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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 Fourth-Quarter Results and Provides 2017 Guidance
CHICAGO, Jan. 25, 2017
Fourth-Quarter 2016
* Operating cash flow of $2.8 billion driven by solid operating performance
* GAAP EPS of $2.59 and core EPS (non-GAAP)* of $2.47 on solid execution
Full-Year 2016
* Revenue of $94.6 billion reflecting 926 commercial and defense aircraft
deliveries and services growth
* Record operating cash flow of $10.5 billion; repurchased 55.1 million
shares for $7.0 billion
* Backlog remains robust at $473 billion with more than 5,700 commercial
airplane orders
* Cash and marketable securities of $10.0 billion provide strong liquidity
Outlook for 2017
* Operating cash flow expected to increase to approximately $10.75 billion
* 2017 GAAP EPS of between $10.25 and $10.45; core EPS (non-GAAP)* of between
$9.10 and $9.30
Table 1. Summary Fourth Quarter Full Year
Financial Results
(Dollars in 2016 2015 Change 2016 2015 Change
Millions, except
per share data)
Revenues $23,286 $23,573 (1)% $94,571 $96,114 (2)%
GAAP
Earnings From $2,183 $1,161 88% $5,834 $7,443 (22)%
Operations
Operating Margin 9.4% 4.9% 4.5 Pts 6.2% 7.7% (1.5) Pts
Net Earnings $1,631 $1,026 59% $4,895 $5,176 (5)%
Earnings Per Share $2.59 $1.51 72% $7.61 $7.44 2%
Operating Cash $2,832 $3,119 (9)% $10,499 $9,363 12%
Flow
Non-GAAP*
Core Operating $2,064 $1,259 64% $5,464 $7,741 (29)%
Earnings
Core Operating 8.9% 5.3% 3.6 Pts 5.8% 8.1% (2.3) Pts
Margin
Core Earnings Per $2.47 $1.60 54% $7.24 $7.72 (6)%
Share
* Non-GAAP measures. Complete definitions of Boeing's non-GAAP measures are on
page 7, "Non-GAAP Measures Disclosures."
The Boeing Company [NYSE: BA] reported fourth-quarter revenue of $23.3 billion
with GAAP earnings per share of $2.59 and core earnings per share (non-GAAP)*
of $2.47 reflecting overall solid execution on production programs and services
(Table 1).
Revenue was $94.6 billion for the full year reflecting strong commercial
deliveries and services growth across the company. GAAP earnings per share
totaled $7.61 and core earnings per share (non-GAAP)* totaled $7.24.
Guidance for 2017 is set at between $10.25 and $10.45 for GAAP earnings per
share and between $9.10 and $9.30 for core earnings per share (non-GAAP)*.
Revenue guidance is between $90.5 and $92.5 billion, including increased
commercial deliveries of between 760 and 765. Operating cash flow is expected
to increase by approximately $250 million to $10.75 billion and capital
expenditures are expected to decline by approximately $300 million to $2.3
billion.
"With solid fourth quarter operating performance and a sharp strategic focus,
we extended our aerospace market leadership in our centennial year and
positioned Boeing for continued growth and success in our second century," said
Chairman, President and Chief Executive Officer Dennis Muilenburg.
"We led the industry in commercial airplane deliveries for the fifth
consecutive year, achieved healthy sales in our defense, space and services
segments, and produced record operating cash flow, which fueled investment in
innovation and our people and generated significant returns to shareholders."
"Looking forward, our team is intent on accelerating productivity and program
execution to deliver increasing cash and profitability from our large and
diverse order backlog of nearly $500 billion, standing up our new integrated
services business, and capturing an even greater share of the the growing
global aerospace market to deliver superior value to our customers,
shareholders and employees."
Table 2. Cash Flow Fourth Quarter Full Year
(Millions) 2016 2015 2016 2015
Operating Cash Flow $2,832 $3,119 $10,499 $9,363
Less Additions to Property, Plant & ($599) ($623) ($2,613) ($2,450)
Equipment
Free Cash Flow* $2,233 $2,496 $7,886 $6,913
* Non-GAAP measures. Complete definitions of Boeing's non-GAAP measures are on
page 7, "Non-GAAP Measures Disclosures."
