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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Boeing Co. | LSE:0BOE | London | Ordinary Share | COM STK USD5 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20,227 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Aircraft | 77.79B | -2.22B | -3.6729 | -42.56 | 0 |
TIDMBOE Boeing Reports Second Quarter Results ARLINGTON,Va., July 26, 2023 -- Second Quarter 2023 · Transitioning 737 production to 38 per month; increased 787 production to four per month · Revenue increased to $19.8 billion primarily reflecting 136 commercial deliveries · Operating cash flow of $2.9 billion and free cash flow of $2.6 billion (non -GAAP); cash and marketable securities of $13.8 billion · Total company backlog of $440 billion, including over 4,800 commercial airplanes · Reaffirm guidance: $4.5-$6.5 billion of operating cash flow and $3.0-$5.0 billion of free cash flow (non-GAAP) Table 1. Summary Financial Results Second Quarter First Half (Dollars in Millions, except per share data) 2023 2022 Change 2023 2022 Change Revenues $19,751 $16,681 18% $37,672 $30,672 23% GAAP (Loss)/earnings from operations ($99) $780 NM ($248) ($382) NM Operating margins (0.5) % 4.7 % NM (0.7) % (1.2) % NM Net (loss)/earnings ($149) $160 NM ($574) ($1,082) NM (Loss)/earnings per share ($0.25) $0.32 NM ($0.93) ($1.73) NM Operating cash flow $2,875 $81 NM $2,557 ($3,135) NM Non-GAAP* Core operating (loss)/earnings ($390) $496 NM ($830) ($949) NM Core operating margins (2.0) % 3.0 % NM (2.2) % (3.1) % NM Core loss per share ($0.82) ($0.37) NM ($2.08) ($3.11) NM *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." The Boeing Company [NYSE: BA] recorded second quarter revenue of $19.8billion, GAAP loss per share of ($0.25) and core loss per share (non-GAAP)* of ($0.82) (Table 1). Second quarter results reflect higher commercial volume and lower defense margins. Boeing generated operating cash flow of $2.9billion and free cash flow of $2.6 billion (non-GAAP). "We had a solid second quarter with improved deliveries and strong free cash flow generation. We are well positioned to meet the operational and financial goals we set for this year and for the long term," said DaveCalhoun, Boeing president and chief executive officer. "While we have more work ahead, we are making progress in our recovery and driving stability in our factories and the supply chain to meet our customer commitments. With demand strong, we're steadily increasing our production rates across key programs and growing investments in our people, products and technologies." Table 2. Second First Cash Flow Quarter Half (Millions) 2023 2022 2023 2022 Operating $2,875 $81 $2,557 ($3,135) cash flow Less ($296) ($263) ($764) ($612) additions to property, plant & equipment Free cash $2,579 ($182) $1,793 ($3,747) flow* *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." Operating cash flow was $2.9 billion in the quarter reflecting higher commercial deliveries and favorable receipt timing (Table 2). Table 3. Quarter End Cash, Marketable Securities and Debt Balances (Billions) Q2 23 Q1 23 Cash $7.3 $10.8 Marketable $6.5 $4.0 securities1 Total $13.8 $14.8 Consolidated $52.3 $55.4 debt 1Marketable securities consist primarily of time deposits due within one year classified as "short-term investments." Cash and investments in marketable securities totaled $13.8 billion, compared to $14.8 billion at thebeginning of the quarter (Table 3). Debt was $52.3billion, down from $55.4billion at the beginning of the quarter due to the pay down of maturing debt. The company maintains access to credit facilities of $12.0 billion, which remain undrawn. Total company backlog at quarter end was $440 billion. Segment Results Commercial Airplanes Table 4. Commercial Airplanes Second Quarter First Half (Dollars in Millions) 2023 2022 Change 2023 2022 Change Deliveries 136 121 12% 266 216 23% Revenues $8,840 $6,258 41% $15,544 $10,452 49% Loss from operations ($383) ($219) NM ($998) ($1,116) NM Operating margins (4.3) % (3.5) % NM (6.4) % (10.7) % NM Commercial Airplanes second quarter revenue increased to $8.8billion driven by higher 787 deliveries (Table 4). Operating margin of (4.3) percent also reflects abnormal costs and period expenses, including research and development. The 737 program is transitioning production to 38 per month and plans to reach 50 per month in the 2025/2026 timeframe. The program still expects to deliver 400-450 airplanes