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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
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0 | 0 | N/A | 0 |
TIDMBOE Boeing Reports Third-Quarter Results ARLINGTON, Va., Oct. 26, 2022 /PRNewswire/ -- Third Quarter 2022 * Operating cash flow of $3.2 billion; continue to expect positive free cash flow for 2022 * Resumed 787 deliveries and delivered 9 airplanes * Recorded losses on fixed-price defense development programs * Revenue of $16.0 billion; GAAP loss per share of ($5.49) and core (non-GAAP)* loss per share of ($6.18) * Total backlog of $381 billion; including over 4,300 commercial airplanes Table 1. Third Quarter Nine Months Summary Financial Results (Dollars in 2022 2021 Change 2022 2021 Change Millions, except per share data) Revenues $15,956 $15,278 4 % $46,628 $47,493 (2) % GAAP (Loss)/ ($2,799) $329 NM ($3,194) $1,269 NM Earnings From Operations Operating (17.5) % 2.2 % NM (6.8) % 2.7 % NM Margin Net Loss ($3,308) ($132) NM ($4,390) ($126) NM Loss Per Share ($5.49) ($0.19) NM ($7.24) ($0.10) NM Operating Cash $3,190 ($262) NM $55 ($4,132) NM Flow Non-GAAP* Core Operating ($3,078) $59 NM ($4,040) $461 NM (Loss)/ Earnings Core Operating (19.3) % 0.4 % NM (8.7) % 1.0 % NM Margin Core Loss Per ($6.18) ($0.60) NM ($9.31) ($1.72) NM Share *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." The Boeing Company [NYSE: BA] reported third-quarter revenue of $16.0 billion, GAAP loss per share of ($5.49) and core loss per share (non-GAAP)* of ($6.18). Third-quarter results reflect higher commercial volume and losses on fixed-price defense development programs (Table 1). Boeing generated operating cash flow of $3.2 billion. "We continue to make important strides in our turnaround and remain focused on our performance," said Dave Calhoun, Boeing President and Chief Executive Officer. "We generated strong cash in the quarter and are on a solid path to achieving positive free cash flow for 2022. At the same time, revenue and earnings were significantly impacted by losses on our fixed-price defense development programs. We're squarely focused on maturing these programs, mitigating risks and delivering for our customers and their important missions. We remain in a challenging environment and have more work ahead to drive stability, improve our performance and ensure we're consistently delivering on our commitments. Despite the challenges, I'm proud of our team and the progress we've made to strengthen our company." Table 2. Third Quarter Nine Months Cash Flow (Millions) 2022 2021 2022 2021 Operating $3,190 ($262) $55 ($4,132) Cash Flow Less ($284) ($245) ($896) ($758) Additions to Property, Plant & Equipment Free Cash $2,906 ($507) ($841) ($4,890) Flow* *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." Operating cash flow improved to $3.2 billion in the quarter, reflecting higher commercial deliveries, favorable receipt timing, and a tax refund (Table 2). Table 3. Quarter-End Cash, Marketable Securities and Debt Balances (Billions) Q3 22 Q2 22 Cash $13.5 $10.0 Marketable $0.8 $1.4 Securities1 Total $14.3 $11.4 Debt Balances: The Boeing $55.7 $55.7 Company, net of intercompany loans to BCC Boeing $1.5 $1.5 Capital, including intercompany loans Total $57.2 $57.2 Consolidated Debt 1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments." Cash and investments in marketable securities increased to $14.3 billion, compared to $11.4 billion at the beginning of the quarter, primarily driven by cash from operations (Table 3). The company has access to credit facilities of $12.0 billion, which remain undrawn. Total company backlog at quarter-end was $381 billion. Segment Results Commercial Airplanes Table 4. Third Quarter Nine Months Commercial Airplanes (Dollars in 2022 2021 Change 2022 2021 Change Millions) Commercial 112 85 32 % 328 241 36 % Airplanes Deliveries Revenues $6,263 $4,459 40 % $16,643 $14,743 13 % Loss from ($643) ($693) NM ($1,744) ($2,021) NM Operations Operating (10.3) % (15.5) % NM (10.5) % (13.7) % NM Margin Commercial Airplanes third-quarter revenue increased to $6.3 billion, driven by the resumption of 787 deliveries and higher 737 deliveries (Table 4). Operating margin of (10.3) percent also reflects lower abnormal costs as compared to the third quarter of 2021, partially offset by higher period expenses, including R& D expense. The company also resumed 787 deliveries in late August, following comprehensive reviews to ensure each airplane meets the company's highest standards. The program is producing at a low rate with an expected gradual return to five per month over time. Since late 2020, the 737 MAX fleet has completed nearly 1 million revenue flights. During the quarter, the company secured net orders for 227 aircraft, including 167 737 airplanes, 27 767 airplanes, 18 777 airplanes, and 15 787 airplanes. Commercial Airplanes delivered 112 airplanes during the quarter and backlog included over 4,300 airplanes valued at $307 billion. Defense, Space & Security Table 5. Third Quarter Nine Months Defense, Space & Security (Dollars in 2022 2021 Change 2022 2021 Change Millions) Revenues $5,307 $6,617 (20) % $16,981 $20,678 (18) % (Loss)/ ($2,798) $436 NM ($3,656) $1,799 NM earnings from Operations Operating (52.7) % 6.6 % NM (21.5) % 8.7 % NM Margin Defense, Space & Security third-quarter revenue decreased to $5.3 billion and third-quarter operating margin decreased to (52.7) percent, primarily due to $2.8 billion of losses on certain fixed-price development programs, driven by higher estimated manufacturing and supply chain costs, as well as technical challenges. These losses were recorded on the KC-46A, VC-25B, MQ-25, T-7A and Commercial Crew programs. Results were also impacted by unfavorable performance on other programs. During the quarter, Defense, Space & Security captured KC-46A Tanker awards from the U.S. Air Force for 15 aircraft and the Israeli Air Force for four aircraft, and Poland selected the AH-64E Apache as its future attack helicopter. Defense, Space & Security delivered 34 aircraft and two satellites, including the first four MH-139A Grey Wolf helicopters to the U.S. Air Force. Also during the quarter, Defense, Space and Security opened the Advanced Composite Fabrication Center in Mesa, Arizona. Backlog at Defense, Space & Security was $55 billion, of which 31 percent represents orders from customers outside the U.S. Global Services Table 6. Third Quarter Nine Months Global Services (Dollars in 2022 2021 Change 2022 2021 Change Millions)
Revenues $4,432 $4,221 5 % $13,044 $12,037 8 % Earnings from $733 $644 14 % $2,093 $1,616 30 % Operations Operating 16.5 % 15.3 % 8 % 16.0 % 13.4 % 19 % Margin Global Services third-quarter revenue increased to $4.4 billion and third-quarter operating margin increased to 16.5 percent primarily driven by higher commercial services volume and favorable mix, partially offset by lower government services volume. During the quarter, Global Services was awarded a follow-on KC-767A Performance Based Logistics support contract for the Italian Air Force and received an F/ A-18 depot support order for the U.S. Navy. Global Services also signed a Landing Gear Exchange and Airplane Health Management agreement with Ethiopian Airlines. Also in the quarter, Global Services delivered the 100th contracted 737-800BCF to AerCap. Additional Financial Information Table 7. Additional Third Quarter Nine Months Financial Information (Dollars in 2022 2021 2022 2021 Millions) Revenues Boeing Capital $52 $71 $150 $209 Unallocated items, ($98) ($90) ($190) ($174) eliminations and other (Loss)/Earnings from Operations Boeing Capital $23 $42 $14 $99 FAS/CAS service cost $279 $270 $846 $808 adjustment Other