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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Boeing Co. | LSE:BOE | London | Ordinary Share | COM STK USD5 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 220.00 | 210.00 | 230.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMBOE
Boeing Reports Third-Quarter Results; Raises Cash Flow and EPS Guidance
CHICAGO, Oct. 25, 2017 --
* Revenue of $24.3 billion, including a record 202 commercial aircraft
deliveries
* GAAP EPS of $3.06 and core EPS (non-GAAP)* of $2.72 on solid execution
* Strong operating cash flow of $3.4 billion; repurchased 11 million shares
for $2.5 billion
* Backlog remains robust at $474 billion, including nearly 5,700 aircraft in
commercial airplane orders
* Cash flow and EPS guidance raised; segment guidance updated
Table 1. Summary Third Quarter Nine Months
Financial Results
(Dollars in Millions, 2017 2016 Change 2017 2016 Change
except per share data)
Revenues $24,309 $23,898 2% $68,024 $71,285 (5)%
GAAP
Earnings From Operations $2,689 $2,282 18% $7,248 $3,651 99%
Operating Margin 11.1% 9.5% 1.6 10.7% 5.1% 5.6
Pts Pts
Net Earnings $1,853 $2,279 (19)% $5,065 $3,264 55%
Earnings Per Share $3.06 $3.60 (15)% $8.27 $5.04 64%
Operating Cash Flow $3,396 $3,202 6% $10,440 $7,667 36%
Non-GAAP*
Core Operating Earnings $2,373 $2,194 8% $6,294 $3,400 85%
Core Operating Margin 9.8% 9.2% 0.6 9.3% 4.8% 4.5
Pts Pts
Core Earnings Per Share $2.72 $3.51 (23)% $7.26 $4.79 52%
* Non-GAAP measures. Complete definitions of Boeing's non-GAAP measures are on
page 6, "Non-GAAP Measures Disclosures."
The Boeing Company [NYSE: BA] reported third-quarter revenue of $24.3 billion
with GAAP earnings per share of $3.06 and core earnings per share (non-GAAP)*
of $2.72 reflecting strong deliveries, services and delivery mix, and overall
solid execution (Table 1).
The company's cash flow guidance is increased to $12.5 billion from $12.25
billion, driven by improved performance. Full year EPS guidance is increased to
between $11.20 and $11.40 from $11.10 and $11.30 and core earnings per share
(non-GAAP)* guidance is increased to between $9.90 and $10.10 from $9.80 and
$10.00 driven by a lower-than-expected tax rate. Full year segment guidance is
updated, reflecting the realignment of the company's services businesses into
Boeing Global Services (BGS).
"Our teams across all three business segments are driving execution with a
focus on both productivity and growth, which has enabled Boeing to deliver
solid third quarter financial results, grow cash flow, and raise our 2017
outlook," said Chairman, President and Chief Executive Officer Dennis
Muilenburg.
"In the third quarter we successfully launched our newest business segment,
Boeing Global Services, leveraging our unique One Boeing advantages to offer
complete lifecycle support across the commercial, defense and space sectors. We
achieved a number of key milestones in the quarter with the delivery of a
record 202 commercial airplanes, including 24 737 MAXs as we continue the
smooth introduction of that airplane. On the defense side, we booked $6 billion
in new orders, including an initial contract award for the Ground Based
Strategic Deterrent program and an award from the U.S. Navy for 14 F/A-18 Super
Hornet aircraft."
"We remain focused on accelerating productivity, quality and safety
improvements across the company, executing on our future development programs,
and capturing new business to ensure our continued growth."
Table 2. Cash Flow Third Quarter Nine Months
(Millions) 2017 2016 2017 2016
Operating Cash Flow $3,396 $3,202 $10,440 $7,667
Less Additions to Property, Plant & ($399) ($595) ($1,304) ($2,014)
Equipment
Free Cash Flow* $2,997 $2,607 $9,136 $5,653
* Non-GAAP measures. Complete definitions of Boeing's non-GAAP measures are on
page 6, "Non-GAAP Measures Disclosures."
