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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 Strong Second-Quarter Results; Raises EPS and Cash Flow Guidance
CHICAGO, July 26, 2017 --
* GAAP EPS of $2.89 and core EPS (non-GAAP)* of $2.55 on solid execution
across the company
* Strong operating cash flow of $5.0 billion; repurchased 13.6 million shares
for $2.5 billion
* Revenue of $22.7 billion reflecting 226 commercial and defense aircraft
deliveries and services
* Backlog grew to $482 billion, including $27 billion of net orders during
the quarter
* Increased guidance for GAAP EPS $0.75 and core EPS (non-GAAP)* $0.60 on
improved performance and tax
* Raised operating cash flow guidance by $1.5 billion and lowered capital
expenditures guidance by $300 million
Table 1. Summary Financial Results Second Quarter First Half
(Dollars in Millions, except per share 2017 2016 2017 2016
data)
Revenues $22,739 $24,755 $43,715 $47,387
GAAP
Earnings/(Loss) From Operations $2,535 ($419) $4,559 $1,369
Operating Margin 11.1% (1.7)% 10.4% 2.9%
Net Earnings/(Loss) $1,761 ($234) $3,212 $985
Earnings/(Loss) Per Share $2.89 ($0.37) $5.22 $1.51
Operating Cash Flow $4,950 $3,190 $7,044 $4,465
Non-GAAP*
Core Operating Earnings/(Loss) $2,212 ($488) $3,921 $1,206
Core Operating Margin 9.7% (2.0)% 9.0% 2.5%
Core Earnings/(Loss) Per Share $2.55 ($0.44) $4.55 $1.35
* Non-GAAP measures. Complete definitions of Boeing's non-GAAP measures are on
page 6, "Non-GAAP Measures Disclosures."
The Boeing Company [NYSE: BA] reported strong earnings and operating cash flow
in the second quarter of 2017, driven by improved operating performance (Table
1). Second-quarter GAAP earnings per share increased to $2.89 and core earnings
per share (non-GAAP)* increased to $2.55. Revenue was $22.7 billion, reflecting
planned production rates and timing of commercial and defense aircraft
deliveries.
For the full year, GAAP earnings per share guidance increased to between $11.10
and $11.30 from $10.35 and $10.55 and core earnings per share (non-GAAP)*
guidance increased to between $9.80 and $10.00 from $9.20 and $9.40, primarily
driven by improved performance across the company and a lower-than-expected tax
rate. Operating cash flow guidance increased by $1.5 billion to $12.25 billion
on solid execution and a cash tax benefit from accelerating pension funding in
the third quarter of 2017. Additionally, capital expenditures guidance
decreased by $300 million to $2.0 billion.
"Our teams are delivering better performance in every segment of the business,
which is reflected in our strong second-quarter results and improved 2017
outlook," said Chairman, President and Chief Executive Officer Dennis
Muilenburg. "Our robust cash flow enabled us to return more value to
shareholders, invest in future growth and in our people, including a plan to
accelerate pension funding that also reduces risk and cyclicality in our
business."
"In the second quarter, we added to our large and diverse order backlog with
key wins in commercial airplanes, defense, space and services, while achieving
important milestones such as delivering the first 737 MAX airplane, flying the
second production-ready T-X trainer aircraft, and conducting a successful
Ground-based Midcourse Defense intercept test."
"As we look to the second half of the year, our teams are focused on
accelerating productivity, quality and safety improvements across the company,
while completing key development efforts and delivering better capabilities and
economics to our customers."
Table 2. Cash Flow Second Quarter First Half
(Millions) 2017 2016 2017 2016
Operating Cash Flow $4,950 $3,190 $7,044 $4,465
Less Additions to Property, Plant & ($439) ($671) ($905) ($1,419)
Equipment
Free Cash Flow* $4,511 $2,519 $6,139 $3,046
* Non-GAAP measures. Complete definitions of Boeing's non-GAAP measures are on
page 6, "Non-GAAP Measures Disclosures."
Operating cash flow in the quarter of $5.0 billion was driven by strong
operating performance and favorable timing of receipts and expenditures (Table
2). During the quarter, the company repurchased 13.6 million shares for $2.5
billion, leaving $9.0 billion remaining under the current repurchase
authorization. The company also paid $0.9 billion in dividends in the quarter,
reflecting a 30 percent increase in dividends per share compared to the same
period of the prior year.
