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BOE Boeing Co.

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Last Updated: 01:00:00
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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

Boeing Co 1st Quarter Results

27/04/2022 12:32pm

UK Regulatory


 
TIDMBOE 
 
Boeing Reports First-Quarter Results 
 
CHICAGO, April 27, 2022 /PRNewswire/ -- 
 
First Quarter 2022 
 
  * 737 production and deliveries continue to increase; submitted 787 
    certification plan to the FAA 
  * Launched 777-8 Freighter; now anticipate first 777-9  delivery in 2025 
  * Recorded charges on fixed-price defense development programs as well as for 
    impacts of the war in Ukraine 
  * Operating cash flow of ($3.2) billion; continue to expect positive cash 
    flow for 2022 
  * Revenue of $14.0 billion; GAAP loss per share of ($2.06) and core 
    (non-GAAP)* loss per share of ($2.75) 
  * Total backlog of $371 billion; including nearly 4,200 commercial airplanes 
 
Table 1.                              First Quarter 
Summary 
Financial 
Results 
 
(Dollars in                          2022                       2021     Change 
Millions, 
except per 
share data) 
 
Revenues                                            $13,991    $15,217    (8)% 
 
GAAP 
 
Loss From                                          ($1,169)      ($83)     NM 
Operations 
 
Operating                                            (8.4)%     (0.5)%     NM 
Margin 
 
Net Loss                                           ($1,242)     ($561)     NM 
 
Loss Per Share                                      ($2.06)    ($0.92)     NM 
 
Operating Cash                                     ($3,216)   ($3,387)     NM 
Flow 
 
Non-GAAP* 
 
Core Operating                                     ($1,452)     ($353)     NM 
Loss 
 
Core Operating                                      (10.4)%     (2.3)%     NM 
Margin 
 
Core Loss Per                                       ($2.75)    ($1.53)     NM 
Share 
 
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on 
page 6, "Non-GAAP Measures Disclosures." 
 
The Boeing Company [NYSE: BA] reported first-quarter revenue of $14.0 billion, 
driven by lower defense volume and charges on fixed-price defense development 
programs, partially offset by commercial services volume. GAAP loss per share 
of ($2.06) and core loss per share (non-GAAP)* of ($2.75) also reflect $212 
million of pre-tax charges for impacts of the war in Ukraine (Table 1). Boeing 
recorded operating cash flow of ($3.2) billion. 
 
"While the first quarter of 2022 brought new challenges for our world, industry 
and business, I am proud of our team and the steady progress we're making 
toward our key commitments," said Dave Calhoun, Boeing president and chief 
executive officer. "We increased 737 MAX production and deliveries and made 
important progress on the 787 by submitting our certification plan to the FAA. 
Despite the pressures on our defense and commercial development programs, we 
remain on track to generate positive cash flow for 2022, and we're focused on 
our performance as we work through certification requirements and mature 
several key programs to production. Leading with safety and quality, we're 
taking the right actions to drive stability throughout our operations, deliver 
on our commitments to customers and position Boeing for a sustainable future." 
 
Table 2. Cash Flow                                      First Quarter 
 
(Millions)                                             2022                     2021 
 
Operating Cash Flow                                                ($3,216)   ($3,387) 
 
Less Additions to Property, Plant &                                  ($349)     ($291) 
Equipment 
 
Free Cash Flow*                                                    ($3,565)   ($3,678) 
 
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on 
page 6, "Non-GAAP Measures Disclosures." 
 
Operating cash flow was ($3.2) billion in the quarter due to unfavorable 
receipt timing (Table 2). 
 
Table 3. Cash, Marketable Securities and Debt Balances          Quarter-End 
 
(Billions)                                                    Q1 22  Q4 21 
 
Cash                                                           $7.4   $8.0 
 
Marketable Securities1                                         $4.9   $8.2 
 
Total                                                         $12.3  $16.2 
 
Debt Balances: 
 
The Boeing Company, net of intercompany loans to BCC          $56.2  $56.6 
 
Boeing Capital, including intercompany loans                   $1.5   $1.5 
 
Total Consolidated Debt                                       $57.7  $58.1 
 
1 Marketable securities consist primarily of time deposits due within one year 
classified as "short-term investments." 
 
Cash and investments in marketable securities decreased to $12.3 billion, 
compared to $16.2 billion at the beginning of the quarter, primarily driven by 
operating cash outflows and debt repayment (Table 3). The company has access to 
credit facilities of $14.7 billion which remain undrawn. 
 