this year. The 787 program increased production to four per month with plans to ramp to five per month in late 2023 and 10 per month in the 2025/2026 timeframe. The program still expects to deliver 70-80 airplanes this year. During the quarter, Commercial Airplanes booked 460 net orders, including 220 for Air India and 39 for Riyadh Air, and secured a commitment from Ryanair for up to 300 737 MAX airplanes. Commercial Airplanes delivered 136 airplanes during the quarter and backlog included over 4,800 airplanes valued at $363 billion. Defense, Space& Security Table 5. Defense, Space & Security Second Quarter First Half (Dollars in Millions) 2023 2022 Change 2023 2022 Change Revenues $6,167 $6,191 -% $12,706 $11,674 9% (Loss)/earnings from operations ($527) $71 NM ($739) ($858) NM Operating margins (8.5) % 1.1 % NM (5.8) % (7.3) % NM Defense, Space & Security second quarter revenue was $6.2 billion. Second quarter operating margin was (8.5) percent, primarily driven by losses on certain fixed-price development programs, as well as continued operational impacts of labor instability and supply chain disruption on other programs. The Commercial Crew program recorded a $257 million loss primarily due to the impacts of the previously announced launch delay. The T-7A program recorded a $189 million loss primarily due to higher estimated costs on production contracts. The MQ-25 program also recorded a $68 million loss primarily due to schedule delays on the Engineering and Manufacturing Development contract. During the quarter, Defense, Space & Security completed the U.S. Air Force first flight of the T-7A Red Hawk, began construction on the Advanced Coatings Center in St. Louis and captured an award from the U.S. Army for 19 CH-47 Chinooks. Backlog at Defense, Space & Security was $58 billion, of which 31 percent represents orders from customers outside the U.S. Global Services Table 6. Global Services Second Quarter First Half (Dollars in Millions) 2023 2022 Change 2023 2022 Change Revenues $4,746 $4,298 10% $9,466 $8,612 10% Earnings from operations $856 $728 18% $1,703 $1,360 25% Operating margins 18.0 % 16.9 % 1.1 pts 18.0 % 15.8 % 2.2 pts Global Services second quarter revenue of $4.7 billion and operating margin of 18.0 percent reflect higher commercial volume and favorable mix. During the quarter, Global Services announced expansion in Poland with a new parts distribution site, collaboration with CAE to enhance and expand training solutions and Japan Airlines adopted Boeing Insight Accelerator for its 787 fleet. Additional Financial Information Table 7. Second First Additional Quarter Half Financial Information (Dollars in 2023 2022 2023 2022 Millions) Revenues Unallocated ($2) ($66) ($44) ($66) items, eliminations and other Earnings/(los s) from operations FAS/CAS $291 $284 $582 $567 service cost adjustment Other ($336) ($84) ($796) ($335) unallocated items and eliminations Other $320 $253 $622 $434 income, net Interest and ($621) ($656) ($1,270) ($1,293) debt expense
Effective 62.8 % 57.6 % 35.9 % 12.8 % tax rate The increase in loss from Other unallocated items andeliminations was primarily driven by deferred compensation expense. Other income primarily reflects an increase in investment income due to higher interest rates. The second quarter effective tax rate primarily reflects the tax benefit on pre-tax losses including cumulative adjustments related to a projected increase in the valuation allowance. 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/(loss), Core Operating Margin and Core Earnings/(loss) Per Share Core operating earnings/(loss) is defined as GAAPearnings from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margin is defined as core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP diluted earnings per share excluding the net earnings per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. 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/(loss), core operating margin and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation between the non-GAAP and GAAP measures is provided on page 12 and page 13. Free Cash Flow Free cash flow is GAAPoperating cash flow reduced by capital expenditures for property, plant and equipment. 