Table 3. Cash, Marketable Securities and Debt Balances Quarter-End
(Billions) Q2 17 Q1 17
Cash $8.7 $8.2
Marketable Securities1 $1.6 $1.0
Total $10.3 $9.2
Debt Balances:
The Boeing Company, net of intercompany loans to BCC $7.8 $7.7
Boeing Capital, including intercompany loans $3.0 $3.1
Total Consolidated Debt $10.8 $10.8
1 Marketable securities consists primarily of time deposits due within one
year classified as "short-term investments."
Cash and investments in marketable securities totaled $10.3 billion, up from
$9.2 billion at the beginning of the quarter (Table 3). Debt was $10.8 billion,
unchanged from the beginning of the quarter.
Total company backlog at quarter-end was $482 billion, up from $480 billion at
the beginning of the quarter, and included net orders for the quarter of $27
billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Second Quarter First Half
Airplanes
(Dollars in Millions) 2017 2016 Change 2017 2016 Change
Commercial Airplanes 183 199 (8)% 352 375 (6)%
Deliveries
Revenues $15,713 $17,456 (10)% $30,018 $31,855 (6)%
Earnings/(Loss) from $1,567 ($973) NM $2,782 $60 NM
Operations
Operating Margin 10.0% (5.6)% 15.6 9.3% 0.2% 9.1
Pts Pts
Commercial Airplanes second-quarter revenue was $15.7 billion on planned
production rates and timing of deliveries (Table 4). Second-quarter operating
margin was 10.0 percent, reflecting solid execution.
During the quarter, Commercial Airplanes delivered the first 737 MAX 8 aircraft
and announced the launch of the 737 MAX 10. Demand continues to be healthy with
571 incremental orders and commitments announced at the Paris Air Show,
including 56 for widebody aircraft and 361 for the launch of the 737 MAX 10.
Also at the Paris Air Show, a number of commercial service agreements were
announced that provide further growth opportunity for Boeing Global Services.
Commercial Airplanes booked 183 net orders during the quarter. Backlog remains
robust with more than 5,700 airplanes valued at $424 billion.
Defense, Space & Security
Table 5. Defense, Space & Second Quarter First Half
Security
(Dollars in Millions) 2017 2016 Change 2017 2016 Change
Revenues
Boeing Military Aircraft $2,904 $2,979 (3)% $5,540 $6,638 (17)%
Network & Space Systems $1,674 $1,810 (8)% $3,238 $3,545 (9)%
Global Services & Support $2,308 $2,385 (3)% $4,640 $4,947 (6)%
Total BDS Revenues $6,886 $7,174 (4)% $13,418 $15,130 (11)%
Earnings from Operations
Boeing Military Aircraft $382 $175 NM $703 $509 NM
Network & Space Systems $152 $153 (1)% $250 $301 (17)%
Global Services & Support $356 $265 34% $674 $605 11%
Total BDS Earnings from $890 $593 50% $1,627 $1,415 15%
Operations
Operating Margin 12.9% 8.3% 4.6 12.1% 9.4% 2.7
Pts Pts
Defense, Space & Security second-quarter revenue was $6.9 billion (Table 5).
Second-quarter operating margin increased to 12.9 percent, reflecting increased
productivity in all three segments.
Boeing Military Aircraft (BMA) second-quarter revenue was $2.9 billion,
reflecting lower planned C-17 deliveries, and operating margin increased to
13.2 percent on improved performance. During the quarter, BMA was awarded a
contract for the remanufacture of 38 AH-64E Apache helicopters for the United
Kingdom, and the second production-ready T-X aircraft completed first flight.
Network & Space Systems (N&SS) second-quarter revenue was $1.7 billion,
reflecting timing of satellite volume. Operating margin increased to 9.1
percent reflecting improved performance. During the quarter, N&SS was awarded a
contract from the Missile Defense Agency for Redesigned Kill Vehicle
Development.
Global Services & Support (GS&S) second-quarter revenue was $2.3 billion,
reflecting timing of contracts. Operating margin increased to 15.4 percent
reflecting strong performance. During the quarter, GS&S was awarded a contract
from the Defense Logistics Agency to support the F-15 fleet, which will be
carried out by Boeing Global Services.