unallocated ($393) ($370) ($747) ($1,032) items and eliminations Other income, net $288 $30 $722 $419 Interest and debt ($621) ($669) ($1,901) ($2,021) expense Effective tax rate (5.6) % 57.4 % (0.4) % 62.2 % At quarter-end, Boeing Capital's net portfolio balance was $1.6 billion. The change in other income was driven by the absence of a pension settlement charge recorded in the third quarter of 2021. Interest and debt expense decreased due to lower debt balance. The third quarter effective tax rate primarily reflects tax expense due to an 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, Core Operating Margin and Core Loss 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 (loss)/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 12 & 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) Nine months ended Three months ended September 30 September 30 (Dollars in 2022 2021 2022 2021 millions, except per share data) Sales of $38,767 $39,224 $13,331 $12,552 products Sales of 7,861 8,269 2,625 2,726 services Total revenues 46,628 47,493 15,956 15,278 Cost of (38,237) (35,166) (14,541) (11,271) products Cost of (6,725) (6,771) (2,230) (2,288) services Boeing Capital (20) (25) (7) (7) interest expense Total costs (44,982) (41,962) (16,778) (13,566) and expenses 1,646 5,531 (822) 1,712 (Loss)/income (27) 195 (24) 120 from operating investments, net General and (2,757) (3,169) (1,226) (1,097) administrative expense Research and (2,058) (1,571) (727) (575) development expense, net Gain on 2 283 0 169 dispositions, net (Loss)/ (3,194) 1,269 (2,799) 329 earnings from operations Other income, 722 419 288 30 net Interest and (1,901) (2,021) (621) (669) debt expense Loss before (4,373) (333) (3,132) (310) income taxes Income tax (17) 207 (176) 178 (expense)/ benefit Net loss (4,390) (126) (3,308) (132) Less: net loss (89) (67) (33) (23) attributable to noncontrolling interest Net loss ($4,301) ($59) ($3,275) ($109) attributable to Boeing Shareholders Basic loss per ($7.24) ($0.10) ($5.49) ($0.19) share Diluted loss ($7.24) ($0.10) ($5.49) ($0.19) per share Weighted 594.0 587.3 596.3 589.0 average diluted shares (millions) The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited) (Dollars in September 30 December 31 millions, except 2022 2021 per share data) Assets Cash and cash $13,494 $8,052 equivalents Short-term and 763 8,192 other investments Accounts 2,673 2,641 receivable, net Unbilled 9,316 8,620 receivables, net Current portion of 155 117 customer financing, net Inventories 79,777 78,823 Other current 3,073 2,221 assets, net Total current 109,251 108,666 assets Customer financing, 1,513 1,695 net Property, plant and 10,508 10,918 equipment, net of accumulated depreciation of $21,208 and $20,538 Goodwill 8,045 8,068 Acquired intangible 2,371 2,562 assets, net Deferred income 77 77 taxes Investments 979 975 Other assets, net 4,814 5,591 of accumulated amortization of of $897 and $975 Total assets $137,558 $138,552 Liabilities and equity Accounts payable $9,793 $9,261 Accrued liabilities 21,217 18,455 Advances and 53,177 52,980 progress billings Short-term debt and 5,431 1,296 current portion of long-term debt Total current 89,618 81,992 liabilities Deferred income 230 218 taxes Accrued retiree 3,356 3,528 health care Accrued pension 7,951 9,104 plan liability, net Other long-term 2,250 1,750 liabilities Long-term debt 51,788 56,806 Total liabilities 155,193 153,398 Shareholders' equity: Common 5,061 5,061 stock, par value $5.00 - 1,200,000,000 shares authorized; 1,012,261,159 shares issued Additional 9,705 9,052 paid-in capital Treasury (51,054) (51,861) stock, at cost - 416,639,182 and 423,343,707 shares Retained 30,107 34,408 earnings Accumulated (11,518) (11,659) other comprehensive loss Total shareholders' (17,699) (14,999) deficit Noncontrolling 64 153 interests Total equity (17,635) (14,846) Total liabilities $137,558 $138,552 and equity The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) Nine months ended September 30 (Dollars in 2022 2021 millions) Cash flows - operating activities:
Net loss ($4,390) ($126) Adjustments to reconcile net loss to net cash provided /(used) by operating activities: Non-cash items - Share-based plans 528 677 expense Treasury shares 928 951 issued for 401(k) contribution Depreciation and 1,477 1,610 amortization Investment/asset 78 72 impairment charges, net Customer financing 39 (3) valuation adjustments Gain on (2) (283) dispositions, net Other charges and 388 (82) credits, net Changes in assets and liabilities - Accounts receivable (22) (280) Unbilled receivables (678) (2,010) Advances and 204 781 progress billings Inventories (1,164) 508 Other current assets (860) 279 Accounts payable 590 (3,565) Accrued liabilities 2,416 (3,168) Income taxes 1,382 1,011 receivable, payable and deferred Other long-term (114) (168) liabilities Pension and other (1,053) (731) postretirement plans Customer financing, 76 170 net Other 232 225 Net cash provided/ 55 (4,132) (used) by operating activities Cash flows - investing activities: Payments to acquire (896) (758) property, plant and equipment Proceeds from 19 385 disposals of property, plant and equipment Acquisitions, net of (6) cash acquired Contributions to (2,773) (27,902) investments Proceeds from 10,182 35,664 investments Other (11) 6 Net cash provided by 6,521 7,389 investing activities Cash flows - financing activities: New borrowings 19 9,822 Debt repayments (1,038) (11,049) Stock options 39 36 exercised Employee taxes on (36) (47) certain share-based payment arrangements Net cash used by (1,016) (1,238) financing activities Effect of exchange (134) (34) rate changes on cash and cash equivalents Net increase in cash 5,426 1,985 & cash equivalents, including restricted Cash & cash 8,104 7,835 equivalents, including restricted, at beginning of year Cash & cash 13,530 9,820 equivalents, including restricted, at end of period Less restricted cash 36 56 & cash equivalents, included in Investments Cash & cash $13,494 $9,764 equivalents at end of period The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited) Nine months ended Three months ended September 30 September 30 (Dollars in 2022 2021 2022 2021 millions) Revenues: Commercial $16,643 $14,743 $6,263 $4,459 Airplanes Defense, Space 16,981 20,678 5,307 6,617 & Security Global 13,044 12,037 4,432 4,221 Services Boeing Capital 150 209 52 71 Unallocated (190) (174) (98) (90) items, eliminations and other Total revenues $46,628 $47,493 $15,956 $15,278 (Loss)/ earnings from operations: Commercial ($1,744) ($2,021) ($643) ($693) Airplanes Defense, Space (3,656) 1,799 (2,798) 436 & Security Global 2,093 1,616 733 644 Services Boeing Capital 14 99 23 42 Segment (3,293) 1,493 (2,685) 429 operating (loss)/ earnings Unallocated (747) (1,032) (393) (370) items, eliminations and other FAS/CAS 846 808 279 270 service cost adjustment (Loss)/ (3,194) 1,269 (2,799) 329 earnings from operations Other income, 722 419 288 30 net Interest and (1,901) (2,021) (621) (669) debt expense Loss before (4,373) (333) (3,132) (310) income taxes Income tax (17) 207 (176) 178 (expense)/ benefit Net loss (4,390) (126) (3,308) (132) Less: Net loss (89) (67) (33) (23) attributable to noncontrolling interest Net loss ($4,301) ($59) ($3,275) ($109) attributable to Boeing Shareholders Research and development expense, net: Commercial $1,102 $817 $409 $293 Airplanes Defense, Space 706 530 240 193 & Security Global 89 80 35 30 Services Other 161 144 43 59 Total research $2,058 $1,571 $727 $575 and development expense, net Unallocated items, eliminations and other: Share-based ($64) ($171) $44 ($29) plans Deferred 204 (86) 38 8 compensation Amortization (71) (66) (24) (22) of previously capitalized interest Research and (161) (144) (43) (59) development expense, net Eliminations (655) (565) (408) (268) and other unallocated items Sub-total (747) (1,032) (393) (370) (included in core operating loss) Pension FAS/ 621 576 208 192 CAS service cost adjustment Postretirement 225 232 71 78 FAS/CAS service cost adjustment FAS/CAS 846 808 $279 $270 service cost adjustment Total $99 ($224) ($114) ($100) The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited) Deliveries Nine months Three months