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. See Table 2 on page 2 and page 14 for reconciliations of free cash flow to GAAP operating 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 commercial aircraft production rate changes, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as the potential impact of a government shutdown; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) competition within our markets; (7) our non-U.S. operations and sales to non-U.S. customers; (8) changes in accounting estimates; (9) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures; (10) our dependence on U.S. government contracts; (11) our reliance on fixed-price contracts; (12) our reliance on cost-type contracts; (13) contracts that include in-orbit incentive payments; (14) unauthorized access to our, our customers' and/or our suppliers' information and systems; (15) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (16) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (17) potential environmental liabilities; (18) effects of climate change and legal, regulatory or market responses to such change; (19) changes in our ability to obtain debt financing on commercially reasonable terms, at competitive rates and in sufficient amounts; (20) substantial pension and other postretirement benefit obligations; (21) the adequacy of our insurance coverage; (22) customer and aircraft concentration in our customer financing portfolio; and (23) work stoppages or other labor disruptions. 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: InvestorRelations: Matt Welch or David Dufault (312) 544-2140 Communications: Michael Friedman media@boeing. (media@boeing.com)com (media@boeing.com) The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited) Six Three months months ended ended June 30 June 30 (Dollars in 2023 2022 2023 2022 millions, except per share data) Sales of $31,601 $25,436 $16,687 $14,009 products Sales of 6,071 5,236 3,064 2,672 services Total revenues 37,672 30,672 19,751 16,681 Cost of (28,676) (23,696) (15,123) (12,284) products Cost of (5,134) (4,495) (2,689) (2,269) services Total costs (33,810) (28,191) (17,812) (14,553) and expenses 3,862 2,481 1,939 2,128 Income/(loss) 17 (3) 44 17 from operating investments, net General and (2,590) (1,531) (1,286) (668) administrative expense Research and (1,538) (1,331) (797) (698) development expense, net Gain on 1 2 1 1 dispositions, net (Loss)/earnings (248) (382) (99) 780 from operations Other income, 622 434 320 253 net Interest and (1,270) (1,293) (621) (656) debt expense (Loss)/earnings (896) (1,241) (400) 377 before income taxes Income tax 322 159 251 (217) benefit/(expens e) Net (574) (1,082) (149) 160 (loss)/earnings Less: net loss (11) (56) (33) attributable to noncontrolling interest Net ($563) ($1,026) ($149) $193 (loss)/earnings attributable to Boeing Shareholders Basic ($0.93) ($1.73) ($0.25) $0.32 (loss)/earnings per share
Diluted ($0.93) ($1.73) ($0.25) $0.32 (loss)/earnings per share Weighted 603.9 592.8 605.5 596.4 average diluted shares (millions) The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited) (Dollars in millions, except per June 30 December 31 share data) 2023 2022 Assets Cash and cash equivalents $7,254 $14,614 Short-term and other investments 6,508 2,606 Accounts receivable, net 2,945 2,517 Unbilled receivables, net 9,357 8,634 Current portion of customer 85 154 financing, net Inventories 78,322 78,151 Other current assets, net 2,941 2,847 Total current assets 107,412 109,523 Customer financing, net 1,105 1,450 Property, plant and equipment, net 10,455 10,550 of accumulated depreciation of $21,895 and $21,442 Goodwill 8,061 8,057 Acquired intangible assets, net 2,194 2,311 Deferred income taxes 66 63 Investments 1,025 983 Other assets, net of accumulated 4,456 4,163 amortization of of $935 and $949 Total assets $134,774 $137,100 Liabilities and equity Accounts payable $10,936 $10,200 Accrued liabilities 21,221 21,581 Advances and progress billings 55,310 53,081 Short-term debt and current portion 4,609 5,190 of long-term debt Total current liabilities 92,076 90,052 Deferred income taxes 95 230 Accrued retiree health care 2,424 2,503 Accrued pension plan liability, net 5,855 6,141 Other long-term liabilities 2,158 2,211 Long-term debt 47,659 51,811 Total liabilities 150,267 152,948 Shareholders' equity: Common stock, par value $5.00 - 5,061 5,061 1,200,000,000 shares authorized; 1,012,261,159 shares issued Additional paid-in capital 10,310 9,947 Treasury stock, at cost - (50,181) (50,814) 409,375,415 and 414,671,383 shares Retained earnings 28,910 29,473 Accumulated other comprehensive loss (9,617) (9,550) Total shareholders' deficit (15,517) (15,883) Noncontrolling