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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 First-Quarter Results
CHICAGO, April 24, 2019 /PRNewswire/ --
* Engaging global regulators and customers on safe return to service of the
737 MAX
* Revenue of $22.9 billion reflecting 149 commercial deliveries and higher
defense and services volume
* GAAP EPS of $3.75 and core EPS (non-GAAP)* of $3.16
* Operating cash flow of $2.8 billion; paid $1.2 billion of dividends
* Total backlog of $487 billion, including more than 5,600 commercial
airplanes
* Cash and marketable securities of $7.7 billion provide strong liquidity
* Previously issued 2019 guidance does not reflect 737 MAX impacts; new
guidance to be issued at a future date
Table 1. Summary Financial Results First Quarter
(Dollars in Millions, except per share data) 2019 2018 Change
Revenues $22,917 $23,382 (2)%
GAAP
Earnings From Operations $2,350 $2,875 (18)%
Operating Margin 10.3% 12.3% (2.0) Pts
Net Earnings $2,149 $2,477 (13)%
Earnings Per Share $3.75 $4.15 (10)%
Operating Cash Flow $2,788 $3,136 (11)%
Non-GAAP*
Core Operating Earnings $1,986 $2,510 (21)%
Core Operating Margin 8.7% 10.7% (2.0) Pts
Core Earnings Per Share $3.16 $3.64 (13)%
*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 first-quarter revenue of $22.9 billion,
GAAP earnings per share of $3.75 and core earnings per share (non-GAAP)* of
$3.16, reflecting lower 737 deliveries partially offset by higher defense and
services volume (Table 1). Boeing generated operating cash flow of $2.8 billion
and paid $1.2 billion of dividends.
The previously issued 2019 financial guidance does not reflect 737 MAX impacts.
Due to the uncertainty of the timing and conditions surrounding return to
service of the 737 MAX fleet, new guidance will be issued at a future date.
Boeing is making steady progress on the path to final certification for a
software update for the 737 MAX, with over 135 test and production flights of
the software update complete. The company continues to work closely with global
regulators and our airline partners to comprehensively test the software and
finalize a robust package of training and educational resources.
"Across the company, we are focused on safety, returning the 737 MAX to
service, and earning and re-earning the trust and confidence of customers,
regulators and the flying public," said Boeing Chairman, President and Chief
Executive Officer Dennis Muilenburg. "As we work through this challenging time
for our customers, stakeholders and the company, our attention remains on
driving excellence in quality and performance and running a healthy sustained
growth business built on strong, long-term fundamentals."
The quarter's operating performance was highlighted by key defense wins, strong
commercial widebody performance and orders, continued robust services growth,
and receiving Embraer shareholder approval for the proposed strategic
partnership.
Table 2. Cash Flow First Quarter
(Millions) 2019 2018
Operating Cash Flow $2,788 $3,136
Less Additions to Property, Plant & Equipment ($501) ($394)
Free Cash Flow* $2,287 $2,742
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on
page 5, "Non-GAAP Measures Disclosures."
Operating cash flow was $2.8 billion in the quarter, primarily reflecting lower
737 deliveries as well as timing of receipts and expenditures (Table 2). During
the quarter, the company paid $1.2 billion in dividends, reflecting a 20
percent increase in dividends per share compared to the same period of the
prior year. The company repurchased 6.1 million shares for $2.3 billion in the
quarter, all of which occurred prior to mid-March.
Table 3. Cash, Marketable Securities and Debt Balances Quarter-End
(Billions) Q1 19 Q4 18
Cash $6.8 $7.7
Marketable Securities1 $0.9 $0.9
Total $7.7 $8.6
Debt Balances:
The Boeing Company, net of intercompany loans to BCC $12.6 $11.3
Boeing Capital, including intercompany loans $2.1 $2.5
Total Consolidated Debt $14.7 $13.8
1 Marketable securities consists primarily of time deposits due within one year
classified as "short-term investments."