ended ended September 30 September 30 Commercial Airplanes 2022 2021 2022 2021 737 277 179 88 66 747 3 4 - 2 767 21 24 9 11 777 18 20 6 6 787 9 14 9 - Total 328 241 112 85 Defense, Space & Security AH-64 Apache (New) 20 19 7 4 AH-64 Apache 36 42 8 11 (Remanufactured) CH-47 Chinook (New) 10 12 1 6 CH-47 Chinook 6 5 2 1 (Renewed) F-15 Models 9 11 4 3 F/A-18 Models 11 15 3 4 KC-46 Tanker 9 7 1 3 P-8 Models 10 11 4 5 MH-139 4 - 4 - Commercial and Civil 2 - 2 - Satellites Military Satellites - - - - Total backlog September December 31 (Dollars in millions) 30 2021 2022 Commercial Airplanes $307,168 $296,882 Defense, Space & 54,740 59,828 Security Global Services 19,072 20,496 Unallocated items, 335 293 eliminations and other Total backlog $381,315 $377,499 Contractual backlog $362,926 $356,362 Unobligated backlog 18,389 21,137 Total backlog $381,315 $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)/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 per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures. (Dollars in Third Quarter 2022 Third Quarter 2021 millions, except per share data) $ millions Per Share $ millions Per Share Revenues 15,956 15,278 (Loss)/ (2,799) 329 earnings from operations (GAAP) Operating (17.5) % 2.2 % margin (GAAP) FAS/CAS service cost adjustment: Pension FAS/ (208) (192) CAS service cost adjustment Postretirement (71) (78) FAS/CAS service cost adjustment FAS/CAS (279) (270) service cost adjustment Core operating ($3,078) $59 (loss)/ earnings (non-GAAP) Core operating (19.3) % 0.4 % margin (non-GAAP) Diluted loss ($5.49) ($0.19) per share (GAAP) Pension FAS/ ($208) (0.35) ($192) (0.33) CAS service cost adjustment Postretirement (71) (0.12) (78) (0.13) FAS/CAS service cost adjustment Non-operating (225) (0.37) (29) (0.05) pension expense Non-operating (15) (0.03) (6) (0.01) postretirement expense Provision for 109 0.18 64 0.11 deferred income taxes on adjustments 1 Subtotal of ($410) ($0.69) ($241) ($0.41) adjustments Core loss per ($6.18) ($0.60) share (non-GAAP) Weighted 596.3 589.0 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)/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 per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures. (Dollars in Nine Months 2022 Nine Months 2021 millions, except per share data) $ millions Per Share $ millions Per Share Revenues 46,628 47,493 (Loss)/ (3,194) 1,269 earnings from operations (GAAP) Operating (6.8) % 2.7 % margin (GAAP) FAS/CAS service cost adjustment: Pension FAS/ (621) (576) CAS service cost adjustment Postretirement (225) (232) FAS/CAS service cost adjustment FAS/CAS (846) (808) service cost adjustment Core operating ($4,040) $461 (loss)/ earnings (non-GAAP) Core operating (8.7) % 1.0 % margin (non-GAAP) Diluted loss ($7.24) ($0.10) per share (GAAP) Pension FAS/ ($621) (1.04) ($576) (0.98) CAS service cost adjustment Postretirement (225) (0.38) (232) (0.40) FAS/CAS service cost adjustment Non-operating (666) (1.13) (381) (0.64) pension expense Non-operating (44) (0.07) (16) (0.03) postretirement expense Provision for 327 0.55 253 0.43 deferred income taxes on adjustments 1 Subtotal of ($1,229) ($2.07) ($952) ($1.62) adjustments Core loss per ($9.31) ($1.72) share (non-GAAP) Weighted 594.0 587.3 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
October 26, 2022 07:30 ET (11:30 GMT)
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