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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 Strong First-Quarter Results; Raises Cash Flow and EPS Guidance
CHICAGO, April 25, 2018 /PRNewswire/ --
* Revenue increased to $23.4 billion reflecting 184 commercial deliveries
and higher defense and services volume
* GAAP EPS of $4.15 and core EPS (non-GAAP)* of $3.64 on strong performance
across the company
* Strong operating cash flow of $3.1 billion; repurchased 8.9 million shares
for $3.0 billion
* Backlog grew to $486 billion, including over 5,800 commercial aircraft
* Cash and marketable securities of $9.9 billion provide strong liquidity
* Operating cash flow, EPS and Commercial Airplanes margin guidance increased
on performance
Table 1. Summary Financial First Quarter
Results
(Dollars in Millions, except 2018 2017 Change
per share data)
Revenues $23,382 $21,961 6%
GAAP
Earnings From Operations $2,875 $2,206 30%
Operating Margin 12.3% 10.0% 2.3 Pts
Net Earnings $2,477 $1,579 57%
Earnings Per Share $4.15 $2.54 63%
Operating Cash Flow $3,136 $2,098 49%
Non-GAAP*
Core Operating Earnings $2,510 $1,860 35%
Core Operating Margin 10.7% 8.5% 2.2 Pts
Core Earnings Per Share $3.64 $2.17 68%
* Non-GAAP measures. Complete definitions of Boeing's non-GAAP measures are on
page 7, "Non-GAAP Measures Disclosures."
The Boeing Company [NYSE: BA] reported first-quarter revenue of $23.4 billion
reflecting higher commercial deliveries and mix, defense contract volume and
services growth (Table 1). GAAP earnings per share increased to $4.15 and core
earnings per share (non-GAAP)* increased to $3.64 reflecting strong performance
across the company.
The company's cash flow guidance is increased to between $15.0 and $15.5
billion, driven by improved performance. Full year EPS guidance is increased by
$0.50 to between $16.40 and $16.60, and core earnings per share (non-GAAP)*
guidance is increased to between $14.30 and $14.50 on performance.
"Across Boeing, our teams performed at a high level in the quarter, driving
revenue and earnings growth at all three business units, increasing
profitability and operating cash flow, and delivering more value to our
customers," said Boeing Chairman, President and Chief Executive Officer Dennis
Muilenburg. "Customers continue to recognize the value of our products and
services, with strong orders booked in the quarter for defense, services and
commercial offerings, including 221 net commercial aircraft orders."
"During the quarter we captured important new business, including an initial
contract for 28 F/A-18 Super Hornets for Kuwait, a Ground-based Midcourse
Defense program contract extension from the Missile Defense Agency, and we
delivered the first Space Launch System intertank hardware to NASA. We achieved
the first flight of the 737 MAX 7, and delivered the first 787-10 Dreamliner
and the first 737 MAX 9. Within our services business, we received a follow-on
contract to support the Royal Canadian Air Force's Chinook fleet, captured a
landing gear exchange contract for Aeromexico, and released Self-Service
Analytics to complement our digital solutions portfolio. All of these
milestones demonstrated the value we bring to our customers through the
strength of our One Boeing offerings."
"Our team's strong first-quarter performance, combined with the positive market
outlook across our businesses and our confidence in executing on our production
and development programs, gives us a solid foundation to raise our guidance for
the year. Going forward, we remain focused on our disciplined growth strategy,
improved profitability and cash flow to ensure we meet our commitments to our
customers and our shareholders."
Table 2. Cash Flow First Quarter
(Millions) 2018 2017
Operating Cash Flow $3,136 $2,098
Less Additions to Property, ($394) ($466)
Plant & Equipment
Free Cash Flow* $2,742 $1,632
* Non-GAAP measures. Complete definitions of Boeing's non-GAAP measures are on
page 7, "Non-GAAP Measures Disclosures."
