $7 billion.Financial ConditionBoeing exited 2021 with cash and cash equivalents of $8.05 billion, and short-term and other investments of $8.19 billion. At the end of 2020, the company had $7.75 billion of cash and cash equivalents, and $17.84 billion of short-term and other investments. Long-term debt amounted to $56.81 billion at the end of 2021, down from $61.89 billion at 2020 end.The company’s operating cash outflow at the end of 2021 was $3.42 billion compared with $18.41 billion at the end of 2020.Free cash outflow totaled $4.40 billion at the end of 2021 end compared with $19.71 billion at the end of 2020.Zacks RankBoeing currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Recent Defense ReleasesLockheed Martin LMT reported fourth-quarter 2021 adjusted earnings of $7.24 per share, which surpassed the Zacks Consensus Estimate of $7.23 by 0.1%. Its net sales amounted to $17.73 billion, which outpaced the Zacks Consensus Estimate by 0.4%.Lockheed Martin ended 2021 (on Dec 31, 2021,) with $135.36 billion in backlog compared with $147.13 billion at the end of 2020. Its cash from operations at the end of 2021 amounted to $9.22 billion compared with $8.18 billion a year ago.Raytheon Technologies’ RTX fourth-quarter 2021 adjusted earnings per share (EPS) of $1.08 beat the Zacks Consensus Estimate of $1.01 by 6.9%. Its sales of $17,044 million missed the Zacks Consensus Estimate of $17,215 million by 1%.Raytheon Technologies had cash and cash equivalents of $7,832 million as of Dec 31, 2021, compared with $8,802 million as of Dec 31, 2020. The company currently projects adjusted EPS in the range of $4.60-$4.80 for 2022.An Upcoming Defense ReleaseL3Harris Technologies LHX is scheduled to announce its fourth-quarter 2021 results on Jan 31. The company has a trailing four-quarter earnings surprise of 3.90%, on average.Its Zacks Consensus Estimate for fourth-quarter 2021 earnings is pegged at $3.25, reflecting an annual improvement of 3.5%. The estimate slipped 0.9% over the last 60 days. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. As one investor put it, “curing and preventing hundreds of diseases…what should that market be worth?” This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Boeing Company (BA): Free Stock Analysis Report Lockheed Martin Corporation (LMT): Free Stock Analysis Report L3Harris Technologies Inc (LHX): Free Stock Analysis Report Raytheon Technologies Corporation (RTX): Free Stock Analysis Report To read this article on Zacks.com click here.