Backlog at Defense, Space & Security was $58 billion, of which 37 percent
represents orders from international customers.
Additional Financial Information
Table 6. Additional Financial Information Second Quarter First Half
(Dollars in Millions) 2017 2016 2017 2016
Revenues
Boeing Capital $72 $84 $164 $148
Unallocated items, eliminations and other $68 $41 $115 $254
Earnings from Operations
Boeing Capital $25 $18 $64 $23
Unallocated pension/postretirement $323 $69 $638 $163
Other unallocated items and eliminations ($270) ($126) ($552) ($292)
Other income, net $27 $13 $49 $39
Interest and debt expense ($93) ($73) ($180) ($146)
Effective tax rate 28.7% 51.1% 27.5% 21.9%
At quarter-end, Boeing Capital's net portfolio balance was $3.9 billion. Total
pension expense for the second quarter was $100 million, down from $463 million
in the same period of the prior year. Other unallocated items and eliminations
earnings decreased primarily due to timing of expense allocations. The
effective tax rate for the second quarter was 28.7 percent reflecting
higher-than-expected tax benefits related to share-based compensation.
Accelerated Pension Funding
In addition to the $500 million pension contribution originally planned for
2017, the company will accelerate approximately four years of pension funding
by making a discretionary contribution of $3.5 billion of Boeing common shares
in the third quarter of this year. Subsequently, the company expects to utilize
its strong cash position and increase its 2017 planned share repurchases by
$3.5 billion to a total of approximately $10 billion for the full year. It is
expected that this contribution will nearly eliminate all future mandatory
pension funding through 2021 based on existing assumptions for asset returns
and discount rates. "Over the past several years, we have taken meaningful
actions to retire risk and reduce cyclicality, and today's actions are another
step forward," said Greg Smith, Chief Financial Officer and Executive Vice
President of Enterprise Performance & Strategy.
The company expects approximately $700 million cash tax savings from the
accelerated pension funding in 2017, which is reflected in the updated cash
flow guidance. Boeing continues to anticipate cash flows to grow annually
through the end of the decade and remains committed to returning free cash flow
to shareholders.
Outlook
The company's 2017 updated guidance (Table 7) reflects the impact of improved
performance across the company and a lower-than-expected tax rate.
Table 7. 2017 Financial Outlook Current Prior
(Dollars in Billions, except per share data) Guidance Guidance
The Boeing Company
Revenue $90.5 - 92.5 $90.5 - 92.5
GAAP Earnings Per Share $11.10 - 11.30 $10.35 - 10.55
Core Earnings Per Share* $9.80 - 10.00 $9.20 - 9.40
Operating Cash Flow $12.25 $10.75
Commercial Airplanes
Deliveries 760 - 765 760 - 765
Revenue $62.5 - 63.5 $62.5 - 63.5
Operating Margin >10.0% 9.5% - 10.0
Defense, Space & Security
Revenue
Boeing Military Aircraft $11.5 $11.5
Network & Space Systems $7.0 $7.0
Global Services & Support $10.0 $10.0
Total BDS Revenue $28.0 - 29.0 $28.0 - 29.0
Operating Margin
Boeing Military Aircraft >12.0% 12.0%
Network & Space Systems 8.0% 9.0%
Global Services & Support >13.5% >12.5%
Total BDS Operating Margin >11.5% 11.5%
Boeing Capital
Portfolio Size Stable Stable
Revenue $0.3 $0.3
Pre-Tax Earnings $0.08 $0.05
Research & Development $3.6 $3.6
Capital Expenditures $2.0 $2.3
Pension Expense 1 $0.6 $0.7
Effective Tax Rate 29.0% 31.0%
1 Approximately ($1.0) 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 6, "Non-GAAP Measures Disclosures."
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/(Loss), Core Operating Margin and Core Earnings/(Loss)
Per Share
Core operating earnings/(loss) is defined as GAAP earnings/(loss) from
operations excluding unallocated pension and other postretirement benefit
expense. Core operating margin is defined as core operating earnings/(loss)
expressed as a percentage of revenue. Core earnings/(loss) per share is defined
as GAAP diluted earnings/(loss) per share excluding the net earnings per share
impact of unallocated pension and other postretirement benefit expense.
