We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| 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 |
Hot Features
Premium
TIDMBOE
Boeing Reports Fourth-Quarter Results
CHICAGO, Jan. 29, 2020
Fourth Quarter 2019
* Financial results continue to be significantly impacted by the 737 MAX
grounding
* Revenue of $17.9 billion, GAAP loss per share of ($1.79) and core
(non-GAAP)* loss per share of ($2.33)
Full-Year 2019
* Revenue of $76.6 billion, GAAP loss per share of ($1.12) and core
(non-GAAP)* loss per share of ($3.47)
* Operating cash flow of ($2.4) billion; cash and marketable securities of
$10.0 billion
* Total backlog of $463 billion, including over 5,400 commercial airplanes
Table 1. Summary Fourth Quarter Full Year
Financial Results
(Dollars in Millions, 2019 2018 Change 2019 2018 Change
except per share data)
Revenues $17,911 $28,341 (37)% $76,559 $101,127 (24)%
GAAP
(Loss)/Earnings From ($2,204) $4,175 NM ($1,975) $11,987 NM
Operations
Operating Margin (12.3)% 14.7% NM (2.6)% 11.9% NM
Net (Loss)/Earnings ($1,010) $3,424 NM ($636) $10,460 NM
(Loss)/Earnings Per Share ($1.79) $5.93 NM ($1.12) $17.85 NM
Operating Cash Flow ($2,220) $2,947 NM ($2,446) $15,322 NM
Non-GAAP*
Core Operating (Loss)/ ($2,526) $3,867 NM ($3,390) $10,660 NM
Earnings
Core Operating Margin (14.1)% 13.6% NM (4.4)% 10.5% NM
Core (Loss)/Earnings Per ($2.33) $5.48 NM ($3.47) $16.01 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 fourth-quarter revenue of $17.9 billion,
GAAP loss per share of ($1.79) and core loss per share (non-GAAP)* of ($2.33),
primarily reflecting the impacts of the 737 MAX grounding (Table 1). Boeing
recorded operating cash flow of ($2.2) billion and paid $1.2 billion of
dividends.
"We recognize we have a lot of work to do," said Boeing President and Chief
Executive Officer David Calhoun. "We are focused on returning the 737 MAX to
service safely and restoring the long-standing trust that the Boeing brand
represents with the flying public. We are committed to transparency and
excellence in everything we do. Safety will underwrite every decision, every
action and every step we take as we move forward. Fortunately, the strength of
our overall Boeing portfolio of businesses provides the financial liquidity to
follow a thorough and disciplined recovery process."
Table 2. Cash Flow Fourth Quarter Full Year
(Millions) 2019 2018 2019 2018
Operating Cash Flow ($2,220) $2,947 ($2,446) $15,322
Less Additions to Property, Plant & ($447) ($495) ($1,834) ($1,722)
Equipment
Free Cash Flow* ($2,667) $2,452 ($4,280) $13,600
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on
page 6, "Non-GAAP Measures Disclosures."
Operating cash flow was ($2.2) billion in the quarter, primarily reflecting the
impact of the 737 MAX grounding as well as timing of receipts and expenditures
(Table 2). During the quarter, the company paid $1.2 billion of dividends.
Table 3. Cash, Marketable Securities and Debt Balances Quarter-End
(Billions) Q4 19 Q3 19
Cash $9.5 $9.8
Marketable Securities1 $0.5 $1.1
Total $10.0 $10.9
Debt Balances:
The Boeing Company, net of intercompany loans to BCC $25.3 $22.8
Boeing Capital, including intercompany loans $2.0 $1.9
Total Consolidated Debt $27.3 $24.7
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, compared
to $10.9 billion at the beginning of the quarter (Table 3). Debt was $27.3
billion, up from $24.7 billion at the beginning of the quarter primarily due to
increased commercial paper borrowings.
Total company backlog at quarter-end was $463 billion and included net orders
for the quarter of $13 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Fourth Quarter Full Year
Airplanes
(Dollars in Millions) 2019 2018 Change 2019 2018 Change
Commercial Airplanes 79 238 (67)% 380 806 (53)%
Deliveries
Revenues $7,462 $16,531 (55)% $32,255 $57,499 (44)%
(Loss)/Earnings from ($2,844) $2,600 NM ($6,657) $7,830 NM
Operations
Operating Margin (38.1)% 15.7% NM (20.6)% 13.6% NM
Commercial Airplanes fourth-quarter revenue was $7.5 billion and fourth-quarter
operating margin decreased to (38.1) percent reflecting lower 737 deliveries
and an additional pre-tax charge of $2.6 billion related to estimated potential
concessions and other considerations to customers related to the 737 MAX
grounding (Table 4). The estimated costs to produce 737 aircraft included in
the accounting quantity increased by $2.6 billion during the quarter, primarily
to reflect updated production and delivery assumptions. In addition, the
suspension of 737 MAX production and a gradual resumption of production at low
production rates will result in approximately $4 billion of abnormal production
costs that will be expensed as incurred, primarily in 2020.