Operating cash flow in the quarter of $2.8 billion was driven by solid
operating performance, disciplined cash management, and a slight impact from
timing of receipts and expenditures (Table 2). During the quarter, the company
repurchased 3.7 million shares for $500 million and paid $672 million in
dividends. For the full year, the company repurchased 55.1 million shares for
$7.0 billion and paid $2.8 billion in dividends. Based on strong cash
generation and confidence in the company's outlook, the board of directors in
December increased the quarterly dividend per share by 30 percent and renewed
the share repurchase program to $14 billion. Share repurchases under the new
authorization are expected to be made over the next 24 to 30 months.
Table 3. Cash, Marketable Securities and Debt Balances Quarter-End
(Billions) Q4 16 Q3 16
Cash $8.8 $9.0
Marketable Securities1 $1.2 $0.7
Total $10.0 $9.7
Debt Balances:
The Boeing Company, net of intercompany loans to BCC $7.1 $8.1
Boeing Capital, including intercompany loans $2.9 $2.4
Total Consolidated Debt $10.0 $10.5
1 Marketable securities consists primarily of time deposits due within one year
classified as "short-term investments."
Cash and investments in marketable securities totaled $10.0 billion, up from
$9.7 billion at the beginning of the quarter (Table 3). Debt was $10.0 billion,
down from the beginning of the quarter, due to repayment of debt.
Total company backlog at quarter-end was $473 billion, up from $462 billion at
the beginning of the quarter, and included net orders for the quarter of $32
billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Fourth Quarter Full Year
Airplanes
(Dollars in Millions) 2016 2015 Change 2016 2015 Change
Commercial Airplanes 185 182 2% 748 762 (2)%
Deliveries
Revenues $16,241 $16,098 1% $65,069 $66,048 (1)%
Earnings from $1,473 $566 160% $3,130 $5,157 (39)%
Operations
Operating Margin 9.1% 3.5% 5.6 Pts 4.8% 7.8% (3.0) Pts
Commercial Airplanes fourth-quarter revenue increased to $16.2 billion on
higher planned delivery volume and mix (Table 4). Fourth-quarter operating
margin was 9.1 percent, reflecting delivery mix, lower R&D and improved
performance, partially offset by a $243 million pre-tax charge on the KC-46
Tanker program primarily related to additional effort to incorporate previously
identified changes into initial production aircraft.
During the quarter, Boeing delivered the 500th 787 Dreamliner and began final
assembly of the first 787-10 aircraft. The 737 program has captured more than
3,600 orders for the 737 MAX, including recent 737 MAX 8 orders from GE Capital
Aviation Services for 75 airplanes and SpiceJet for 100 airplanes.
Commercial Airplanes booked 288 net orders during the quarter. Backlog remains
strong with more than 5,700 airplanes valued at $416 billion.
Defense, Space & Security
Table 5. Defense, Fourth Quarter Full Year
Space & Security
(Dollars in 2016 2015 Change 2016 2015 Change
Millions)
Revenues1
Boeing Military $2,617 $3,187 (18)% $12,515 $13,424 (7)%
Aircraft
Network & Space $1,800 $1,954 (8)% $7,046 $7,751 (9)%
Systems
Global Services & $2,443 $2,644 (8)% $9,937 $9,213 8%
Support
Total BDS Revenues $6,860 $7,785 (12)% $29,498 $30,388 (3)%
Earnings from
Operations1
Boeing Military $288 $437 (34)% $1,231 $1,311 (6)%
Aircraft
Network & Space $157 $163 (4)% $493 $726 (32)%
Systems
Global Services & $364 $363 - $1,284 $1,237 4%
Support
Total BDS Earnings $809 $963 (16)% $3,008 $3,274 (8)%
from Operations
Operating Margin 11.8% 12.4% (0.6) Pts 10.2% 10.8% (0.6) Pts
1 During the first quarter of 2016, certain programs were realigned between
Boeing Military Aircraft and Global Services & Support.
Defense, Space & Security's fourth-quarter revenue was $6.9 billion (Table 5).
Fourth-quarter operating margin was 11.8 percent, reflecting a $69 million
pre-tax charge on the KC-46 Tanker program at BMA, partially offset by solid
execution.