Total company backlog at quarter-end was $371 billion. 
 
Segment Results 
 
Commercial Airplanes 
 
Table 4. Commercial Airplanes       First Quarter 
 
(Dollars in Millions)               2022     2021   Change 
 
Commercial Airplanes Deliveries        95       77   23% 
 
Revenues                           $4,161   $4,269   (3)% 
 
Loss from Operations               ($859)   ($856)    NM 
 
Operating Margin                  (20.6)%  (20.1)%    NM 
 
Commercial Airplanes first-quarter revenue of $4.2 billion decreased slightly, 
primarily due to timing of wide-body deliveries, partially offset by higher 737 
deliveries (Table 4). Operating margin of (20.6)% also reflects abnormal costs 
and period expenses, including charges for impacts of the war in Ukraine and 
higher research and development expense. 
 
Boeing has nearly completed the global safe return to service of the 737 MAX 
and the fleet has flown more than one million total flight hours since late 
2020. The 737 production rate continues to increase and is expected to increase 
to 31 airplanes per month during the second quarter. 
 
On the 787, the company has submitted the certification plan to the FAA. Rework 
has been completed on the initial airplanes and the company continues to work 
closely with the FAA on timing of resuming deliveries. The program is producing 
at a very low rate and will continue to do so until deliveries resume, with an 
expected gradual return to five per month over time. The company continues to 
anticipate 787 abnormal costs of approximately $2 billion, with most being 
incurred by the end of 2023, including $312 million recorded in the quarter. 
 
During the quarter, the company launched the 777-8 Freighter with an order from 
Qatar Airways. Delivery of the first 777-9 airplane is now expected in 2025, 
which reflects an updated assessment of the time required to meet certification 
requirements. To minimize inventory and the number of airplanes requiring 
change incorporation, the 777-9 production rate ramp is being adjusted, 
including a temporary pause through 2023. This will result in approximately 
$1.5 billion of abnormal costs beginning in the second quarter of this year and 
continuing until 777-9 production resumes. The 777 program is also leveraging 
the adjustment to the 777-9 production rate ramp to add 777 Freighter capacity 
starting in late 2023. 
 
Commercial Airplanes delivered 95 airplanes during the quarter and backlog 
included nearly 4,200 airplanes valued at $291 billion. 
 
Defense, Space & Security 
 
Table 5. Defense, Space & Security    First Quarter 
 
(Dollars in Millions)                  2022    2021   Change 
 
Revenues                              $5,483  $7,185  (24)% 
 
(Loss)/earnings from Operations       ($929)    $405    NM 
 
Operating Margin                     (16.9)%    5.6%    NM 
 
Defense, Space & Security first-quarter revenue decreased to $5.5 billion and 
first-quarter operating margin decreased to (16.9) percent, primarily driven by 
lower volume and charges on fixed-price development programs, including VC-25B 
and T-7A Red Hawk. The VC-25B program recorded a $660 million charge, primarily 
driven by higher supplier costs, higher costs to finalize technical 
requirements and schedule delays. The T-7A Red Hawk program recorded $367 
million in charges, primarily driven by ongoing supplier negotiations impacted 
by supply chain constraints, COVID-19 and inflationary pressures. 
 
During the quarter, Defense, Space & Security captured an award for 6 MH-47G 
Block II Chinook rotorcraft for U.S. Army Special Operations. Defense, Space & 
Security completed mission profile flights on the SB>1 DEFIANT and completed 
the 400th test flight on the T-7A Red Hawk. Also in the quarter, Defense, Space 
& Security began build of the first P-8A for the Royal New Zealand Air Force 
and delivered 41 aircraft. 
 
Backlog at Defense, Space & Security was $60 billion, of which 33% percent 
represents orders from customers outside the U.S. 
 