Operating cash flow in the quarter of $3.4 billion was driven by solid
operating performance and favorable timing of receipts and expenditures (Table
2). During the quarter, the company repurchased 11 million shares for $2.5
billion, leaving $6.5 billion remaining under the current repurchase
authorization. The company also paid $0.9 billion in dividends in the quarter,
reflecting a 30 percent increase in dividends per share compared to the same
period of the prior year.
Table 3. Cash, Marketable Securities and Debt Balances Quarter-End
(Billions) Q3 17 Q2 17
Cash $8.6 $8.7
Marketable Securities1 $1.4 $1.6
Total $10.0 $10.3
Debt Balances:
The Boeing Company, net of intercompany loans to BCC $7.8 $7.8
Boeing Capital, including intercompany loans $3.0 $3.0
Total Consolidated Debt $10.8 $10.8
1 Marketable securities consists primarily of time deposits due within one
year classified as "short-term investments."
Cash and investments in marketable securities totaled $10.0 billion, down
slightly from $10.3 billion at the beginning of the quarter (Table 3). Debt was
$10.8 billion, unchanged from the beginning of the quarter.
Total company backlog at quarter-end was $474 billion, down from $482 billion
at the beginning of the quarter, and included net orders for the quarter of $16
billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Third Quarter Nine Months
Airplanes
(Dollars in Millions) 2017 2016 Change 2017 2016 Change
Commercial Airplanes 202 188 7% 554 563 (2)%
Deliveries
Revenues1 $14,982 $15,200 (1)% $41,263 $43,630 (5)%
Earnings from Operations1 $1,483 $1,293 15% $3,648 $804 354%
Operating Margin1 9.9% 8.5% 1.4 8.8% 1.8% 7.0
Pts Pts
1 Prior year results have been adjusted to reflect the
realignment of the services business
Commercial Airplanes third-quarter revenue was $15.0 billion on planned
production rates and delivery mix (Table 4). Third-quarter operating margin
increased to 9.9 percent, reflecting higher 787 margins and strong operating
performance on production programs, partially offset by additional cost growth
of $256 million on the KC-46 Tanker program due to incorporating changes into
initial production aircraft as we progress through late-stage testing and the
certification process.
During the quarter, Commercial Airplanes delivered a record 202 airplanes,
including 24 737 MAX 8 airplanes. The production rate increased to 47 per month
on the 737 program, and we confirmed plans to increase the 787 production rate
to 14 per month in 2019. Development on 777X is on track as production began on
the first complete wing for structural test.
Commercial Airplanes booked 117 net orders during the quarter. Backlog remains
robust with nearly 5,700 airplanes valued at $412 billion.
Defense, Space & Security
Table 5. Defense, Space & Third Quarter Nine Months
Security
(Dollars in Millions) 2017 2016 Change 2017 2016 Change
Revenues1 $5,470 $5,751 (5)% $15,520 $17,281 (10)%
Earnings from Operations1 $559 $564 (1)% $1,670 $1,443 16%
Operating Margin1 10.2% 9.8% 0.4Pts 10.8% 8.4% 2.4
Pts
1 Prior year results have been adjusted to reflect the
realignment of the services business
Defense, Space & Security (BDS) third-quarter revenue was $5.5 billion on lower
planned deliveries and mix (Table 5). Third-quarter operating margin increased
to 10.2 percent, reflecting solid performance and mix, partially offset by
KC-46 Tanker cost growth of $73 million.
During the quarter, BDS was awarded contracts from the U.S. Air Force for
design of the new Ground-Based Strategic Deterrent defense system and
preliminary design of the next presidential aircraft. The U.S. Navy awarded BDS
a contract for 14 F/A-18 Super Hornets during the third quarter. Additionally,
BDS was selected to design and build seven medium earth orbit satellites for
SES.
Backlog at Defense, Space & Security was $46 billion, of which 35 percent
represents orders from international customers.
Global Services
Table 6. Global Third Quarter Nine Months
Services
(Dollars in Millions) 2017 2016 Change 2017 2016 Change
Revenues $3,568 $3,506 2% $10,638 $10,508 1%
Earnings from $506 $524 (3)% $1,639 $1,609 2%
Operations
Operating Margin 14.2% 14.9% (0.7) 15.4% 15.3% 0.1
Pts Pts
Global Services third-quarter revenue increased to $3.6 billion, primarily
driven by higher commercial parts revenue, partially offset by timing of
government services (Table 6). Third-quarter operating margin was 14.2 percent
reflecting product and services mix.