Operating cash flow in the quarter of $3.1 billion reflects planned higher
commercial airplane production rates, improved performance, and favorable
timing of receipts and expenditures (Table 2). During the quarter, the company
repurchased 8.9 million shares for $3.0 billion, leaving $15.0 billion
remaining under the current repurchase authorization which is expected to be
completed over approximately the next two years. The company also paid $1.0
billion in dividends in the quarter, reflecting a 20 percent increase in
dividends per share compared to the same period of the prior year.
Table 3. Cash, Marketable Quarter-End
Securities and Debt Balances
(Billions) Q1 18 Q4 17
Cash $9.2 $8.8
Marketable Securities1 $0.7 $1.2
Total $9.9 $10.0
Debt Balances:
The Boeing Company, net of $10.0 $8.6
intercompany loans to BCC
Boeing Capital, including $2.5 $2.5
intercompany loans
Total Consolidated Debt $12.5 $11.1
1 Marketable securities consists primarily of time deposits due within one
year classified as "short-term investments."
Cash and investments in marketable securities totaled $9.9 billion, compared to
$10.0 billion at the beginning of the quarter (Table 3). Debt was $12.5
billion, up from $11.1 billion at the beginning of the quarter, primarily due
to the issuance of new debt.
Total company backlog at quarter-end was $486 billion and included net orders
for the quarter of $34 billion. Backlog was up from $475 billion at the
beginning of the quarter, which has been adjusted to reflect the adoption of
the new revenue recognition standard (ASC 606).
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes First Quarter
(Dollars in Millions) 2018 2017 Change
Commercial Airplanes Deliveries 184 169 9%
Revenues $13,652 $12,953 5%
Earnings from Operations $1,508 $870 73%
Operating Margin 11.0% 6.7% 4.3 Pts
Commercial Airplanes first-quarter revenue was $13.7 billion reflecting higher
deliveries and mix (Table 4). First-quarter operating margin increased to 11.0
percent, reflecting strong operating performance on production programs.
During the quarter, Commercial Airplanes delivered 184 airplanes, including
delivery of the first 787-10 Dreamliner to Singapore Airlines and delivery of
the first 737 MAX 9 to Lion Air Group. The 737 program reached additional
milestones during the quarter, including first flight of the 737 MAX 7 and firm
configuration of the 737 MAX 10. The 737 program has captured over 4,400 orders
since launch for the 737 MAX, including a recent order from Jet Airways for 75
additional airplanes. Reflecting the strength of the cargo market, we now plan
to increase the production rate on the 767 program from 2.5 to 3 per month
beginning in 2020. Development on the 777X program remains on track as
production began on the first 777X fuselage for structural testing.
Commercial Airplanes booked 221 net orders during the quarter. Backlog remains
robust with over 5,800 airplanes valued at $415 billion.
Defense, Space & Security
Table 5. Defense, Space & Security First Quarter
(Dollars in Millions) 2018 2017 Change
Revenues $5,762 $5,112 13%
Earnings from Operations $649 $549 18%
Operating Margin 11.3% 10.7% 0.6 Pts
Defense, Space & Security first-quarter revenue increased to $5.8 billion
driven by C-17, international fighters, and weapons volume (Table 5).
First-quarter operating margin increased to 11.3 percent on solid execution and
mix.
During the quarter, Defense, Space & Security was awarded an initial contract
for 28 F/A-18 Super Hornets for Kuwait, a contract for the final C-17 for
India, and an extension for Ground-based Midcourse Defense development and
sustainment from the Missile Defense Agency. We continue to progress on
development programs as the KC-46 Tanker program completed fuel on-load
certification testing, the first Space Launch System intertank hardware was
delivered to NASA, and the second Commercial Crew spacecraft successfully
achieved power-on.
Backlog at Defense, Space & Security was $50 billion, of which 36 percent
represents orders from international customers.