Global Services 
 
Table 6. Global                           First Quarter 
Services 
 
(Dollars in Millions)                     2022                   2021    Change 
 
Revenues                    $4,314                              $3,749    15% 
 
Earnings from                 $632                                $441    43% 
Operations 
 
Operating Margin             14.6%                               11.8%    24% 
 
Global Services first-quarter revenue increased to $4.3 billion and 
first-quarter operating margin increased to 14.6 percent primarily driven by 
higher commercial volume and favorable mix. 
 
During the quarter, Global Services secured a fuel-saving digital solutions 
contract for Etihad Airways' 787 fleet and was awarded a contract for KC-135 
horizontal stabilizers from the U.S. Air Force. Global Services captured a 767 
converted freighter order from Air Transport Services Group and also announced 
plans to create additional capacity for 767 converted freighters. 
 
Additional Financial Information 
 
Table 7. Additional Financial Information                  First Quarter 
 
(Dollars in Millions)                                      2022         2021 
 
Revenues 
 
Boeing Capital                                            $46             $60 
 
Unallocated items, eliminations and other               ($13)           ($46) 
 
(Loss)/Earnings from Operations 
 
Boeing Capital                                          ($36)             $21 
 
FAS/CAS service cost adjustment                          $283            $270 
 
Other unallocated items and eliminations               ($260)          ($364) 
 
Other income, net                                        $181            $190 
 
Interest and debt expense                              ($630)          ($679) 
 
Effective tax rate                                      23.2%            1.9% 
 
At quarter-end, Boeing Capital's net portfolio balance was $1.6 billion. 
Earnings from operations at Boeing Capital decreased primarily due to a 
provision for losses related to the war in Ukraine. The change in loss from 
other unallocated items and eliminations was primarily due to decreased 
share-based plan expense and deferred compensation expense as compared to the 
first quarter 2021. The first quarter effective tax rate primarily reflects the 
tax benefit of pretax losses and realizable R&D tax credits. 
 
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 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 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 pages 13. 
 
Free Cash Flow 
 
Free cash flow is GAAP operating 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. Table 2 provides a reconciliation 
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) 
the COVID-19 pandemic and related industry impacts, including with respect to 
our operations, our liquidity, the health of our customers and suppliers, and 
future demand for our products and services; (2) the 737 MAX, including the 
timing and conditions of remaining 737 MAX regulatory approvals, lower than 
planned production rates and/or delivery rates, and additional considerations 
to customers and suppliers; (3) general conditions in the economy and our 
industry, including those due to regulatory changes; (4) our reliance on our 
commercial airline customers; (5) 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; (6) changing budget and 
appropriation levels and acquisition priorities of the U.S. government; (7) our 
dependence on U.S. government contracts; (8) our reliance on fixed-price 
contracts; (9) our reliance on cost-type contracts; (10) uncertainties 
concerning contracts that include in-orbit incentive payments; (11) our 
dependence on our subcontractors and suppliers, as well as the availability of 
raw materials; (12) changes in accounting estimates; (13) changes in the 
competitive landscape in our markets; (14) our non-U.S. operations, including 
sales to non-U.S. customers; (15) threats to the security of our, our 
customers' and/or our suppliers' information; (16) potential adverse 
developments in new or pending litigation and/or government investigations; 
(17) customer and aircraft concentration in our customer financing portfolio; 
(18) changes in our ability to obtain debt financing on commercially reasonable 
terms and at competitive rates; (19) realizing the anticipated benefits of 
mergers, acquisitions, joint ventures/strategic alliances or divestitures; (20) 
the adequacy of our insurance coverage to cover significant risk exposures; 
(21) potential business disruptions, including those related to physical 
security threats, information technology or cyber-attacks, epidemics, sanctions 
or natural disasters; (22) work stoppages or other labor disruptions; (23) 
substantial pension and other postretirement benefit obligations; (24) 
potential environmental liabilities; and (25) effects of climate change and 
legal, regulatory or market responses to such change. 
 