Boeing Military Aircraft (BMA) fourth-quarter revenue was $2.6 billion,
reflecting lower planned deliveries and mix, with operating margin of 11.0
percent. During the quarter, pending international sales of F-15 and F/A-18
fighter jets and Chinook and Apache helicopters were approved by the U.S. State
Department, reaching the final stage of the U.S. foreign military sales process
before contract negotiations.
Network & Space Systems (N&SS) fourth-quarter revenue was $1.8 billion, largely
reflecting lower satellite volume, with an operating margin of 8.7 percent.
During the quarter, the eighth Wideband Global SATCOM satellite was launched
with an upgraded digital payload.
Global Services & Support (GS&S) fourth-quarter revenue was $2.4 billion,
reflecting lower volume in Aircraft Modernization & Sustainment. Operating margin was 14.9 percent largely reflecting contract mix. During the quarter, GS &S completed digital flight deck upgrades to the first of 14 NATO Airborne Warnings and Control Systems (AWACS) aircraft. Backlog at Defense, Space & Security was $57 billion, of which 37 percent represents orders from international customers. Additional Financial Information Table 6. Additional Financial Information Fourth Quarter Full Year (Dollars in Millions) 2016 2015 2016 2015 Revenues Boeing Capital $87 $98 $298 $413 Unallocated items, eliminations and other $98 ($408) ($294) ($735) Earnings from Operations Boeing Capital $23 $9 $59 $50 Unallocated pension/postretirement $119 ($98) $370 ($298) Other unallocated items and eliminations ($241) ($279) ($733) ($740) Other (loss)/income, net ($1) $10 $40 ($13) Interest and debt expense ($79) ($72) ($306) ($275) Effective tax rate 22.4% 6.6% 12.1% 27.7% At quarter-end, Boeing Capital's net portfolio balance was $4.1 billion. Total pension expense for the fourth quarter was $434 million, down from $529 million in the same period of the prior year. Unallocated items, eliminations and other revenue increased from the same period in the prior year primarily due to timing of eliminations for intercompany aircraft deliveries. The effective tax rate for the fourth quarter increased from the same period in the prior year primarily due to the reinstatement of the full year research tax credit recorded in the fourth quarter of 2015. Outlook The company's 2017 financial and delivery guidance (Table 7) reflects continued solid performance across the company. Table 7. 2017 Financial Outlook (Dollars in Billions, except per share data) 2017 The Boeing Company Revenue $90.5 - 92.5 GAAP Earnings Per Share $10.25 - 10.45 Core Earnings Per Share* $9.10 - 9.30 Operating Cash Flow $10.75 Commercial Airplanes Deliveries 760 - 765 Revenue $62.5 - 63.5 Operating Margin 9.5% - 10.0 Defense, Space & Security Revenue Boeing Military Aircraft $11.5 Network & Space Systems $7.0 Global Services & Support $10.0 Total BDS Revenue $28.0 - 29.0 Operating Margin Boeing Military Aircraft 12.0% Network & Space Systems 9.0% Global Services & Support >12.5% Total BDS Operating Margin 11.5% Boeing Capital Portfolio Size Stable Revenue $0.3 Pre-Tax Earnings $0.05 Research & Development $3.6 Capital Expenditures $2.3 Pension Expense 1 $0.7 Effective Tax Rate 32.0% 1 Approximately ($0.9) billion is expected to be recorded in unallocated items and eliminations * Non-GAAP measures. Complete definitions of Boeing's non-GAAP measures are on page 7, "Non-GAAP Measures Disclosures." Non-GAAP Measures Disclosures We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (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 unallocated pension and post-retirement expense. 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 unallocated pension and post-retirement expense. Unallocated pension and post-retirement expense represents the portion of pension and other post-retirement costs that are not recognized by business segments for segment reporting purposes. Pension costs, comprising service and prior service costs computed in accordance with Generally Accepted Accounting Principles in the United States of America (GAAP) are allocated to Commercial Airplanes. Pension costs allocated to BDS segments 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 unallocated pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation between the GAAP and non-GAAP measures is provided on page 14. Free Cash Flow Free cash flow is defined as GAAP operating cash flow without capital expenditures for property, plant and equipment additions. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. Table 2 provides a reconciliation between GAAP operating cash flow and free cash flow. Caution Concerning Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions generally identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, planned production rate increases across multiple commercial airline programs, our commercial development and derivative aircraft programs, and our aircraft being subject to stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government; (5) our dependence on U.S. government contracts; (6) our reliance on fixed-price contracts; (7) our reliance on cost-type contracts; (8) uncertainties concerning contracts that include in-orbit incentive payments; (9) our dependence on our subcontractors and suppliers, as well as the availability of raw materials, (10) changes in accounting estimates; (11) changes in the competitive landscape in our markets; (12) our non-U.S. operations, including sales to non-U.S. customers; (13) potential adverse developments in new or pending litigation and/or government investigations; (14) customer and aircraft concentration in Boeing Capital's customer financing portfolio; (15) changes in our ability to obtain debt on commercially reasonable terms and at competitive rates in order to fund our operations and contractual commitments; (16) realizing the anticipated benefits of mergers, acquisitions, joint ventures/ strategic alliances or divestitures; (17) the adequacy of our insurance coverage to cover significant risk exposures; (18) potential business disruptions, including those related to physical security threats, information technology or cyber-attacks, epidemics, sanctions or natural disasters; (19) work stoppages or other labor disruptions; (20) significant changes in discount
rates and actual investment return on pension assets; (21) potential
environmental liabilities; and (22) threats to the security of our or our
customers' information.
