Boeing's (BA.US) preliminary Q4 financial data indicates revenue fell short of expectations, and the recovery from the strike is a challenging journey.

Boeing (BA.US) on Thursday evening released its preliminary fourth-quarter earnings report, showing sales of $15.2 billion, lower than the $16.76 billion expected by Wall Street, and a loss of $5.46 per share under international financial reporting standards (IFRS). The company will release its full fourth-quarter earnings next Tuesday. The lower-than-expected revenue in Q4 was mainly due to the previous massive strike that led to the shutdown of most of the company's commercial aircraft production and limited jet deliveries. Boeing's commercial aircraft division will take a $1.1 billion accounting charge for its 767 and delayed 777X wide-body jets, some of which relate to the strike activity. The company said another $1.7 billion in charges relate to five troubled defense projects, including the KC-46 tanker and the next-generation presidential jet. Last year, Boeing faced its largest strike ever, with its commercial aircraft factories on the West Coast idled for most of the quarter due to a strike by 33,000 hourly workers who were demanding pay raises and better benefits. The strike lasted for seven weeks before both sides reached an agreement in early November, with Boeing winning the support of its largest union with a new contract that gives workers a 38% pay raise over the next four years and ends the strike, restarting production. The disclosure underscores the long recovery that Boeing CEO Kelly Ortberg is facing as he works to get the company's factories and supply chain into a stable operating rhythm. Despite the strike ending in early November, Boeing didn't resume production of planes, including its cash cow 737 Max, until December. Deliveries of new planes were also extremely slow. In addition, the company's commercial jetliner segment had sales of $4.8 billion, with an operating margin of -44%. Boeing's defense, space and security segment had sales of $5.4 billion, with an operating margin of -42%. Ortberg raised $24 billion in cash in the quarter, ensuring Boeing has more time to turn around its operations. The company had $26.3 billion in cash and marketable securities at the end of last year. After the release, Boeing's stock fell nearly 4% in after-hours trading on Thursday, and as of writing, the stock was down 1.82% to $175.25. The stock has lost about a third of its market value last year.