Cash and investments in marketable securities totaled $7.7 billion, compared to
$8.6 billion at the beginning of the quarter (Table 3). Debt was $14.7 billion,
up from $13.8 billion at the beginning of the quarter primarily due to the
issuance of new debt.
Total company backlog at quarter-end remained robust at $487 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes First Quarter
(Dollars in Millions) 2019 2018 Change
Commercial Airplanes Deliveries 149 184 (19%)
Revenues $11,822 $12,945 (9%)
Earnings from Operations $1,173 $1,412 (17%)
Operating Margin 9.9% 10.9% (1.0) Pts
Commercial Airplanes first-quarter revenue was $11.8 billion reflecting lower
737 deliveries partially offset by favorable mix (Table 4). First-quarter
operating margin was 9.9 percent reflecting lower 737 deliveries partially
offset by a higher margin on the 787 program. The reported margin also reflects
increased costs associated with the recent 737 production rate adjustment.
During the quarter, Commercial Airplanes delivered 149 airplanes and the
production rate for the 787 increased to 14 airplanes per month. Commercial
Airplanes captured several widebody orders during the quarter, including orders
for 18 777X airplanes for British Airways parent company IAG, 20 787 airplanes
for Lufthansa, and 10 787 airplanes for Bamboo Airways. The first 777X flight
test airplane rolled out of the factory, and the program remains on track for
flight testing this year and first delivery in 2020.
Commercial Airplanes backlog remains healthy with over 5,600 airplanes valued
at $399 billion.
Defense, Space & Security
Table 5. Defense, Space & Security First Quarter
(Dollars in Millions) 2019 2018 Change
Revenues $6,611 $6,481 2%
Earnings from Operations $847 $757 12%
Operating Margin 12.8% 11.7% 1.1 Pts
Defense, Space & Security first-quarter revenue increased to $6.6 billion
primarily driven by higher volume across satellites, weapons and surveillance
aircraft partially offset by lower C-17 volume (Table 5). First-quarter
operating margin increased to 12.8 percent reflecting a gain on sale of
property partially offset by unfavorable mix.
During the quarter, Defense, Space & Security was awarded a multi-year contract
for 78 F/A-18 Super Hornets for the U.S. Navy as well as contracts for 5 Extra
Large Unmanned Undersea Vehicles for the U.S. Navy, 5 E-7 AEW&C aircraft for
the U.K. Royal Air Force, and 19 P-8 Poseidon aircraft for the U.S. Navy, Royal
Norwegian Navy and U.K. Royal Navy. Key milestones achieved during the quarter
included completion of the first Ground-based Midcourse Defense test with two
interceptors, successful environmental testing of the Commercial Crew
spacecraft, and the first flight of the SB>1 DEFIANTT helicopter. Defense,
Space & Security also delivered the first 7 KC-46 Tankers to the U.S. Air
Force.
Defense, Space & Security booked orders valued at $12 billion during the
quarter and backlog grew to $67 billion, of which 31% percent represents orders
from customers outside the U.S.
Global Services
Table 6. Global Services First Quarter
(Dollars in Millions) 2019 2018 Change
Revenues $4,619 $3,950 17%
Earnings from Operations $653 $647 1%
Operating Margin 14.1% 16.4% (2.3) Pts
Global Services first-quarter revenue increased to $4.6 billion, primarily
driven by higher volume across the portfolio including the acquisition of KLX
(Table 6). First-quarter operating margin was 14.1 percent reflecting mix of
products and services and less favorable performance.
During the quarter, Global Services was awarded contracts for Performance Based
Logistics for V-22 for the U.S. Navy and P-8A training for the U.K. Royal Air
Force. Global Services captured an order for 10 737-800 converted freighters
for GECAS, secured an agreement to optimize crew operations for Royal Air
Maroc, and expanded global distribution of hardware and chemical products to
Joramco. In addition, Global Services completed the acquisition of ForeFlight,
a leading provider of innovative mobile and web-based aviation applications.