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:  Matt Welch or Keely Moos (312) 544-2140 
 
Communications:      Michael Friedman media@boeing.com 
 
 
 
                     The Boeing Company and Subsidiaries 
 
                    Consolidated Statements of Operations 
 
                                 (Unaudited) 
 
                                                         Three months ended 
                                                              March 31 
 
(Dollars in millions, except per share data)               2022        2021 
 
Sales of products                                       $11,427    $12,518 
 
Sales of services                                         2,564      2,699 
 
Total revenues                                           13,991     15,217 
 
Cost of products                                       (11,412)   (11,632) 
 
Cost of services                                        (2,226)    (2,167) 
 
Boeing Capital interest expense                             (7)        (9) 
 
Total costs and expenses                               (13,645)   (13,808) 
 
                                                            346      1,409 
 
(Loss)/income from operating investments, net              (20)         37 
 
General and administrative expense                        (863)    (1,032) 
 
Research and development expense, net                     (633)      (499) 
 
Gain on dispositions, net                                     1          2 
 
Loss from operations                                    (1,169)       (83) 
 
Other income, net                                           181        190 
 
Interest and debt expense                                 (630)      (679) 
 
Loss before income taxes                                (1,618)      (572) 
 
Income tax benefit                                          376         11 
 
Net loss                                                (1,242)      (561) 
 
Less: net loss attributable to noncontrolling              (23)       (24) 
interest 
 
Net loss attributable to Boeing Shareholders           ($1,219)     ($537) 
 
Basic loss per share                                    ($2.06)    ($0.92) 
 
Diluted loss per share                                  ($2.06)    ($0.92) 
 
Weighted average diluted shares (millions)                591.7      585.4 
 
 
 
 
                     The Boeing Company and Subsidiaries 
 
                Consolidated Statements of Financial Position 
 
                                 (Unaudited) 
 
(Dollars in millions, except per share data)               March 31  December 
                                                               2022        31 
                                                                         2021 
 
Assets 
 
Cash and cash equivalents                                    $7,409    $8,052 
 
Short-term and other investments                              4,873     8,192 
 
Accounts receivable, net                                      2,407     2,641 
 
Unbilled receivables, net                                     8,991     8,620 
 
Current portion of customer financing, net                      157       117 
 
Inventories                                                  79,819    78,823 
 
Other current assets, net                                     2,356     2,221 
 
Total current assets                                        106,012   108,666 
 
Customer financing, net                                       1,580     1,695 
 
Property, plant and equipment, net of accumulated            10,755    10,918 
depreciation of $20,759 and 
     $20,538 
 
Goodwill                                                      8,065     8,068 
 
Acquired intangible assets, net                               2,492     2,562 
 
Deferred income taxes                                            91        77 
 
Investments                                                     992       975 
 
Other assets, net of accumulated amortization of of $1,024    5,814     5,591 
and $975 
 
Total assets                                               $135,801  $138,552 
 
Liabilities and equity 
 
Accounts payable                                             $8,779    $9,261 
 
Accrued liabilities                                          17,864    18,455 
 
Advances and progress billings                               52,458    52,980 
 
Short-term debt and current portion of long-term debt         2,591     1,296 
 
Total current liabilities                                    81,692    81,992 
 
Deferred income taxes                                           158       218 
 
Accrued retiree health care                                   3,471     3,528 
 
Accrued pension plan liability, net                           8,719     9,104 
 
Other long-term liabilities                                   1,879     1,750 
 
Long-term debt                                               55,150    56,806 
 
Total liabilities                                           151,069   153,398 
 
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                                    9,295     9,052 
 
Treasury stock, at cost - 420,886,484 and 423,343,707      (51,573)  (51,861) 
shares 
 
Retained earnings                                            33,189    34,408 
 
Accumulated other comprehensive loss                       (11,370)  (11,659) 
 
Total shareholders' deficit                                (15,398)  (14,999) 
 
Noncontrolling interests                                        130       153 
 
Total equity                                               (15,268)  (14,846) 
 
Total liabilities and equity                               $135,801  $138,552 
 
 
 
 
                      The Boeing Company and Subsidiaries 
 
                     Consolidated Statements of Cash Flows 
 
                                  (Unaudited) 
 
                                                              Three months 
                                                                  ended 
                                                                March 31 
 
(Dollars in millions)                                           2022     2021 
 
Cash flows - operating activities: 
 
Net loss                                                    ($1,242)   ($561) 
 
Adjustments to reconcile net loss to net cash used by 
operating activities: 
 