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: Troy Lahr or Ben Hackman (312) 544-2140
Communications: Bernard Choi (312) 544-2002
The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Twelve months ended Three months ended
December 31 December 31
(Dollars in millions, except per share 2016 2015 2016 2015
data)
Sales of products $84,399 $85,255 $20,836 $20,847
Sales of services 10,172 10,859 2,450 2,726
Total revenues 94,571 96,114 23,286 23,573
Cost of products (72,713) (73,446) (17,596) (18,426)
Cost of services (8,018) (8,578) (1,855) (2,201)
Boeing Capital interest expense (59) (64) (13) (15)
Total costs and expenses (80,790) (82,088) (19,464) (20,642)
13,781 14,026 3,822 2,931
Income from operating investments, net 303 274 83 67
General and administrative expense (3,616) (3,525) (999) (931)
Research and development expense, net (4,627) (3,331) (726) (905)
(Loss)/gain on dispositions, net (7) (1) 3 (1)
Earnings from operations 5,834 7,443 2,183 1,161
Other income/(loss), net 40 (13) (1) 10
Interest and debt expense (306) (275) (79) (72)
Earnings before income taxes 5,568 7,155 2,103 1,099
Income tax expense (673) (1,979) (472) (73)
Net earnings $4,895 $5,176 $1,631 $1,026
Basic earnings per share $7.70 $7.52 $2.63 $1.52
Diluted earnings per share $7.61 $7.44 $2.59 $1.51
Cash dividends paid per share $4.36 $3.64 $1.09 $0.91
Weighted average diluted shares 643.8 696.1 630.3 681.2
(millions)
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data) December 31 December 31
2016 2015
Assets
Cash and cash equivalents $8,801 $11,302
Short-term and other investments 1,228 750
Accounts receivable, net 8,832 8,713
Current portion of customer financing, net 428 212
Inventories, net of advances and progress billings 43,199 47,257
Total current assets 62,488 68,234
Customer financing, net 3,773 3,358
Property, plant and equipment, net of accumulated 12,807 12,076
depreciation of $16,883 and $16,286
Goodwill 5,324 5,126
Acquired intangible assets, net 2,540 2,657
Deferred income taxes 332 265
Investments 1,317 1,284
Other assets, net of accumulated amortization of $497 1,416 1,408
and $451
Total assets $89,997 $94,408
Liabilities and equity
Accounts payable $11,190 $10,800
Accrued liabilities 14,691 14,014
Advances and billings in excess of related costs 23,869 24,364
Short-term debt and current portion of long-term debt 384 1,234
Total current liabilities 50,134 50,412
Deferred income taxes 1,338 2,392
Accrued retiree health care 5,916 6,616
Accrued pension plan liability, net 19,943 17,783
Other long-term liabilities 2,221 2,078
Long-term debt 9,568 8,730
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 4,762 4,834
Treasury stock, at cost - 395,109,568 and 345,637,354 (36,097) (29,568)
shares
Retained earnings 40,714 38,756
Accumulated other comprehensive loss (13,623) (12,748)
Total shareholders' equity 817 6,335
Noncontrolling interests 60 62
Total equity 877 6,397
Total liabilities and equity $89,997 $94,408
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Twelve months ended
December 31
(Dollars in millions) 2016 2015
Cash flows - operating activities:
Net earnings $4,895 $5,176
Adjustments to reconcile net earnings to net cash provided
by operating activities:
Non-cash items -
Share-based plans expense 190 189
Depreciation and amortization 1,910 1,833
Investment/asset impairment charges, net 90 167
Customer financing valuation benefit (7) (5)
Loss on dispositions, net 7 1
Other charges and credits, net 369 364
Excess tax benefits from share-based payment arrangements (157)
Changes in assets and liabilities -
Accounts receivable 112 (1,069)
Inventories, net of advances and progress billings 3,755 (1,110)