Additional Financial Information
Table 7. Additional Financial Information First Quarter
(Dollars in Millions) 2019 2018
Revenues
Boeing Capital $66 $65
Unallocated items, eliminations and other ($201) ($59)
Earnings from Operations
Boeing Capital $20 $20
FAS/CAS service cost adjustment $364 $365
Other unallocated items and eliminations ($707) ($326)
Other income, net $106 $66
Interest and debt expense ($123) ($102)
Effective tax rate 7.9% 12.8%
At quarter-end, Boeing Capital's net portfolio balance was $2.5 billion.
Revenue in other unallocated items and eliminations decreased primarily due to
the timing of eliminations for intercompany aircraft deliveries. The change in
earnings from other unallocated items and eliminations is primarily due to a
customer financing impairment, higher deferred compensation expense and
increased enterprise research and development investment. The effective tax
rate for the first quarter decreased from the same period in the prior year
primarily due to a higher foreign-derived intangible income benefit and higher
excess tax benefits related to share-based payments.
Outlook
The previously issued 2019 financial guidance does not reflect 737 MAX impacts.
Due to the uncertainty of the timing and conditions surrounding return to
service of the 737 MAX fleet, new guidance will be issued at a future date.
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 12.
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)
the timing and conditions surrounding the return to service of the 737 MAX
fleet; (2) general conditions in the economy and our industry, including those
due to regulatory changes; (3) our reliance on our commercial airline
customers; (4) 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; (5) changing budget and appropriation
levels and acquisition priorities of the U.S. government; (6) our dependence on
U.S. government contracts; (7) our reliance on fixed-price contracts; (8) our
reliance on cost-type contracts; (9) uncertainties concerning contracts that
include in-orbit incentive payments; (10) our dependence on our subcontractors
and suppliers, as well as the availability of raw materials; (11) changes in
accounting estimates; (12) changes in the competitive landscape in our markets;
(13) our non-U.S. operations, including sales to non-U.S. customers; (14)
threats to the security of our or our customers' information; (15) potential
adverse developments in new or pending litigation and/or government
investigations; (16) customer and aircraft concentration in our customer
financing portfolio; (17) changes in our ability to obtain debt on commercially
reasonable terms and at competitive rates; (18) realizing the anticipated
benefits of mergers, acquisitions, joint ventures/strategic alliances or
divestitures; (19) the adequacy of our insurance coverage to cover significant
risk exposures; (20) potential business disruptions, including those related to
physical security threats, information technology or cyber-attacks, epidemics,
sanctions or natural disasters; (21) work stoppages or other labor disruptions;
(22) substantial pension and other postretirement benefit obligations; and (23)
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 Keely Moos (312) 544-2140
Communications: Caroline Hutcheson (312) 544-2002
The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Three months ended
March 31
(Dollars in millions, except per share data) 2019 2018
Sales of products $20,225 $20,820
Sales of services 2,692 2,562
Total revenues 22,917 23,382
Cost of products (16,238) (16,816)
Cost of services (2,389) (1,992)
Boeing Capital interest expense (18) (16)
Total costs and expenses (18,645) (18,824)
4,272 4,558
Income from operating investments, net 20 74
General and administrative expense (1,184) (997)
Research and development expense, net (866) (764)
Gain on dispositions, net 108 4
Earnings from operations 2,350 2,875
Other income, net 106 66
Interest and debt expense (123) (102)
Earnings before income taxes 2,333 2,839
Income tax expense (184) (362)
Net earnings $2,149 $2,477
Basic earnings per share $3.79 $4.19
Diluted earnings per share $3.75 $4.15
Weighted average diluted shares (millions) 572.4 597.2
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data) March 31 December 31