During the quarter, Global Services was awarded a contract from the Defense
Logistics Agency to supply F/A-18 E/F spare parts, and a contract from the
Italian Air Force to provide performance-based logistics services to support
the KC-767A tanker aircraft. More than 40 commercial airline customers signed
up for our digital navigation applications in the quarter. Additionally, Global
Services continues to capture new commercial and government customers through
expanded offerings, including those powered by Boeing AnalytX.
Additional Financial Information
Table 7. Additional Financial Information Third Quarter Nine Months
(Dollars in Millions) 2017 2016 2017 2016
Revenues
Boeing Capital $70 $63 $234 $211
Unallocated items, eliminations and other $219 ($622) $369 ($345)
Earnings from Operations
Boeing Capital $23 $13 $87 $36
Unallocated pension/postretirement $316 $88 $954 $251
Other unallocated items and eliminations ($198) ($200) ($750) ($492)
Other income, net $45 $2 $94 $41
Interest and debt expense ($87) ($81) ($267) ($227)
Effective tax rate 30.0% (3.4)% 28.4% 5.8%
At quarter-end, Boeing Capital's net portfolio balance was $3.4 billion. Total
pension expense for the third quarter was $100 million, down from $453 million
in the same period of the prior year. Revenue increased in other unallocated
items and eliminations primarily due to timing of eliminations of intercompany
aircraft deliveries, including those accounted for under operating lease. Other
unallocated items and eliminations earnings decreased primarily due to timing
of eliminations of intercompany aircraft deliveries, offset by higher deferred
compensation. The effective tax rate for the third quarter increased to 30.0
percent primarily due to discrete tax benefits recorded in the prior year.
Outlook
The company's 2017 guidance is updated below (Table 8).
Table 8. 2017 Financial Outlook Current Prior
(Dollars in Billions, except per share data) Guidance Guidance
The Boeing Company
Revenue $90.5 - 92.5 $90.5 - 92.5
GAAP Earnings Per Share $11.20 - 11.40 $11.10 - 11.30
Core Earnings Per Share* $9.90 - 10.10 $9.80 - 10.00
Operating Cash Flow $12.5 $12.25
Commercial Airplanes
Deliveries 760 - 765 760 - 765
Revenue $55.5 - 56.5 N/A
Operating Margin 9.0% - 9.5 N/A
Defense, Space & Security
Revenue $20.5 - 21.5 N/A
Operating Margin >10.5% N/A
Global Services
Revenue $14.0 - 14.5 N/A
Operating Margin 15.0% - 15.5 N/A
Boeing Capital
Portfolio Size Stable Stable
Revenue $0.3 $0.3
Pre-Tax Earnings $0.08 $0.08
Research & Development $3.4 $3.6
Capital Expenditures $2.0 $2.0
Pension Expense 1 $0.6 $0.6
Effective Tax Rate 28.5% 29.0%
1 Approximately ($1.0) billion is expected to be recorded in unallocated items
and eliminations
* Non-GAAP measures. Complete definitions of Boeing's non-GAAP measures are
on page 6, "Non-GAAP Measures Disclosures."
Non-GAAP Measures Disclosures
We supplement the reporting of our financial information determined under
Generally Accepted Accounting Principles in the United States of America (GAAP)
with certain non-GAAP financial information. The non-GAAP financial information
presented excludes certain significant items that may not be indicative of, or
are unrelated to, results from our ongoing business operations. We believe that
these non-GAAP measures provide investors with additional insight into the
company's ongoing business performance. These non-GAAP measures should not be
considered in isolation or as a substitute for the related GAAP measures, and
other companies may define such measures differently. We encourage investors to
review our financial statements and publicly-filed reports in their entirety
and not to rely on any single financial measure. The following definitions are
provided:
Core Operating Earnings, Core Operating Margin and Core Earnings Per Share
Core operating earnings is defined as GAAP earnings from operations excluding
unallocated pension and other postretirement benefit expense. Core operating
margin is defined as core operating earnings expressed as a percentage of
revenue. Core earnings per share is defined as GAAP diluted earnings per share
excluding the net earnings per share impact of unallocated pension and other
postretirement benefit expense. Unallocated pension and other postretirement
benefit expense represents the portion of pension and other post-retirement
costs that are not recognized by business segments for segment reporting
purposes. Pension costs, comprising service and prior service costs computed in
accordance with GAAP are allocated to Commercial Airplanes and BGS businesses
supporting commercial customers. Pension costs allocated to BDS and BGS
businesses supporting government customers are computed in accordance with U.S.