Accounts payable 622 (238)
Accrued liabilities 726 2
Advances and billings in excess of related costs (493) 1,192
Income taxes receivable, payable and deferred (810) 477
Other long-term liabilities (68) 46
Pension and other postretirement plans 153 2,470
Customer financing, net (696) 167
Other (256) (142)
Net cash provided by operating activities 10,499 9,363
Cash flows - investing activities:
Property, plant and equipment additions (2,613) (2,450)
Property, plant and equipment reductions 38 42
Acquisitions, net of cash acquired (297) (31)
Contributions to investments (1,719) (2,036)
Proceeds from investments 1,209 2,590
Other 2 39
Net cash used by investing activities (3,380) (1,846)
Cash flows - financing activities:
New borrowings 1,325 1,746
Debt repayments (1,359) (885)
Repayments of distribution rights and other asset financing (24)
Stock options exercised 321 399
Excess tax benefits from share-based payment arrangements 157
Employee taxes on certain share-based payment arrangements (93) (96)
Common shares repurchased (7,001) (6,751)
Dividends paid (2,756) (2,490)
Net cash used by financing activities (9,587) (7,920)
Effect of exchange rate changes on cash and cash (33) (28)
equivalents
Net decrease in cash and cash equivalents (2,501) (431)
Cash and cash equivalents at beginning of year 11,302 11,733
Cash and cash equivalents at end of period $8,801 $11,302
The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Twelve months ended Three months ended
December 31 December 31
(Dollars in millions) 2016 2015 2016 2015
Revenues:
Commercial Airplanes $65,069 $66,048 $16,241 $16,098
Defense, Space & Security:
Boeing Military Aircraft 12,515 13,424 2,617 3,187
Network & Space Systems 7,046 7,751 1,800 1,954
Global Services & Support 9,937 9,213 2,443 2,644
Total Defense, Space & Security 29,498 30,388 6,860 7,785
Boeing Capital 298 413 87 98
Unallocated items, eliminations and (294) (735) 98 (408)
other
Total revenues $94,571 $96,114 $23,286 $23,573
Earnings from operations:
Commercial Airplanes $3,130 $5,157 $1,473 $566
Defense, Space & Security:
Boeing Military Aircraft 1,231 1,311 288 437
Network & Space Systems 493 726 157 163
Global Services & Support 1,284 1,237 364 363
Total Defense, Space & Security 3,008 3,274 809 963
Boeing Capital 59 50 23 9
Segment operating profit 6,197 8,481 2,305 1,538
Unallocated items, eliminations and (363) (1,038) (122) (377)
other
Earnings from operations 5,834 7,443 2,183 1,161
Other income/(loss), net 40 (13) (1) 10
Interest and debt expense (306) (275) (79) (72)
Earnings before income taxes 5,568 7,155 2,103 1,099
Income tax expense (673) (1,979) (472) (73)
Net earnings $4,895 $5,176 $1,631 $1,026
Research and development expense, net:
Commercial Airplanes $3,755 $2,340 $561 $627
Defense, Space & Security 919 986 169 271
Other (47) 5 (4) 7
Total research and development expense, $4,627 $3,331 $726 $905
net
Unallocated items, eliminations and
other
Share-based plans ($66) ($76) ($16) ($19)
Deferred compensation (46) (63) (8) (53)
Amortization of previously capitalized (94) (90) (23) (20)
interest
Eliminations and other unallocated (527) (511) (194) (187)
items
Sub-total (included in core operating (733) (740) (241) (279)
earnings)
Pension 217 (421) 88 (128)
Postretirement 153 123 31 30
Total unallocated items, eliminations ($363) ($1,038) ($122) ($377)
and other
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Deliveries Twelve months ended Three months ended
December 31 December 31
Commercial Airplanes 2016 2015 2016 2015
737 490 495 122 120
747 9 (3) 18 (3) 1 5 (2)
767 13 16 3 2
777 99 98 26 21
787 137 135 33 34
Total 748 762 185 182
Note: Deliveries under operating lease are identified by parentheses.