interests 24 35 Total equity (15,493) (15,848) Total liabilities and equity $134,774 $137,100 The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) Six months ended June 30 (Dollars in millions) 2023 2022 Cash flows-operating activities: Net loss ($574) ($1,082) Adjustments to reconcile net loss to net cash provided/(used) by operating activities: Non-cash items - Share-based plans expense 381 352 Treasury shares issued for 401(k) 862 612 contribution Depreciation and amortization 913 984 Investment/asset impairment charges, net 12 72 Customer financing valuation adjustments (3) 42 Gain on dispositions, net (1) (2) Other charges and credits, net 33 260 Changes in assets and liabilities - Accounts receivable (433) (350) Unbilled receivables (721) (758) Advances and progress billings 2,228 (907) Inventories (241) (1,260) Other current assets 313 144 Accounts payable 852 395 Accrued liabilities (399) (835) Income taxes receivable, payable and (424) (238) deferred Other long-term liabilities (180) (64) Pension and other postretirement plans (520) (695) Customer financing, net 419 50 Other 40 145 Net cash provided/(used) by operating 2,557 (3,135) activities Cash flows - investing activities: Payments to acquire property, plant and (764) (612) equipment Proceeds from disposals of property, plant 13 16 and equipment Contributions to investments (9,496) (2,471) Proceeds from investments 5,567 9,296 Other (158) 2 Net cash (used)/provided by investing (4,838) 6,231 activities Cash flows - financing activities: New borrowings 38 15 Debt repayments (5,123) (1,013) Stock options exercised 44 34 Employee taxes on certain share-based (48) (34) payment arrangements Other (4) Net cash used by financing activities (5,093) (998) Effect of exchange rate changes on cash and 2 (71) cash equivalents Net (decrease)/increase in cash & cash (7,372) 2,027 equivalents, including restricted Cash & cash equivalents, including 14,647 8,104 restricted, at beginning of year Cash & cash equivalents, including 7,275 10,131 restricted, at end of period Less restricted cash & cash equivalents, 21 41 included in Investments Cash & cash equivalents at end of period $7,254 $10,090 The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited) Six months ended Three months ended June 30 June 30 (Dollars in millions) 2023 2022 2023 2022 Revenues: Commercial Airplanes $15,544 $10,452 $8,840 $6,258 Defense, Space & Security 12,706 11,674 6,167 6,191 Global Services 9,466 8,612 4,746 4,298 Unallocated items, (44) (66) (2) (66) eliminations and other Total revenues $37,672 $30,672 $19,751 $16,681 (Loss)/earnings from operations: Commercial Airplanes ($998) ($1,116) ($383) ($219) Defense, Space & Security (739) (858) (527) 71 Global Services 1,703 1,360 856 728 Segment operating (34) (614) (54) 580 earnings/(loss) Unallocated items, (796) (335) (336) (84) eliminations and other FAS/CAS service cost 582 567 291 284 adjustment (Loss)/earnings from (248) (382) (99) 780 operations Other income, net 622 434 320 253 Interest and debt expense (1,270) (1,293) (621) (656) (Loss)/earnings before (896) (1,241) (400) 377 income taxes Income tax 322 159 251 (217) benefit/(expense) Net (loss)/earnings (574) (1,082) (149) 160 Less: net loss attributable (11) (56) (33) to noncontrolling interest Net (loss)/earnings ($563) ($1,026) ($149) $193 attributable to Boeing Shareholders Research and development expense, net: Commercial Airplanes $915 $693 $471 $372 Defense, Space & Security 420 466 225 233 Global Services 54 54 28 27 Other 149 118 73 66 Total research and $1,538 $1,331 $797 $698 development expense, net Unallocated items, eliminations and other: Share-based plans ($38) ($108) $14 ($25) Deferred compensation (96) 166 (42) 124 Amortization of previously (47) (47) (24) (24) capitalized interest Research and development (149) (118) (73) (66) expense, net Eliminations and other (466) (228) (211) (93) unallocated items Sub-total (included in core (796) (335) (336) (84) operating (loss)/earnings Pension FAS/CAS service 445 413 222 205 cost adjustment Postretirement FAS/CAS 137 154 69 79 service cost adjustment FAS/CAS service cost 582 567 $291 $284 adjustment Total ($214) $232 ($45) $200 The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited) Deliveries Six Three months months ended ended June June 30 30 Commercial 2023 2022 2023 2022 Airplanes 737 216 189 103 103 747 1 3 - 2 767 9 12 8 7 777 9 12 5 9