Commercial Airplanes delivered 79 airplanes during the quarter, including 45
787's, and captured orders for 30 737 MAX aircraft at the Dubai Air Show and 2
777 freighters for Lufthansa. The 787 program also booked 36 net orders in the
quarter. As previously announced, the 787 production rate will be reduced from
the current rate of 14 airplanes per month to 12 airplanes per month in late
2020. Based on the current environment and near-term market outlook, the
production rate is expected to be further adjusted to 10 airplanes per month in
early 2021, and return to 12 airplanes per month in 2023. The first flight of
the 777X was completed on January 25, and first delivery is targeted for 2021.
Commercial Airplanes backlog included over 5,400 airplanes valued at $377
billion.
Defense, Space & Security
Table 5. Defense, Space & Fourth Quarter Full Year
Security
(Dollars in Millions) 2019 2018 Change 2019 2018 Change
Revenues $5,962 $6,874 (13)% $26,227 $26,392 (1%)
Earnings from Operations $31 $771 (96)% $2,608 $1,657 57%
Operating Margin 0.5% 11.2% (10.7) 9.9% 6.3% 3.6
Pts Pts
Defense, Space & Security fourth-quarter revenue decreased to $6.0 billion
primarily driven by lower volume across the portfolio as well as the impact of
a Commercial Crew charge (Table 5). Fourth-quarter operating margin decreased
to 0.5 percent due to a $410 million pre-tax Commercial Crew charge primarily
to provision for an additional uncrewed mission for the Commercial Crew
program, performance and mix. NASA is evaluating the data received during the
December 2019 mission to determine if another uncrewed mission is required.
During the quarter, Defense, Space & Security received an award for 10 Space
Launch System core stages and up to 8 Exploration Upper Stages. Defense, Space
& Security also received contracts for the remanufacture of 47 AH-64E Apache
helicopters for three countries and to upgrade the NATO Airborne Warning &
Control System fleet. Significant milestones achieved during the quarter
included the delivery of the first modified MV-22 Osprey to the U.S. Marine
Corps and delivery of the first P-8A Poseidon aircraft to the United Kingdom
Royal Air Force. Defense, Space & Security also conducted a Commercial Crew
spacecraft uncrewed Orbital Flight Test.
Backlog at Defense, Space & Security was $64 billion, of which 29 percent
represents orders from customers outside the U.S.
Global Services
Table 6. Global Services Fourth Quarter Full Year
(Dollars in Millions) 2019 2018 Change 2019 2018 Change
Revenues $4,648 $4,908 (5)% $18,468 $17,056 8%
Earnings from Operations $684 $737 (7)% $2,697 $2,536 6%
Operating Margin 14.7% 15.0% (0.3) Pts 14.6% 14.9% (0.3) Pts
Global Services fourth-quarter revenue was $4.6 billion, primarily driven by
lower commercial services volume (Table 6). Fourth-quarter operating margin
decreased to 14.7 percent primarily due to a charge related to the retirement
of the Aviall brand and mix of products and services, partially offset by a
gain on divestiture.
During the quarter, Global Services was awarded V-22 support contracts for
Japan and the U.S. and AH-64 and CH-47 global support for the U.S. Army. Global
Services signed a multi-year Landing Gear Exchange services agreement with
LATAM Airlines Group and a 5-year digital navigation renewal agreement with
Saudi Arabian Airlines. Global Services also expanded its digital offerings by
launching ForeFlight Dispatch and signed a contract with Flexjet to be the
inaugural customer.
Additional Financial Information
Table 7. Additional Financial Information Fourth Quarter Full Year
(Dollars in Millions) 2019 2018 2019 2018
Revenues
Boeing Capital $37 $60 $244 $274
Unallocated items, eliminations and other ($198) ($32) ($635) ($94)
Earnings from Operations
Boeing Capital ($58) $8 $28 $79
FAS/CAS service cost adjustment $322 $308 $1,415 $1,327
Other unallocated items and eliminations ($339) ($249) ($2,066) ($1,442)
Other income, net $104 $29 $438 $92
Interest and debt expense ($242) ($158) ($722) ($475)
Effective tax rate 56.9% 15.4% 71.8% 9.9%
At quarter-end, Boeing Capital's net portfolio balance was $2.3 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
higher deferred compensation expense and increased enterprise research and
development investment. Interest and debt expense increased due to higher debt
balances. The fourth quarter 2019 effective tax rate reflects a $371 million
tax benefit related to the settlement of state tax audits as well as the impact
of pre-tax losses.