Defense, Space & Security
Boeing Military Aircraft
AH-64 Apache (New) 31 23 6 5
AH-64 Apache 34 38 7 5
(Remanufactured)
C-17 Globemaster III 4 5
CH-47 Chinook (New) 25 41 8 6
CH-47 Chinook (Renewed) 25 16 2 10
F-15 Models 15 12 4 4
F/A-18 Models 25 35 5 7
P-8 Models 18 14 5 4
Global Services & Support
AEW&C 0 1 1
C-40A 1 1 1
Network & Space Systems
Commercial and Civil 5 3 2 2
Satellites
Military Satellites 2 1
Contractual backlog December 31 September 30 December 31
(Dollars in billions) 2016 2016 2015
Commercial Airplanes $416.2 $408.8 $431.4
Defense, Space & Security:
Boeing Military 21.4 20.8 19.9
Aircraft
Network & Space 5.1 6.5 7.4
Systems
Global Services & 15.6 12.8 17.9
Support
Total Defense, Space & 42.1 40.1 45.2
Security**
Total contractual backlog $458.3 $448.9 $476.6
Unobligated backlog $15.2 $13.1 $12.7
Total backlog $473.5 $462.0 $489.3
Workforce 150,500 154,700 161,400
** 2016 backlog includes adjustments related to prior periods.
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core
operating earnings, core operating margin, and core earnings per share with the
most directly comparable GAAP financial measures, earnings from operations,
operating margin, and diluted earnings per share. See page 7 of this release
for additional information on the use of these non-GAAP financial measures.
(Dollars in millions, Fourth Quarter Full Year Guidance
except per share data)
2016 2015 2016 2015 2017
Revenues $23,286 $23,573 $94,571 $96,114
GAAP Earnings From $2,183 $1,161 $5,834 $7,443
Operations
Increase/(Decrease) in 88% (22%)
GAAP Earnings From
Operations
GAAP Operating Margin 9.4% 4.9% 6.2% 7.7%
Unallocated Pension ($88) $128 ($217) $421
(Income)/Expense
Unallocated Other ($31) ($30) ($153) ($123)
Postretirement Benefit
Income
Unallocated Pension and ($119) $98 ($370) $298 ($1,075)
Other Postretirement
Benefit (Income)/
Expense
Core Operating Earnings $2,064 $1,259 $5,464 $7,741
(non-GAAP)
Increase/(Decrease) in 64% (29%)
Core Operating Earnings
(non-GAAP)
Core Operating Margin 8.9% 5.3% 5.8% 8.1%
(non-GAAP)
GAAP Diluted Earnings $2.59 $1.51 $7.61 $7.44 $10.25 - $10.45
Per Share
Unallocated Pension ($0.14) $0.18 ($0.33) $0.61
(Income)/Expense
Unallocated ($0.05) ($0.04) ($0.24) ($0.18) ($1.15)
Postretirement Benefit
(Income)/Expense
Provision for deferred $0.07 ($0.05) $0.20 ($0.15)
income taxes on
adjustments (1)
Core Earnings Per Share $2.47 $1.60 $7.24 $7.72 $9.10 - $9.30
(non-GAAP)
Weighted Average 630.3 681.2 643.8 696.1 605 - 610
Diluted Shares
(millions)
Increase/(Decrease) in 72% 2%
GAAP Earnings Per Share
Increase/(Decrease) in 54% (6%)
Core Earnings Per Share
(non-GAAP)
(1) The income tax impact is calculated using the tax rate in effect
for the non-GAAP adjustments.
END
(END) Dow Jones Newswires
January 25, 2017 07:33 ET (12:33 GMT)
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