Unallocated pension and other postretirement benefit 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 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/(loss), core
operating margin and core earnings/(loss) 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 13.
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)
Six months ended Three months ended
June 30 June 30
(Dollars in millions, except per share 2017 2016 2017 2016
data)
Sales of products $38,659 $42,069 $20,147 $22,184
Sales of services 5,056 5,318 2,592 2,571
Total revenues 43,715 47,387 22,739 24,755
Cost of products (31,806) (37,210) (16,443) (20,265)
Cost of services (3,820) (4,180) (1,932) (2,044)
Boeing Capital interest expense (26) (32) (13) (16)
Total costs and expenses (35,652) (41,422) (18,388) (22,325)
8,063 5,965 4,351 2,430
Income from operating investments, net 120 151 39 97
General and administrative expense (1,973) (1,694) (1,040) (806)
Research and development expense, net (1,651) (3,044) (813) (2,127)
Loss on dispositions, net (9) (2) (13)
Earnings/(loss) from operations 4,559 1,369 2,535 (419)
Other income, net 49 39 27 13
Interest and debt expense (180) (146) (93) (73)
Earnings/(loss) before income taxes 4,428 1,262 2,469 (479)
Income tax (expense)/benefit (1,216) (277) (708) 245
Net earnings/(loss) $3,212 $985 $1,761 ($234)
Basic earnings/(loss) per share $5.28 $1.52 $2.93 ($0.37)
Diluted earnings/(loss) per share $5.22 $1.51 $2.89 ($0.37)
Cash dividends paid per share $2.84 $2.18 $1.42 $1.09
Weighted average diluted shares 615.3 654.9 609.6 636.3
(millions)
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data) June 30 December 31
2017 2016
Assets
Cash and cash equivalents $8,737 $8,801
Short-term and other investments 1,589 1,228
Accounts receivable, net 9,503 8,832
Current portion of customer financing, net 549 428
Inventories, net of advances and progress billings 42,453 43,199
Total current assets 62,831 62,488
Customer financing, net 3,398 3,773
Property, plant and equipment, net of accumulated 12,820 12,807
depreciation of $17,380 and $16,883
Goodwill 5,347 5,324
Acquired intangible assets, net 2,567 2,540
Deferred income taxes 325 332
Investments 1,278 1,317
Other assets, net of accumulated amortization of $484 1,470 1,416
and $497
Total assets $90,036 $89,997
Liabilities and equity
Accounts payable $12,093 $11,190
Accrued liabilities 14,294 14,691
Advances and billings in excess of related costs 25,802 23,869
Short-term debt and current portion of long-term debt 720 384
Total current liabilities 52,909 50,134
Deferred income taxes 1,415 1,338
Accrued retiree health care 5,856 5,916
Accrued pension plan liability, net 19,651 19,943
Other long-term liabilities 2,128 2,221
Long-term debt 10,055 9,568
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 4,644 4,762
Treasury stock, at cost - 419,062,607 and 395,109,568 (40,730) (36,097)
shares
Retained earnings 42,222 40,714
Accumulated other comprehensive loss (13,234) (13,623)
Total shareholders' equity (2,037) 817
Noncontrolling interests 59 60
Total equity (1,978) 877
Total liabilities and equity $90,036 $89,997
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Six months ended
June 30
(Dollars in millions) 2017 2016
Cash flows - operating activities:
Net earnings $3,212 $985
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Non-cash items -
Share-based plans expense 98 97
Depreciation and amortization 965 890
Investment/asset impairment charges, net 46 50
Customer financing valuation expense/(benefit) 5 (4)
Loss on dispositions, net 9
Other charges and credits, net 129 141
Changes in assets and liabilities -
Accounts receivable (912) (503)
Inventories, net of advances and progress billings 877 3,004
Accounts payable 419 1,221
Accrued liabilities (680) (269)
Advances and billings in excess of related costs 1,934 (954)
Income taxes receivable, payable and deferred 712 (494)
Other long-term liabilities (18) (103)