Non-cash items - 
 
Share-based plans expense                                        203      321 
 
Treasury shares issued for 401(k) contribution                   329      306 
 
Depreciation and amortization                                    486      536 
 
Investment/asset impairment charges, net                          72       16 
 
Customer financing valuation adjustments                          48 
 
Gain on dispositions, net                                        (1)      (2) 
 
787 and 777X reach-forward losses 
 
Other charges and credits, net                                   175       35 
 
Changes in assets and liabilities - 
 
Accounts receivable                                              237    (394) 
 
Unbilled receivables                                           (356)    (790) 
 
Advances and progress billings                                 (522)      421 
 
Inventories                                                  (1,203)    (680) 
 
Other current assets                                             140      153 
 
Accounts payable                                               (369)    (819) 
 
Accrued liabilities                                            (594)  (1,615) 
 
Income taxes receivable, payable and deferred                  (403)     (34) 
 
Other long-term liabilities                                       96     (84) 
 
Pension and other postretirement plans                         (371)    (265) 
 
Customer financing, net                                           18       46 
 
Other                                                             41       23 
 
  Net cash used by operating activities                      (3,216)  (3,387) 
 
Cash flows - investing activities: 
 
Payments to acquire property, plant and equipment              (349)    (291) 
 
Proceeds from disposals of property, plant and equipment           8        2 
 
Acquisitions, net of cash acquired 
 
Contributions to investments                                 (1,732)  (9,688) 
 
Proceeds from investments                                      5,037   12,738 
 
Other                                                              1        3 
 
Net cash provided by investing activities                      2,965    2,764 
 
Cash flows - financing activities: 
 
New borrowings                                                     2    9,814 
 
Debt repayments                                                (396)  (9,847) 
 
Stock options exercised                                           30       23 
 
Employee taxes on certain share-based payment arrangements      (32)     (38) 
 
Net cash used by financing activities                          (396)     (48) 
 
Effect of exchange rate changes on cash and cash                 (3)     (18) 
equivalents 
 
Net decrease in cash & cash equivalents, including             (650)    (689) 
restricted 
 
Cash & cash equivalents, including restricted, at beginning    8,104    7,835 
of year 
 
Cash & cash equivalents, including restricted, at end of       7,454    7,146 
period 
 
Less restricted cash & cash equivalents, included in              45       87 
Investments 
 
Cash and cash equivalents at end of year                      $7,409   $7,059 
 
 
 
                   The Boeing Company and Subsidiaries 
 
                    Summary of Business Segment Data 
 
                               (Unaudited) 
 
                                                       Three months ended 
                                                            March 31 
 
(Dollars in millions)                                    2022        2021 
 
Revenues: 
 
Commercial Airplanes                                      $4,161   $4,269 
 
Defense, Space & Security                                  5,483    7,185 
 
Global Services                                            4,314    3,749 
 
Boeing Capital                                                46       60 
 
Unallocated items, eliminations and other                   (13)     (46) 
 
Total revenues                                           $13,991  $15,217 
 
Earnings/(loss) from operations: 
 
Commercial Airplanes                                      ($859)   ($856) 
 
Defense, Space & Security                                  (929)      405 
 
Global Services                                              632      441 
 
Boeing Capital                                              (36)       21 
 
Segment operating (loss)/earnings                        (1,192)       11 
 
Unallocated items, eliminations and other                  (260)    (364) 
 
FAS/CAS service cost adjustment                              283      270 
 
Loss from operations                                     (1,169)     (83) 
 
Other income, net                                            181      190 
 
Interest and debt expense                                  (630)    (679) 
 
Loss before income taxes                                 (1,618)    (572) 
 
Income tax benefit                                           376       11 
 
Net loss                                                 (1,242)    (561) 
 
Less: Net loss attributable to noncontrolling interest      (23)     (24) 
 
Net loss attributable to Boeing Shareholders            ($1,219)   ($537) 
 
Research and development expense, net: 
 
Commercial Airplanes                                        $321     $269 
 
Defense, Space & Security                                    233      163 
 
Global Services                                               27       25 
 
Other                                                         52       42 
 
Total research and development expense, net                 $633     $499 
 
Unallocated items, eliminations and other: 
 