2019 2018
Assets
Cash and cash equivalents $6,836 $7,637
Short-term and other investments 893 927
Accounts receivable, net 3,669 3,879
Unbilled receivables, net 10,208 10,025
Current portion of customer financing, net 340 460
Inventories 65,369 62,567
Other current assets 2,194 2,335
Total current assets 89,509 87,830
Customer financing, net 2,236 2,418
Property, plant and equipment, net of accumulated 12,594 12,645
depreciation of $18,821 and $18,568
Goodwill 7,967 7,840
Acquired intangible assets, net 3,498 3,429
Deferred income taxes 281 284
Investments 1,183 1,087
Other assets, net of accumulated amortization of $544 and 2,941 1,826
$503
Total assets $120,209 $117,359
Liabilities and equity
Accounts payable $14,693 $12,916
Accrued liabilities 13,007 14,808
Advances and progress billings 52,534 50,676
Short-term debt and current portion of long-term debt 3,381 3,190
Total current liabilities 83,615 81,590
Deferred income taxes 1,656 1,736
Accrued retiree health care 4,535 4,584
Accrued pension plan liability, net 15,077 15,323
Other long-term liabilities 3,731 3,059
Long-term debt 11,363 10,657
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 6,573 6,768
Treasury stock, at cost - 448,849,765 and 444,619,970 (54,630) (52,348)
shares
Retained earnings 58,090 55,941
Accumulated other comprehensive loss (14,969) (15,083)
Total shareholders' equity 125 339
Noncontrolling interests 107 71
Total equity 232 410
Total liabilities and equity $120,209 $117,359
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Three months
ended
March 31
(Dollars in millions) 2019 2018
Cash flows - operating activities:
Net earnings $2,149 $2,477
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Non-cash items -
Share-based plans expense 47 45
Depreciation and amortization 521 501
Investment/asset impairment charges, net 34 20
Customer financing valuation adjustments 249 (1)
Gain on dispositions, net (108) (4)
Other charges and credits, net 74 60
Changes in assets and liabilities -
Accounts receivable 206 92
Unbilled receivables (183) (1,628)
Advances and progress billings 1,857 1,917
Inventories (2,725) 283
Other current assets 164 (103)
Accounts payable 1,624 591
Accrued liabilities (919) (1,337)
Income taxes receivable, payable and deferred 116 348
Other long-term liabilities (281) (243)
Pension and other postretirement plans (188) (50)
Customer financing, net 152 44
Other (1) 124
Net cash provided by operating activities 2,788 3,136
Cash flows - investing activities:
Property, plant and equipment additions (501) (394)
Property, plant and equipment reductions 110 27
Acquisitions, net of cash acquired (276)
Contributions to investments (457) (249)
Proceeds from investments 366 752
Purchase of distribution rights (20)
Other (9) 3
Net cash (used)/provided by investing activities (767) 119
Cash flows - financing activities:
New borrowings 5,237 2,687
Debt repayments (4,374) (1,371)
Contributions from noncontrolling interests 7 20
Stock options exercised 42 51
Employee taxes on certain share-based payment arrangements (233) (226)
Common shares repurchased (2,341) (3,000)
Dividends paid (1,161) (1,006)
Net cash used by financing activities (2,823) (2,845)
Effect of exchange rate changes on cash and cash equivalents, 1 8
including restricted
Net (decrease) / increase in cash & cash equivalents, (801) 418
including restricted
Cash & cash equivalents, including restricted, at beginning of 7,813 8,887
year
Cash & cash equivalents, including restricted, at end of 7,012 9,305
period
Less restricted cash & cash equivalents, included in 176 70
Investments
Cash and cash equivalents at end of period $6,836 $9,235
The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Effective at the beginning of 2019, all revenues and costs associated with
military derivative aircraft production are reported in the Defense, Space &
Security segment. Revenues and costs associated with military derivative
aircraft production were previously reported in the Commercial Airplanes and
Defense, Space & Security segments. Business segment data for 2018 reflects the
realignment for military derivative aircraft as well as the realignment of
certain programs from Defense, Space & Security to Global Services.