Global Services
Table 6. Global Services First Quarter
(Dollars in Millions) 2018 2017 Change
Revenues $3,943 $3,653 8%
Earnings from Operations $644 $623 3%
Operating Margin 16.3% 17.1% (0.8) Pts
Global Services first-quarter revenue increased to $3.9 billion, reflecting
growth in commercial services (Table 6). First-quarter operating margin was
16.3 percent reflecting product and services mix.
During the quarter, Global Services was awarded a follow-on contract from the
Royal Canadian Air Force to provide full system logistics, engineering support,
supply chain, data analytics and training services to their fleet of Chinooks.
Global Services also captured a contract from the Royal Saudi Air Force for
F-15 repair support services and a contract from Aeromexico for the 787 landing
gear exchange program. As part of Boeing AnalytX, we released Self-Service
Analytics to complement our digital solutions portfolio, allowing customers to
access data to develop deeper insights into their operations.
Additional Financial Information
Table 7. Additional Financial Information First Quarter
(Dollars in Millions) 2018 2017
Revenues
Boeing Capital $65 $92
Unallocated items, eliminations and other ($40) $151
Earnings from Operations
Boeing Capital $20 $39
FAS/CAS service cost adjustment $365 $346
Other unallocated items and eliminations ($311) ($221)
Other income, net $66 $26
Interest and debt expense ($102) ($87)
Effective tax rate 12.8% 26.4%
At quarter-end, Boeing Capital's net portfolio balance was $2.9 billion. Total
pension expense for the first quarter was $40 million, down from $97 million in
the same period of the prior year. Revenue in other unallocated items and
eliminations decreased primarily due to the sale of aircraft previously leased
to customers in the first quarter of 2017. The effective tax rate for the first
quarter decreased from the same period in the prior year primarily due to the
reduction of the federal tax rate to 21%.
Outlook
The Company's 2018 guidance is updated below (Table 8).
Table 8. 2018 Financial Current Prior
Outlook
(Dollars in Billions, Guidance Guidance
except per share data)
The Boeing Company
Revenue $96.0 - 98.0 $96.0 -
98.0
GAAP Earnings Per Share $16.40 - 16.60 $15.90 -
16.10
Core Earnings Per Share* $14.30 - 14.50 $13.80 -
14.00
Operating Cash Flow $15.0 - 15.5 $15.0
Commercial Airplanes
Deliveries 810 - 815 810 - 815
Revenue $59.5 - 60.5 $59.5 -
60.5
Operating Margin 11.5% >11.0%
Defense, Space & Security
Revenue $21.5 - 22.5 $21.5 -
22.5
Operating Margin 11.0% 11.0%
Global Services
Revenue $15.0 - 15.5 $15.0 -
15.5
Operating Margin 15.5% 15.5%
Boeing Capital
Portfolio Size Stable Stable
Revenue $0.2 $0.2
Pre-Tax Earnings $0.05 $0.05
Research & Development $3.7 $3.7
Capital Expenditures $2.2 $2.2
Pension Expense 1 $0.1 $0.1
Effective Tax Rate 16.0% 16.0%
1 Approximately $1.4 billion of pension expense is expected to be
allocated to the business segments
* Non-GAAP measures. Complete definitions of Boeing's non-GAAP
measures are on page 7, "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
the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment
represents the difference between the 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 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 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, 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 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 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 commercial
aircraft production rate changes, 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)
threats to the security of our or our customers' information; (14) potential
adverse developments in new or pending litigation and/or government
investigations; (15) customer and aircraft concentration in our customer
financing portfolio; (16) changes in our ability to obtain debt on commercially
reasonable terms and at competitive rates; (17) realizing the anticipated
benefits of mergers, acquisitions, joint ventures/strategic alliances or
divestitures; (18) the adequacy of our insurance coverage to cover significant
risk exposures; (19) potential business disruptions, including those related to
physical security threats, information technology or cyber-attacks, epidemics,
sanctions or natural disasters; (20) work stoppages or other labor disruptions;
(21) substantial pension and other postretirement benefit obligations; (22)
potential environmental liabilities.
