Boeing shares were down $8.61 to $119.40.
Excluding items, the aircraft maker said it earned $1.60 a share in the fourth quarter. Analysts surveyed by Thomson Reuters had estimated $1.28. Revenue was $23.6 billion; analysts had estimated $23.5 billion.
For the current year excluding items, Boeing guided toward earnings per share of between $8.15 and $8.35. Analysts had estimated $9.43 a share.
Boeing also said it expects 2016 revenue of between $93 billion and $95 billion, based on deliveries of between 740 and 745 commercial aircraft. Analysts had estimated current year revenue of $97.1 billion.
A Boeing spokesman said the full-year results reflect a decline in defense and space revenue as well as the transition to new aircraft models including the 737 MAX, the 777X and the 787-10.
Total company backlog at quarter-end was $489 billion, up from $485 billion at the beginning of the quarter. Net orders in 2015 totaled $83 billion including $28 billion in the fourth quarter.
During the fourth quarter, Boeing repurchased 5 million shares at a cost of about $800 million, bringing the full-year share repurchase total to 47 million shares for $6.8 billion. In December, Boeing's board raised the share repurchase authorization to $14 billion, replacing a 2014 authorization that had $5.3 billion remaining.
Boeing Commercial Airplanes fourth-quarter revenue decreased slightly to $16.1 billion on lower delivery volume, while Defense, Space & Security revenue increased to $7.8 billion from $7.6 billion.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.