Government Cost Accounting Standards (CAS), which employ different actuarial
assumptions and accounting conventions than GAAP. CAS costs are allocable to
government contracts. Other postretirement benefit costs are allocated to all
business segments based on CAS, which is generally based on benefits paid.
Management uses core operating earnings, core operating margin and core
earnings/per share for purposes of evaluating and forecasting underlying
business performance. Management believes these core earnings measures provide
investors additional insights into operational performance as they exclude
unallocated pension and post-retirement costs, which primarily represent costs
driven by market factors and costs not allocable to government contracts. A
reconciliation between the GAAP and non-GAAP measures is provided on page 14.
Free Cash Flow
Free cash flow is defined as GAAP operating cash flow without capital
expenditures for property, plant and equipment additions. Management believes
free cash flow provides investors with an important perspective on the cash
available for shareholders, debt repayment, and acquisitions after making the
capital investments required to support ongoing business operations and long
term value creation. Free cash flow does not represent the residual cash flow
available for discretionary expenditures as it excludes certain mandatory
expenditures such as repayment of maturing debt. Management uses free cash flow
as a measure to assess both business performance and overall liquidity. Table 2
provides a reconciliation between GAAP operating cash flow and free cash flow.
Caution Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as "may,"
"should," "expects," "intends," "projects," "plans," "believes," "estimates,"
"targets," "anticipates," and similar expressions generally identify these
forward-looking statements. Examples of forward-looking statements include
statements relating to our future financial condition and operating results, as
well as any other statement that does not directly relate to any historical or
current fact. Forward-looking statements are based on expectations and
assumptions that we believe to be reasonable when made, but that may not prove
to be accurate. These statements are not guarantees and are subject to risks,
uncertainties, and changes in circumstances that are difficult to predict. Many
factors could cause actual results to differ materially and adversely from
these forward-looking statements. Among these factors are risks related to: (1)
general conditions in the economy and our industry, including those due to
regulatory changes; (2) our reliance on our commercial airline customers; (3)
the overall health of our aircraft production system, planned production rate
increases across multiple commercial airline programs, our commercial
development and derivative aircraft programs, and our aircraft being subject to
stringent performance and reliability standards; (4) changing budget and
appropriation levels and acquisition priorities of the U.S. government; (5) our
dependence on U.S. government contracts; (6) our reliance on fixed-price
contracts; (7) our reliance on cost-type contracts; (8) uncertainties
concerning contracts that include in-orbit incentive payments; (9) our
dependence on our subcontractors and suppliers, as well as the availability of
raw materials, (10) changes in accounting estimates; (11) changes in the
competitive landscape in our markets; (12) our non-U.S. operations, including
sales to non-U.S. customers; (13) potential adverse developments in new or
pending litigation and/or government investigations; (14) customer and aircraft
concentration in Boeing Capital's customer financing portfolio; (15) changes in
our ability to obtain debt on commercially reasonable terms and at competitive
rates in order to fund our operations and contractual commitments; (16)
realizing the anticipated benefits of mergers, acquisitions, joint ventures/
strategic alliances or divestitures; (17) the adequacy of our insurance
coverage to cover significant risk exposures; (18) potential business
disruptions, including those related to physical security threats, information
technology or cyber-attacks, epidemics, sanctions or natural disasters; (19)
work stoppages or other labor disruptions; (20) significant changes in discount
rates and actual investment return on pension assets; (21) potential
environmental liabilities; and (22) threats to the security of our or our
customers' information.