Share-based plans                                          ($83)   ($128) 
 
Deferred compensation                                         42     (52) 
 
Amortization of previously capitalized interest             (23)     (22) 
 
Research and development expense, net                       (52)     (42) 
 
Eliminations and other unallocated items                   (144)    (120) 
 
Sub-total (included in core operating loss)                (260)    (364) 
 
Pension FAS/CAS service cost adjustment                      208      193 
 
Postretirement FAS/CAS service cost adjustment                75       77 
 
FAS/CAS service cost adjustment                             $283     $270 
 
Total                                                        $23    ($94) 
 
 
 
              The Boeing Company and Subsidiaries 
 
                 Operating and Financial Data 
 
                          (Unaudited) 
 
Deliveries                                 Three months ended 
                                                March 31 
 
Commercial Airplanes                          2022         2021 
 
737                                             86           63 
 
747                                              1            1 
 
767                                              5            5 
 
777                                              3            6 
 
787                                              -            2 
 
Total                                           95           77 
 
Defense, Space & Security 
 
AH-64 Apache (New)                               7            9 
 
AH-64 Apache (Remanufactured)                   15           15 
 
CH-47 Chinook (New)                              4            3 
 
CH-47 Chinook (Renewed)                          3            3 
 
F-15 Models                                      1            3 
 
F/A-18 Models                                    4            4 
 
KC-46 Tanker                                     4            2 
 
P-8 Models                                       3            3 
 
Total backlog  (Dollars in millions)      March 31  December 31 
                                              2022         2021 
 
Commercial Airplanes                      $290,930     $296,882 
 
Defense, Space & Security                   59,739       59,828 
 
Global Services                             19,822       20,496 
 
Unallocated items, eliminations and other      344          293 
 
Total backlog                             $370,835     $377,499 
 
Contractual backlog                       $348,414     $356,362 
 
Unobligated backlog                         22,421       21,137 
 
Total backlog                             $370,835     $377,499 
 
                      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 6 of this release for additional 
information on the use of these non-GAAP financial measures. 
 
(Dollars in              First Quarter 2022                  First Quarter 2021 
millions, 
except per 
share data) 
 
                     $ millions          Per Share          $ millions          Per 
                                                                               Share 
 
Revenues                      13,991                                 15,217 
 
Loss from                    (1,169)                                   (83) 
operations 
(GAAP) 
 
Operating                      (8.4) %                                (0.5) % 
margin (GAAP) 
 
FAS/CAS 
service cost 
adjustment: 
 
Pension FAS/                   (208)                                  (193) 
CAS service 
cost 
adjustment 
 
Postretirement                  (75)                                   (77) 
FAS/CAS 
service cost 
adjustment 
 
FAS/CAS                        (283)                                  (270) 
service cost 
adjustment 
 
Core operating              ($1,452)                                 ($353) 
loss 
(non-GAAP) 
 
Core operating                (10.4) %                                (2.3) % 
margin 
(non-GAAP) 
 
Diluted loss                                 ($2.06)                          ($0.92) 
per share 
(GAAP) 
 
Pension FAS/                  ($208)          (0.35)                 ($193)    (0.33) 
CAS service 
cost 
adjustment 
 
Postretirement                  (75)          (0.13)                   (77)    (0.13) 
FAS/CAS 
service cost 
adjustment 
 
Non-operating                  (220)          (0.37)                  (177)    (0.30) 
pension 
expense 
 
Non-operating                   (15)          (0.02)                    (5)    (0.01) 
postretirement 
expense 
 
Provision for                    109            0.18                     95      0.16 
deferred 
income taxes 
on 
adjustments 1 
 
Subtotal of                   ($409)         ($0.69)                 ($357)   ($0.61) 
adjustments 
 
Core loss per                                ($2.75)                          ($1.53) 
share 
(non-GAAP) 
 
Weighted                                       591.7                            585.4 
average 
diluted shares 
(in millions) 
 
1 The income tax impact is calculated using the 
U.S. corporate statutory tax rate. 
 
 
 
 
END 
 
 

(END) Dow Jones Newswires

April 27, 2022 07:32 ET (11:32 GMT)

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