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)
In the first quarter of 2018, we adopted the following Accounting Standards
Updates (ASU), which are reflected in the unaudited Consolidated Financial
Statements on pages 9-14: ASU 2014-09, Revenue from Contracts with Customers
(Topic 606); ASU 2017-07, Compensation - Retirement Benefits (Topic 715):
Improving the Presentation of Net Periodic Pension Cost and Net Periodic
Postretirement Benefit Cost; ASU 2016-18 Statement of Cash Flows (Topic 230)
Restricted Cash; and ASU 2018-02, Income Statement-Reporting Comprehensive
Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated
Other Comprehensive Income.
Three months ended
March 31
(Dollars in millions, except per share data) 2018 2017
Sales of products $20,820 $19,367
Sales of services 2,562 2,594
Total revenues 23,382 21,961
Cost of products (16,816) (16,062)
Cost of services (1,992) (1,998)
Boeing Capital interest expense (16) (13)
Total costs and expenses (18,824) (18,073)
4,558 3,888
Income from operating investments, net 74 81
General and administrative expense (997) (929)
Research and development expense, net (764) (836)
Gain on dispositions, net 4 2
Earnings from operations 2,875 2,206
Other income, net 66 26
Interest and debt expense (102) (87)
Earnings before income taxes 2,839 2,145
Income tax expense (362) (566)
Net earnings $2,477 $1,579
Basic earnings per share $4.19 $2.57
Diluted earnings per share $4.15 $2.54
Cash dividends paid per share $1.71 $1.42
Weighted average diluted shares (millions) 597.2 621.2
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data) March 31 December 31
2018 2017
Assets
Cash and cash equivalents $9,235 $8,813
Short-term and other investments 656 1,179
Accounts receivable, net 2,802 2,894
Unbilled receivables, net 9,822 8,194
Current portion of customer financing, net 244 309
Inventories 61,303 61,388
Other current assets 2,481 2,417
Total current assets 86,543 85,194
Customer financing, net 2,753 2,756
Property, plant and equipment, net of accumulated 12,628 12,672
depreciation of $17,894 and $17,641
Goodwill 5,558 5,559
Acquired intangible assets, net 2,525 2,573
Deferred income taxes 325 321
Investments 1,248 1,260
Other assets, net of accumulated amortization of $514 and 1,969 2,027
$482
Total assets $113,549 $112,362
Liabilities and equity
Accounts payable $12,613 $12,202
Accrued liabilities 10,983 13,069
Advances and progress billings 49,955 48,042
Short-term debt and current portion of long-term debt 1,981 1,335
Total current liabilities 75,532 74,648
Deferred income taxes 2,001 2,188
Accrued retiree health care 5,494 5,545
Accrued pension plan liability, net 16,279 16,471
Other long-term liabilities 2,474 2,015
Long-term debt 10,471 9,782
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 6,624 6,804
Treasury stock, at cost - 428,038,987 and 421,222,326 (46,396) (43,454)
shares
Retained earnings 52,095 49,618
Accumulated other comprehensive loss (16,162) (16,373)
Total shareholders' equity 1,222 1,656
Noncontrolling interests 76 57
Total equity 1,298 1,713
Total liabilities and equity $113,549 $112,362
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Three months
ended
March 31
(Dollars in millions) 2018 2017
Cash flows - operating activities:
Net earnings $2,477 $1,579
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Non-cash items -
Share-based plans expense 45 50
Depreciation and amortization 501 468
Investment/asset impairment charges, net 20 23
Customer financing valuation (benefit)/expense (1) 7
Gain on dispositions, net (4) (2)
Other charges and credits, net 60 58
Changes in assets and liabilities -
Accounts receivable 92 (264)
Unbilled receivables (1,628) (568)
Advances and progress billings 1,917 1,375
Inventories 283 (1,491)
Other current assets (103) (117)
Accounts payable 591 616
Accrued liabilities (1,337) (282)
Income taxes receivable, payable and deferred 348 552