Three months ended
March 31
(Dollars in millions) 2019 2018
Revenues:
Commercial Airplanes $11,822 $12,945
Defense, Space & Security 6,611 6,481
Global Services 4,619 3,950
Boeing Capital 66 65
Unallocated items, eliminations and other (201) (59)
Total revenues $22,917 $23,382
Earnings from operations:
Commercial Airplanes $1,173 $1,412
Defense, Space & Security 847 757
Global Services 653 647
Boeing Capital 20 20
Segment operating profit 2,693 2,836
Unallocated items, eliminations and other (707) (326)
FAS/CAS service cost adjustment 364 365
Earnings from operations 2,350 2,875
Other income, net 106 66
Interest and debt expense (123) (102)
Earnings before income taxes 2,333 2,839
Income tax expense (184) (362)
Net earnings $2,149 $2,477
Research and development expense, net:
Commercial Airplanes $564 $549
Defense, Space & Security 188 183
Global Services 40 34
Other 74 (2)
Total research and development expense, net $866 $764
Unallocated items, eliminations and other:
Share-based plans ($14) ($18)
Deferred compensation (102) (29)
Amortization of previously capitalized interest (24) (25)
Customer financing impairment (250)
Research and development expense, net (74) 2
Eliminations and other unallocated items (243) (256)
Sub-total (included in core operating earnings) (707) (326)
Pension FAS/CAS service cost adjustment 274 283
Postretirement FAS/CAS service cost adjustment 90 82
FAS/CAS service cost adjustment 364 365
Total ($343) $39
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Deliveries Three months ended
March 31
Commercial Airplanes 2019 2018
737 89 132
747 2 2
767 12 4
777 10 (1) 12
787 36 34
Total 149 184
Note: Aircraft accounted for as revenues by BCA and as operating leases in
consolidation identified by parentheses
Defense, Space & Security
AH-64 Apache (New) 6 -
AH-64 Apache (Remanufactured) 22 6
CH-47 Chinook (New) 7 4
CH-47 Chinook (Renewed) 4 4
F-15 Models 4 2
F/A-18 Models 7 5
KC-46 Tanker 7 -
P-8 Models 3 4
Commercial and Civil Satellites - -
Military Satellites - -
Total backlog (Dollars in millions) March 31 December 31
2019 2018
Commercial Airplanes $399,371 $408,140
Defense, Space & Security 66,790 61,277
Global Services 20,688 21,064
Total backlog $486,849 $490,481
Contractual backlog $458,998 $462,070
Unobligated backlog 27,851 28,411
Total backlog $486,849 $490,481
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 5 of this release
for additional information on the use of these non-GAAP financial measures.
(Dollars in millions, except per share data) First Quarter First Quarter
2019 2018
$ Per $ Per
millions Share millions Share
Revenues 22,917 23,382
Earnings from operations (GAAP) 2,350 2,875
Operating margin (GAAP) 10.3% 12.3%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (274) (283)
Postretirement FAS/CAS service cost (90) (82)
adjustment
FAS/CAS service cost adjustment (364) (365)
Core operating earnings (non-GAAP) $1,986 $2,510
Core operating margin (non-GAAP) 8.7% 10.7%
Diluted earnings per share (GAAP) $3.75 $4.15
Pension FAS/CAS service cost adjustment ($274) (0.48) ($283) (0.47)
Postretirement FAS/CAS service cost (90) (0.16) (82) (0.14)
adjustment
Non-operating pension expense (93) (0.16) (42) (0.07)
Non-operating postretirement expense 27 0.05 24 0.04
Provision for deferred income taxes on 90 0.16 80 0.13
adjustments 1
Subtotal of adjustments ($340) ($0.59) ($303) ($0.51)
Core earnings per share (non-GAAP) $3.16 $3.64
Weighted average diluted shares (in 572.4 597.2
millions)
1 The income tax impact is calculated using the U.S.
corporate statutory tax rate.
END
(END) Dow Jones Newswires
April 24, 2019 07:31 ET (11:31 GMT)
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