Additional information concerning these and other factors can be found in our
filings with the Securities and Exchange Commission, including our most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K. Any forward-looking statement speaks only as of the date on which
it is made, and we assume no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events, or otherwise,
except as required by law.
Contact:
Investor Relations: Maurita Sutedja or Ben Hackman (312) 544-2140
Communications: Allison Bone (312) 544-2002
The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Nine months ended Three months ended
September 30 September 30
(Dollars in millions, except per share 2017 2016 2017 2016
data)
Sales of products $60,484 $63,563 $21,825 $21,494
Sales of services 7,540 7,722 2,484 2,404
Total revenues 68,024 71,285 24,309 23,898
Cost of products (49,856) (55,117) (18,050) (17,907)
Cost of services (5,730) (6,163) (1,910) (1,983)
Boeing Capital interest expense (53) (46) (27) (14)
Total costs and expenses (55,639) (61,326) (19,987) (19,904)
12,385 9,959 4,322 3,994
Income from operating investments, net 169 220 49 69
General and administrative expense (2,888) (2,617) (915) (923)
Research and development expense, net (2,418) (3,901) (767) (857)
Loss on dispositions, net (10) (1)
Earnings from operations 7,248 3,651 2,689 2,282
Other income, net 94 41 45 2
Interest and debt expense (267) (227) (87) (81)
Earnings before income taxes 7,075 3,465 2,647 2,203
Income tax (expense)/benefit (2,010) (201) (794) 76
Net earnings $5,065 $3,264 $1,853 $2,279
Basic earnings per share $8.37 $5.09 $3.10 $3.64
Diluted earnings per share $8.27 $5.04 $3.06 $3.60
Cash dividends paid per share $4.26 $3.27 $1.42 $1.09
Weighted average diluted shares 612.8 647.9 606.3 632.7
(millions)
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data) September 30 December 31
2017 2016
Assets
Cash and cash equivalents $8,569 $8,801
Short-term and other investments 1,463 1,228
Accounts receivable, net 10,644 8,832
Current portion of customer financing, net 435 428
Inventories, net of advances and progress billings 43,031 43,199
Total current assets 64,142 62,488
Customer financing, net 3,039 3,773
Property, plant and equipment, net of accumulated 12,712 12,807
depreciation of $17,401 and $16,883
Goodwill 5,344 5,324
Acquired intangible assets, net 2,523 2,540
Deferred income taxes 298 332
Investments 1,270 1,317
Other assets, net of accumulated amortization of 1,679 1,416
$509 and $497
Total assets $91,007 $89,997
Liabilities and equity
Accounts payable $12,718 $11,190
Accrued liabilities 14,008 14,691
Advances and billings in excess of related costs 26,695 23,869
Short-term debt and current portion of long-term 988 384
debt
Total current liabilities 54,409 50,134
Deferred income taxes 2,884 1,338
Accrued retiree health care 5,826 5,916
Accrued pension plan liability, net 15,514 19,943
Other long-term liabilities 1,449 2,221
Long-term debt 9,780 9,568
Shareholders' equity:
Common stock, par value $5.00 - 1,200,000,000 shares 5,061 5,061
authorized; 1,012,261,159 shares issued
Additional paid-in capital 6,754 4,762
Treasury stock, at cost - 414,910,219 and (41,745) (36,097)
395,109,568 shares
Retained earnings 44,052 40,714
Accumulated other comprehensive loss (13,036) (13,623)
Total shareholders' equity 1,086 817
Noncontrolling interests 59 60
Total equity 1,145 877
Total liabilities and equity $91,007 $89,997
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Nine months ended
September 30
(Dollars in millions) 2017 2016
Cash flows - operating activities:
Net earnings $5,065 $3,264
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Non-cash items -
Share-based plans expense 151 144
Depreciation and amortization 1,487 1,364