Other long-term liabilities (243) (72)
Pension and other postretirement plans (50) 10
Customer financing, net 44 231
Other 124 (75)
Net cash provided by operating activities 3,136 2,098
Cash flows - investing activities:
Property, plant and equipment additions (394) (466)
Property, plant and equipment reductions 27 9
Contributions to investments (249) (605)
Proceeds from investments 752 803
Purchase of distribution rights (20)
Other 3 (1)
Net cash provided/(used) by investing activities 119 (260)
Cash flows - financing activities:
New borrowings 2,687 872
Debt repayments (1,371) (34)
Contributions from noncontrolling interests 20
Stock options exercised 51 174
Employee taxes on certain share-based payment arrangements (226) (107)
Common shares repurchased (3,000) (2,500)
Dividends paid (1,006) (868)
Net cash used by financing activities (2,845) (2,463)
Effect of exchange rate changes on cash and cash equivalents, 8 20
including restricted
Net increase/(decrease) in cash & cash equivalents, including 418 (605)
restricted
Cash & cash equivalents, including restricted, at beginning of 8,887 8,869
year
Cash & cash equivalents, including restricted, at end of $9,305 $8,264
period
Less restricted cash & cash equivalents, included in 70 74
Investments
Cash and cash equivalents at end of period 9,235 8,190
The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Three months ended
March 31
(Dollars in millions) 2018 2017
Revenues:
Commercial Airplanes $13,652 $12,953
Defense, Space & Security 5,762 5,112
Global Services 3,943 3,653
Boeing Capital 65 92
Unallocated items, eliminations and other (40) 151
Total revenues $23,382 $21,961
Earnings from operations:
Commercial Airplanes $1,508 $870
Defense, Space & Security 649 549
Global Services 644 623
Boeing Capital 20 39
Segment operating profit 2,821 2,081
Unallocated items, eliminations and other (311) (221)
FAS/CAS service cost adjustment 365 346
Earnings from operations 2,875 2,206
Other income, net 66 26
Interest and debt expense (102) (87)
Earnings before income taxes 2,839 2,145
Income tax expense (362) (566)
Net earnings $2,477 $1,579
Research and development expense, net:
Commercial Airplanes $549 $625
Defense, Space & Security 183 196
Global Services 34 28
Other (2) (13)
Total research and development expense, net $764 $836
Unallocated items, eliminations and other:
Share-based plans ($18) ($21)
Deferred compensation (29) (50)
Amortization of previously capitalized interest (25) (24)
Eliminations and other unallocated items (239) (126)
Sub-total (included in core operating earnings) (311) (221)
Pension FAS/CAS service cost adjustment 283 262
Postretirement FAS/CAS service cost adjustment 82 84
FAS/CAS service cost adjustment $365 $346
Total $54 $125
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Deliveries Three months ended
March 31
Commercial 2018 2017
Airplanes
737 132 113
747 2 1 (1)
767 4 2
777 12 21
787 34 32
Total 184 169
Note: Aircraft accounted for as revenues by BCA and as a note receivable in
consolidation identified by parentheses
Defense, Space &
Security
AH-64 Apache 3
(New)
AH-64 Apache 6 13
(Remanufactured)
C-17 Globemaster
III
CH-47 Chinook 4 3
(New)
CH-47 Chinook 4 9
(Renewed)
F-15 Models 2 3
F/A-18 Models 5 6
P-8 Models 4 4
Commercial and 1
Civil Satellites
Military
Satellites
Total backlog March 31 Restated** Reported
(Dollars in 2018 December 31 December 31
millions) 2017 2017
Commercial $415,377 $411,188 $421,345
Airplanes
Defense, Space & 50,404 44,049 49,577
Security
Global Services 20,464 19,605 17,223
Total backlog $486,245 $474,842 $488,145
Contractual $461,742 $457,186 $470,241
backlog
Unobligated 24,503 17,656 17,904
backlog
Total backlog $486,245 $474,842 $488,145
** The restated
backlog reflects
the impact of ASC
606
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 7 of this release
for additional information on the use of these non-GAAP financial measures.