787 31 - 20 - Total 266 216 136 121 Defense, Space & Security AH-64 Apache 12 13 5 6 (New) AH-64 Apache 29 28 16 13 (Remanufactured) CH-47 Chinook 7 9 2 5 (New) CH-47 Chinook 4 4 3 1 (Renewed) F-15 Models 6 5 4 4 F/A-18 Models 13 8 6 4 KC-46 Tanker 1 8 - 4 P-8 Models 5 6 2 3 Commercial and 3 - - - Civil Satellites Total backlog June 30 December (Dollars in 2023 31 millions) 2022 Commercial $362,866 $329,824 Airplanes Defense, Space & 57,505 54,373 Security Global Services 18,455 19,338 Unallocated 738 846 items, eliminations and other Total backlog $439,564 $404,381 Contractual $417,037 $381,977 backlog Unobligated 22,527 22,404 backlog Total backlog $439,564 $404,381 The Boeing Company and Subsidiaries Reconciliation of Non-GAAP Measures (Unaudited) The tables provided below reconcile the non-GAAP financial measures core operating (loss)/earnings, core operating margin, and core loss per share with the most directly comparable GAAP financial measures, (loss)/earnings from operations, operating margin, and diluted (loss)/earnings per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures. (Dollars in Second Second millions, Quarter Quarter except per 2023 2022 share data) $ million Per $ million Per s Share s Share Revenues 19,751 16,681 (Loss)/earnings (99) 780 from operations (GAAP) Operating (0.5) % 4.7 % margin (GAAP) FAS/CAS service cost adjustment: Pension (222) (205) FAS/CAS service cost adjustment Postretirement (69) (79) FAS/CAS service cost adjustment FAS/CAS (291) (284) service cost adjustment Core operating ($390) $496 (loss)/earnings (non-GAAP) Core operating (2.0) % 3.0 % margin (non -GAAP) Diluted ($0.25) $0.32 (loss)/earnings per share (GAAP) Pension ($222) (0.37) ($205) (0.35) FAS/CAS service cost adjustment Postretirement (69) (0.11) (79) (0.13) FAS/CAS service cost adjustment Non-operating (134) (0.22) (221) (0.37) pension expense Non-operating (14) (0.02) (14) (0.02) postretirement expense Provision for 92 0.15 109 0.18 deferred income taxes on adjustments1 Subtotal of ($347) ($0.57) ($410) ($0.69) adjustments Core loss per ($0.82) ($0.37) share (non -GAAP) Weighted 605.5 596.4 average diluted shares (in millions) 1 The income tax impact is calculated using the U.S. corporate statutory tax rate. The Boeing Company and Subsidiaries Reconciliation of Non-GAAP Measures (Unaudited) The tables provided below reconcile the non-GAAP financial measures core operating loss, core operating margin, and core loss per share with the most directly comparable GAAP financial measures, loss from operations, operating margin, and diluted loss per share. See page 5of this release for additional information on the use of these non-GAAP financial measures. (Dollars in First First millions, Half Half except per 2023 2022 share data) $ million Per $ million Per s Share s Share Revenues 37,672 30,672 Loss from (248) (382) operations (GAAP) Operating (0.7) % (1.2) % margin (GAAP) FAS/CAS service cost adjustment: Pension (445) (413) FAS/CAS service cost adjustment Postretirement (137) (154) FAS/CAS service cost adjustment FAS/CAS (582) (567) service cost adjustment Core operating (830) (949) loss (non -GAAP) Core operating (2.2) % (3.1) % margin (non -GAAP) Diluted loss (0.93) (1.73) per share (GAAP) Pension (445) (0.73) (413) (0.70) FAS/CAS service cost adjustment Postretirement (137) (0.23) (154) (0.26) FAS/CAS service cost adjustment Non-operating (268) (0.45) (441) (0.74) pension expense Non-operating (29) (0.05) (29) (0.05) postretirement expense Provision for 185 0.31 218 0.37 deferred income taxes on adjustments1 Subtotal of ($694) ($1.15) ($819) ($1.38) adjustments Core loss per ($2.08) ($3.11) share (non -GAAP) Weighted 603.9 592.8 average diluted shares (in millions) 1 The income tax impact is calculated using the U.S. corporate statutory tax rate. The Boeing Company and Subsidiaries Reconciliation of Non-GAAP Measures (Unaudited) The table provided below reconciles the non-GAAP financial measure free cash flow with the most directly comparable GAAP financial measure, operating cash flow. See page 5 of this release for additional information on the use of this non-GAAP financial measure. Full Year 2023 (dollars in billions) Outlook Operating Cash Flow $4.5 - $6.5 Less Additions to Property, Plant & Equipment ($1.5) Free Cash Flow (non-GAAP) $3.0 - $5.0 SOURCE Boeing This information was brought to you by Cision http://news.cision.com END
(END) Dow Jones Newswires
July 26, 2023 07:30 ET (11:30 GMT)
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