Investment/asset impairment charges, net 75 61
Customer financing valuation expense/(benefit) 4 (5)
Loss on dispositions, net 10
Other charges and credits, net 190 219
Changes in assets and liabilities -
Accounts receivable (1,983) (517)
Inventories, net of advances and progress billings 254 4,334
Accounts payable 778 1,366
Accrued liabilities 112 82
Advances and billings in excess of related costs 2,828 (1,717)
Income taxes receivable, payable and deferred 1,465 (725)
Other long-term liabilities 25 (67)
Pension and other postretirement plans (550) 144
Customer financing, net 635 (195)
Other (96) (95)
Net cash provided by operating activities 10,440 7,667
Cash flows - investing activities:
Property, plant and equipment additions (1,304) (2,014)
Property, plant and equipment reductions 30 14
Contributions to investments (2,847) (928)
Proceeds from investments 2,612 956
Purchase of distribution rights (131)
Other 4 8
Net cash used by investing activities (1,636) (1,964)
Cash flows - financing activities:
New borrowings 876 1,323
Debt repayments (83) (836)
Repayments of distribution rights and other asset financing (24)
Stock options exercised 291 192
Employee taxes on certain share-based payment arrangements (118) (83)
Common shares repurchased (7,500) (6,501)
Dividends paid (2,575) (2,084)
Net cash used by financing activities (9,109) (8,013)
Effect of exchange rate changes on cash and cash equivalents 73 (6)
Net decrease in cash and cash equivalents (232) (2,316)
Cash and cash equivalents at beginning of year 8,801 11,302
Cash and cash equivalents at end of period $8,569 $8,986
The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Nine months ended Three months ended
September 30 September 30
(Dollars in millions) 2017 2016 2017 2016
Revenues:
Commercial Airplanes $41,263 $43,630 $14,982 $15,200
Defense, Space & Security 15,520 17,281 5,470 5,751
Global Services 10,638 10,508 3,568 3,506
Boeing Capital 234 211 70 63
Unallocated items, eliminations and 369 (345) 219 (622)
other
Total revenues $68,024 $71,285 $24,309 $23,898
Earnings from operations:
Commercial Airplanes $3,648 $804 $1,483 $1,293
Defense, Space & Security 1,670 1,443 559 564
Global Services 1,639 1,609 506 524
Boeing Capital 87 36 23 13
Segment operating profit 7,044 3,892 2,571 2,394
Unallocated items, eliminations and 204 (241) 118 (112)
other
Earnings from operations 7,248 3,651 2,689 2,282
Other income, net 94 41 45 2
Interest and debt expense (267) (227) (87) (81)
Earnings before income taxes 7,075 3,465 2,647 2,203
Income tax (expense)/benefit (2,010) (201) (794) 76
Net earnings $5,065 $3,264 $1,853 $2,279
Research and development expense, net:
Commercial Airplanes $1,755 $3,152 $538 $633
Defense, Space & Security 599 666 207 201
Global Services 101 126 38 41
Other (37) (43) (16) (18)
Total research and development expense, $2,418 $3,901 $767 $857
net
Unallocated items, eliminations and
other
Share-based plans ($67) ($50) ($21) ($9)
Deferred compensation (174) (38) (78) (33)
Amortization of previously capitalized (72) (71) (21) (23)
interest
Eliminations and other unallocated items (437) (333) (78) (135)
Sub-total (included in core operating (750) (492) (198) (200)
earnings)
Pension 808 129 275 50
Postretirement 146 122 41 38
Total unallocated items, eliminations $204 ($241) $118 ($112)
and other
The Boeing Company and Subsidiaries
Notes to Condensed Consolidated Financial Statements
Summary of Business Segment Data
(Unaudited)
Effective July 1, 2017, we now operate in four principal segments: Commercial
Airplanes; Defense, Space & Security, Global Services and Boeing Capital. The
prior period amounts have been reclassified to conform to the current period's
presentation as set forth below.