(Dollars in millions, except 2018 Guidance First Quarter 2018 First Quarter 2017
per share data)
$ millions Per Share $ millions Per $ millions Per
Share Share
Revenues 23,382 21,961
Earnings from operations 2,875 2,206
(GAAP)
Operating margins 12.3% 10.0%
FAS/CAS service cost
adjustment:
Pension FAS/CAS service cost (283) (262)
adjustment
Postretirement FAS/CAS (82) (84)
service cost adjustment
FAS/CAS service cost ($1,395) (365) (346)
adjustment
Core operating earnings $2,510 $1,860
(non-GAAP)
Core operating margins 10.7% 8.5%
(non-GAAP)
Diluted earnings per share $16.40 - 16.60 $4.15 $2.54
(GAAP)
Pension FAS/CAS service cost ($1,395) ($283) (0.47) ($262) (0.42)
adjustment
Postretirement FAS/CAS (82) (84)
service cost adjustment (0.14) (0.14)
Non-operating pension expense ($170) (42) (0.07) (34) (0.06)
Non-operating postretirement 24 0.04 30 0.05
expense
Provision for deferred income 80 0.13 122 0.20
taxes on adjustments 1
Subtotal of adjustments ($2.10) ($303) ($0.51) ($228) ($0.37)
Core earnings per share $14.30 - 14.50 $3.64 $2.17
(non-GAAP)
Weighted average diluted 585 - 590 597.2 621.2
shares (in millions)
1 The income tax impact is calculated using the U.S. corporate statutory tax
rate in effect for non-GAAP adjustments.
Condensed Consolidated Statement of Financial Position
The impact to our Condensed Consolidated Statement of Financial Position as a
result of adopting new accounting standards was as follows:
(Dollars in millions) December 31, 2017
Assets Reported Impact of Restated
New
Standards
Cash and cash equivalents $8,813 $8,813
Short-term and other investments 1,179 1,179
Accounts receivable, net 10,516 ($7,622) 2,894
Unbilled receivables, net 8,194 8,194
Current portion of customer financing, net 309 309
Inventories 44,344 17,044 61,388
Other current assets 2,417 2,417
Total current assets 65,161 20,033 85,194
Customer financing, net 2,740 16 2,756
Property, plant and equipment, net 12,672 12,672
Goodwill 5,559 5,559
Acquired intangible assets, net 2,573 2,573
Deferred income taxes 341 (20) 321
Investments 1,260 1,260
Other assets, net of accumulated amortization 2,027 2,027
Total assets $92,333 $20,029 $112,362
Liabilities and equity
Accounts payable $12,202 $12,202
Accrued liabilities 15,292 (2,223) 13,069
Advances and billings in excess of related costs 27,440 (27,440)
Advances and progress billings 48,042 48,042
Short-term debt and current portion of long-term 1,335 1,335
debt
Total current liabilities 56,269 18,379 74,648
Deferred income taxes 1,839 349 2,188
Accrued retiree health care 5,545 5,545
Accrued pension plan liability, net 16,471 16,471
Other long-term liabilities 2,015 2,015
Long-term debt 9,782 9,782
Shareholders' equity:
Common stock 5,061 5,061
Additional paid-in capital 6,804 6,804
Treasury stock, at cost (43,454) (43,454)
Retained earnings 45,320 4,298 49,618
Accumulated other comprehensive loss (13,376) (2,997) (16,373)
Total shareholders' equity 355 1,301 1,656
Noncontrolling interests 57 57
Total equity 412 1,301 1,713
Total liabilities and equity $92,333 $20,029 $112,362
END
(END) Dow Jones Newswires
April 25, 2018 07:32 ET (11:32 GMT)
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