Boeing reported that its Boeing Capital finance unit revenue and earnings from operations in the fourth quarter 2013 was $105.0 million and $9.0 million, respectively compared to $129.0 million and loss of $12.0 a year earlier. Full year revenues and earnings from operations of $408 million and $107 million, respectively was down from $468 million and up from $88.0 million in 2012.

Boeing said at fourth-quarter end, Boeing Capital’s (BCC) net portfolio balance was $3.9 billion down from $4.1 billion at the beginning of the quarter. BCC’s debt-to-equity ratio was 5.0-to-1.

The company said it expects its aircraft finance portfolio will continue to decline in 2014, as new aircraft financing of less than $0.5 billion is expected to be lower than normal portfolio runoff through customer payments and depreciation.