Three months ended
(Dollars in millions) 06/30/17 03/31/17 12/31/16 09/30/16 06/30/16 03/31/16
Revenues:
Commercial Airplanes $13,817 $12,464 $14,382 $15,200 $15,643 $12,787
Defense, Space & Security 5,198 4,852 5,282 5,751 5,394 6,136
Global Services 3,564 3,506 3,417 3,506 3,581 3,421
Boeing Capital 72 92 87 63 84 64
Unallocated items, 88 62 118 (622) 53 224
eliminations and other
Total revenues $22,739 $20,976 $23,286 $23,898 $24,755 $22,632
Earnings from operations:
Commercial Airplanes $1,274 $891 $1,191 $1,293 ($1,281) $792
Defense, Space & Security 619 492 523 564 362 517
Global Services 564 569 568 524 539 546
Boeing Capital 25 39 23 13 18 5
Segment operating profit/ 2,482 1,991 2,305 2,394 (362) 1,860
(loss)
Unallocated items, 53 33 (122) (112) (57) (72)
eliminations and other
Earnings/(loss) from 2,535 2,024 2,183 2,282 (419) 1,788
operations
Other income/(loss), net 27 22 (1) 2 13 26
Interest and debt expense (93) (87) (79) (81) (73) (73)
Earnings/(loss) before 2,469 1,959 2,103 2,203 (479) 1,741
income taxes
Income tax (expense)/ (708) (508) (472) 76 245 (522)
benefit
Net earnings/(loss) $1,761 $1,451 $1,631 $2,279 ($234) $1,219
Research and development
expense, net:
Commercial Airplanes $592 $625 $554 $633 $1,860 $659
Defense, Space & Security 196 196 149 201 233 232
Global Services 35 28 27 41 47 38
Other (10) (11) (4) (18) (13) (12)
Total research and $813 $838 $726 $857 $2,127 $917
development expense, net
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Deliveries Nine months ended Three months ended
September 30 September 30
Commercial Airplanes 2017 2016 2017 2016
737 381 368 145 120
747 8 (1) 8 (3) 4 5 (3)
767 7 10 2 5
777 58 73 16 22
787 100 104 35 36
Total 554 563 202 188
Note: Deliveries under operating lease are identified by parentheses.
Defense, Space & Security
AH-64 Apache (New) 8 25 3 10
AH-64 Apache (Remanufactured) 43 27 15 9
C-17 Globemaster III 4
CH-47 Chinook (New) 6 17 2 7
CH-47 Chinook (Renewed) 28 23 9 7
F-15 Models 11 11 4 4
F/A-18 Models 18 20 6 6
P-8 Models 14 13 5 4
Commercial and Civil Satellites 3 3 2
Military Satellites 2 1
Total backlog (Dollars in September 30 December 31
millions) 2017 2016
Commercial Airplanes $412,185 $413,036
Defense, Space & Security 45,852 44,825
Global Services 16,251 15,631
Total backlog $474,288 $473,492
Contractual backlog $459,871 $458,277
Unobligated backlog $14,417 $15,215
Total backlog $474,288 $473,492
Workforce 142,300 150,500
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core
operating earnings, core operating margin, and core earnings per share with the
most directly comparable GAAP financial measures, earnings from operations,
operating margin, and diluted earnings per share. See page 6 of this release
for additional information on the use of these non-GAAP financial measures.
(Dollars in millions, except Third Quarter Nine Months Guidance
per share data)
2017 2016 2017 2016 2017
Revenues $24,309 $23,898 $68,024 $71,285
GAAP Earnings From Operations $2,689 $2,282 $7,248 $3,651
Unallocated Pension Income ($275) ($50) ($808) ($129)
Unallocated Other ($41) ($38) ($146) ($122)
Postretirement Benefit Income
Unallocated Pension and Other ($316) ($88) ($954) ($251)
Postretirement Benefit Income ($1,220)
Core Operating Earnings $2,373 $2,194 $6,294 $3,400
(non-GAAP)
GAAP Diluted Earnings Per $3.06 $3.60 $8.27 $5.04 $11.20 -
Share 11.40
Unallocated Pension Income ($0.45) ($0.08) ($1.31) ($0.20)
Unallocated Postretirement ($0.07) ($0.06) ($0.24) ($0.19) ($1.30)
Benefit Income
Provision for deferred income $0.18 $0.05 $0.54 $0.14
taxes on adjustments (1)
Core Earnings Per Share $2.72 $3.51 $7.26 $4.79 $9.90 -
(non-GAAP) 10.10
Weighted Average Diluted 606.3 632.7 612.8 647.9 610
Shares (millions)
(1) The income tax impact is calculated using the tax rate in effect
for the non-GAAP adjustments.
END
(END) Dow Jones Newswires
October 25, 2017 08:01 ET (12:01 GMT)
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