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 (Loss)/Earnings, Core Operating Margin and Core (Loss)/Earnings
Per Share
Core operating (loss)/earnings is defined as GAAP (loss)/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 (loss)/
earnings expressed as a percentage of revenue. Core (loss)/earnings per share
is defined as GAAP diluted (loss)/earnings per share excluding the net (loss)/
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 (loss)/earnings, core operating
margin and core (loss)/earnings per share for purposes of evaluating and
forecasting underlying business performance. Management believes these core
(loss)/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 13-14.
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 737 MAX, including the timing and conditions of 737 MAX regulatory
approvals, delays in the resumption of production, lower than planned
production rates and/or delivery rates, and increased considerations to
customers and suppliers, (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)
Twelve months Three months ended
ended December 31
December 31
(Dollars in millions, except per share 2019 2018 2019 2018
data)
Sales of products $66,094 $90,229 $15,580 $25,381
Sales of services 10,465 10,898 2,331 2,960
Total revenues 76,559 101,127 17,911 28,341
Cost of products (62,877) (72,922) (16,293) (19,788)
Cost of services (9,154) (8,499) (2,402) (2,284)
Boeing Capital interest expense (62) (69) (13) (18)
Total costs and expenses (72,093) (81,490) (18,708) (22,090)
4,466 19,637 (797) 6,251
(Loss)/income from operating (4) 111 (1) (1)
investments, net
General and administrative expense (3,909) (4,567) (1,052) (1,222)
Research and development expense, net (3,219) (3,269) (749) (852)
Gain/(loss) on dispositions, net 691 75 395 (1)
(Loss)/earnings from operations (1,975) 11,987 (2,204) 4,175
Other income, net 438 92 104 29
Interest and debt expense (722) (475) (242) (158)
(Loss)/earnings before income taxes (2,259) 11,604 (2,342) 4,046
Income tax benefit/(expense) 1,623 (1,144) 1,332 (622)
Net (loss)/earnings ($636) $10,460 ($1,010) $3,424
Basic (loss)/earnings per share ($1.12) $18.05 ($1.79) $6.00
Diluted (loss)/earnings per share ($1.12) $17.85 ($1.79) $5.93
Weighted average diluted shares 566.0 586.2 565.4 577.5
(millions)
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data) December 31 December 31
2019 2018
Assets
Cash and cash equivalents $9,485 $7,637
Short-term and other investments 545 927
Accounts receivable, net 3,266 3,879
Unbilled receivables, net 9,043 10,025
Current portion of customer financing, net 162 460
Inventories 76,622 62,567
Other current assets 3,106 2,335
Total current assets 102,229 87,830
Customer financing, net 2,136 2,418
Property, plant and equipment, net of accumulated 12,502 12,645
depreciation of $19,342 and $18,568
Goodwill 8,060 7,840
Acquired intangible assets, net 3,338 3,429
Deferred income taxes 683 284
Investments 1,092 1,087
Other assets, net of accumulated amortization of $580 3,585 1,826
and $503
Total assets $133,625 $117,359
Liabilities and equity
Accounts payable $15,553 $12,916
Accrued liabilities 22,868 14,808
Advances and progress billings 51,551 50,676
Short-term debt and current portion of long-term debt 7,340 3,190
Total current liabilities 97,312 81,590
Deferred income taxes 413 1,736
Accrued retiree health care 4,540 4,584
Accrued pension plan liability, net 16,276 15,323
Other long-term liabilities 3,422 3,059
Long-term debt 19,962 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 6,745 6,768
Treasury stock, at cost (54,914) (52,348)
Retained earnings 50,644 55,941
Accumulated other comprehensive loss (16,153) (15,083)
Total shareholders' equity (8,617) 339
Noncontrolling interests 317 71
Total equity (8,300) 410
Total liabilities and equity $133,625 $117,359
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Twelve months
ended
December 31
(Dollars in millions) 2019 2018
Cash flows - operating activities:
Net (loss)/earnings ($636) $10,460
Adjustments to reconcile net earnings to net cash provided
by operating activities:
Non-cash items -
Share-based plans expense 212 202
Depreciation and amortization 2,271 2,114
Investment/asset impairment charges, net 443 93
Customer financing valuation adjustments 250 (3)
Gain on dispositions, net (691) (75)
Other charges and credits, net 334 247
Changes in assets and liabilities -
Accounts receivable 603 (795)
Unbilled receivables 982 (1,826)
Advances and progress billings 737 2,636
Inventories (12,391) 568
Other current assets (682) 98
Accounts payable 1,600 2
Accrued liabilities 7,781 1,117
Income taxes receivable, payable and deferred (2,476) (180)
Other long-term liabilities (621) 87
Pension and other postretirement plans (777) (153)
Customer financing, net 419 120
Other 196 610
Net cash (used)/provided by operating activities (2,446) 15,322
Cash flows - investing activities:
Property, plant and equipment additions (1,834) (1,722)
Property, plant and equipment reductions 334 120
Acquisitions, net of cash acquired (455) (3,230)
Proceeds from dispositions 464
Contributions to investments (1,658) (2,607)
Proceeds from investments 1,759 2,898
Purchase of distribution rights (127) (69)
Other (13) (11)
Net cash used by investing activities (1,530) (4,621)
Cash flows - financing activities:
New borrowings 25,389 8,548
Debt repayments (12,171) (7,183)
Contributions from noncontrolling interests 7 35
Stock options exercised 58 81
Employee taxes on certain share-based payment arrangements (248) (257)
Common shares repurchased (2,651) (9,000)
Dividends paid (4,630) (3,946)
Other (15)
Net cash provided/(used) by financing activities 5,739 (11,722)
Effect of exchange rate changes on cash and cash (5) (53)
equivalents, including restricted
Net increase/(decrease) in cash & cash equivalents, 1,758 (1,074)
including restricted
Cash & cash equivalents, including restricted, at beginning 7,813 8,887
of year
Cash & cash equivalents, including restricted, at end of 9,571 7,813
period
Less restricted cash & cash equivalents, included in 86 176
Investments
Cash and cash equivalents at end of period $9,485 $7,637
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.
Twelve months Three months
ended ended
December 31 December 31
(Dollars in millions) 2019 2018 2019 2018
Revenues:
Commercial Airplanes $32,255 $57,499 $7,462 $16,531
Defense, Space & Security 26,227 26,392 5,962 6,874
Global Services 18,468 17,056 4,648 4,908
Boeing Capital 244 274 37 60
Unallocated items, eliminations and other (635) (94) (198) (32)
Total revenues $76,559 $101,127 $17,911 $28,341
(Loss)/earnings from operations:
Commercial Airplanes ($6,657) $7,830 ($2,844) $2,600
Defense, Space & Security 2,608 1,657 31 771
Global Services 2,697 2,536 684 737
Boeing Capital 28 79 (58) 8
Segment operating (loss)/profit (1,324) 12,102 (2,187) 4,116
Unallocated items, eliminations and other (2,066) (1,442) (339) (249)
FAS/CAS service cost adjustment 1,415 1,327 322 308
(Loss)/earnings from operations (1,975) 11,987 (2,204) 4,175
Other income, net 438 92 104 29
Interest and debt expense (722) (475) (242) (158)
(Loss)/earnings before income taxes (2,259) 11,604 (2,342) 4,046
Income tax benefit/(expense) 1,623 (1,144) 1,332 (622)
Net (loss)/earnings ($636) $10,460 ($1,010) $3,424
Research and development expense, net:
Commercial Airplanes $1,956 $2,188 $427 $572
Defense, Space & Security 758 788 189 175
Global Services 121 161 19 42
Other 384 132 114 63
Total research and development expense, $3,219 $3,269 $749 $852
net
Unallocated items, eliminations and
other:
Share-based plans ($65) ($76) ($8) ($16)
Deferred compensation (174) (19) (20) 93
Amortization of previously capitalized (89) (92) (21) (25)
interest
Customer financing impairment (250)
Research and development expense, net (384) (132) (97) (63)
Eliminations and other unallocated items (1,104) (1,123) (193) (238)
Sub-total (included in core operating (2,066) (1,442) (339) (249)
earnings)
Pension FAS/CAS service cost adjustment 1,071 1,005 248 225
Postretirement FAS/CAS service cost 344 322 74 83
adjustment
FAS/CAS service cost adjustment 1,415 1,327 $322 $308
Total ($651) ($115) ($17) $59
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Deliveries Twelve months ended Three months ended
December 31 December 31
Commercial Airplanes 2019 2018 2019 2018
737 127 580 9 173
747 7 6 2 1
767 43 27 11 14
777 45 (2) 48 12 (1) 11
787 158 145 45 39
Total 380 806 79 238
Note: Aircraft accounted for as revenues by BCA and as operating leases in
consolidation identified by parentheses
Defense, Space & Security
AH-64 Apache (New) 37 - 10 -
AH-64 Apache (Remanufactured) 74 23 18 11
C-17 Globemaster III 1 - - -
C-40A 2 - - -
CH-47 Chinook (New) 13 13 - 2
CH-47 Chinook (Renewed) 22 17 6 3
F-15 Models 11 10 4 2
F/A-18 Models 23 17 7 7
KC-46 Tanker 28 - 7 -
P-8 Models 18 16 4 6
Commercial and Civil Satellites 2 1 1 -
Military Satellites - 1 - 1
Total backlog (Dollars in millions) December 31 December 31
2019 2018
Commercial Airplanes $376,593 $408,140
Defense, Space & Security 63,908 61,277
Global Services 22,902 21,064
Total backlog $463,403 $490,481
Contractual backlog $436,473 $462,070
Unobligated backlog 26,930 28,411
Total backlog $463,403 $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 (loss)/earnings, core operating margin, and core (loss)/earnings per
share with the most directly comparable GAAP financial measures, (loss)/
earnings from operations, operating margin, and diluted (loss)/earnings per
share. See page 6 of this release for additional information on the use of
these non-GAAP financial measures.
(Dollars in millions, except per share data) Fourth Quarter Fourth Quarter
2019 2018
$ Per $ Per
millions Share millions Share
Revenues 17,911 28,341
(Loss)/earnings from operations (GAAP) (2,204) 4,175
Operating margin (GAAP) (12.3)% 14.7%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (248) (225)
Postretirement FAS/CAS service cost (74) (83)
adjustment
FAS/CAS service cost adjustment (322) (308)
Core operating (loss)/earnings (non-GAAP) ($2,526) $3,867
Core operating margin (non-GAAP) (14.1)% 13.6%
Diluted (loss)/earnings per share (GAAP) ($1.79) $5.93
Pension FAS/CAS service cost adjustment ($248) (0.44) ($225) (0.39)
Postretirement FAS/CAS service cost (74) (0.13) (83) (0.14)
adjustment
Non-operating pension expense (94) (0.17) (45) (0.08)
Non-operating postretirement expense 27 0.05 24 0.04
Provision for deferred income taxes on 82 0.15 69 0.12
adjustments 1
Subtotal of adjustments ($307) ($0.54) ($260) ($0.45)
Core (loss)/earnings per share (non-GAAP) ($2.33) $5.48
Weighted average diluted shares (in 565.4 577.5
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)/earnings per
share with the most directly comparable GAAP financial measures, (loss)/
earnings from operations, operating margin, and diluted (loss)/earnings per
share. See page 6 of this release for additional information on the use of
these non-GAAP financial measures.
(Dollars in millions, except per share data) Full Year 2019 Full Year 2018
$ Per $ Per
millions Share millions Share
Revenues 76,559 101,127
(Loss)/earnings from operations (GAAP) (1,975) 11,987
Operating margin (GAAP) (2.6)% 11.9%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (1,071) (1,005)
Postretirement FAS/CAS service cost (344) (322)
adjustment
FAS/CAS service cost adjustment (1,415) (1,327)
Core operating (loss)/earnings (non-GAAP) ($3,390) $10,660
Core operating margin (non-GAAP) (4.4)% 10.5%
Diluted (loss)/earnings per share (GAAP) ($1.12) $17.85
Pension FAS/CAS service cost adjustment ($1,071) (1.89) ($1,005) (1.71)
Postretirement FAS/CAS service cost (344) (0.61) (322) (0.55)
adjustment
Non-operating pension expense (374) (0.66) (143) (0.24)
Non-operating postretirement expense 107 0.19 101 0.17
Provision for deferred income taxes on 353 0.62 287 0.49
adjustments 1
Subtotal of adjustments ($1,329) ($2.35) ($1,082) ($1.84)
Core (loss)/earnings per share (non-GAAP) ($3.47) $16.01
Weighted average diluted shares (in 566.0 586.2
millions)
1 The income tax impact is calculated using the U.S.
corporate statutory tax rate.
END
(END) Dow Jones Newswires
January 29, 2020 07:30 ET (12:30 GMT)
1 Year Boeing Chart |
1 Month Boeing Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