Pension and other postretirement plans 13 181
Customer financing, net 343 275
Other (99) (61)
Net cash provided by operating activities 7,044 4,465
Cash flows - investing activities:
Property, plant and equipment additions (905) (1,419)
Property, plant and equipment reductions 25 13
Contributions to investments (1,820) (657)
Proceeds from investments 1,441 705
Purchase of distribution rights (131)
Other 4 8
Net cash used by investing activities (1,386) (1,350)
Cash flows - financing activities:
New borrowings 874 1,323
Debt repayments (56) (267)
Repayments of distribution rights and other asset financing (24)
Stock options exercised 240 147
Employee taxes on certain share-based payment arrangements (112) (79)
Common shares repurchased (5,000) (5,501)
Dividends paid (1,720) (1,408)
Net cash used by financing activities (5,774) (5,809)
Effect of exchange rate changes on cash and cash equivalents 52 (3)
Net decrease in cash and cash equivalents (64) (2,697)
Cash and cash equivalents at beginning of year 8,801 11,302
Cash and cash equivalents at end of period $8,737 $8,605
The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Six months ended Three months ended
June 30 June 30
(Dollars in millions) 2017 2016 2017 2016
Revenues:
Commercial Airplanes $30,018 $31,855 $15,713 $17,456
Defense, Space & Security:
Boeing Military Aircraft 5,540 6,638 2,904 2,979
Network & Space Systems 3,238 3,545 1,674 1,810
Global Services & Support 4,640 4,947 2,308 2,385
Total Defense, Space & Security 13,418 15,130 6,886 7,174
Boeing Capital 164 148 72 84
Unallocated items, eliminations and 115 254 68 41
other
Total revenues $43,715 $47,387 $22,739 $24,755
Earnings/(loss) from operations:
Commercial Airplanes $2,782 $60 $1,567 ($973)
Defense, Space & Security:
Boeing Military Aircraft 703 509 382 175
Network & Space Systems 250 301 152 153
Global Services & Support 674 605 356 265
Total Defense, Space & Security 1,627 1,415 890 593
Boeing Capital 64 23 25 18
Segment operating profit 4,473 1,498 2,482 (362)
Unallocated items, eliminations and 86 (129) 53 (57)
other
Earnings/(loss) from operations 4,559 1,369 2,535 (419)
Other income, net 49 39 27 13
Interest and debt expense (180) (146) (93) (73)
Earnings/(loss) before income taxes 4,428 1,262 2,469 (479)
Income tax (expense)/benefit (1,216) (277) (708) 245
Net earnings/(loss) $3,212 $985 $1,761 ($234)
Research and development expense, net:
Commercial Airplanes $1,238 $2,548 $602 $1,877
Defense, Space & Security 435 521 222 263
Other (22) (25) (11) (13)
Total research and development expense, $1,651 $3,044 $813 $2,127
net
Unallocated items, eliminations and
other
Share-based plans ($46) ($41) ($25) ($18)
Deferred compensation (96) (5) (46) (21)
Amortization of previously capitalized (51) (48) (20) (18)
interest
Eliminations and other unallocated items (359) (198) (179) (69)
Sub-total (included in core operating (552) (292) (270) (126)
earnings)
Pension 533 79 278 34
Postretirement 105 84 45 35
Total unallocated items, eliminations $86 ($129) $53 ($57)
and other
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Deliveries Six months ended Three months ended
June 30 June 30
Commercial Airplanes 2017 2016 2017 2016
737 236 248 123 127
747 4 (1) 3 3 2
767 5 5 3 4
777 42 51 21 28
787 65 68 33 38
Total 352 375 183 199
Note: Deliveries under operating lease are identified by parentheses.
Defense, Space & Security
Boeing Military Aircraft
AH-64 Apache (New) 5 15 2 8
AH-64 Apache (Remanufactured) 28 18 15 7
C-17 Globemaster III 4 1
CH-47 Chinook (New) 4 10 1 7
CH-47 Chinook (Renewed) 19 16 10 7
F-15 Models 7 7 4 3
F/A-18 Models 12 14 6 6
P-8 Models 9 9 5 5
Network & Space Systems
Commercial and Civil Satellites 3 1 2
Military Satellites 1 1
Contractual backlog (Dollars in June 30 March 31 December 31
billions) 2017 2017 2016
Commercial Airplanes
$423.4 $415.1 $416.2
Defense, Space & Security:
Boeing Military Aircraft 22.4 23.4 21.4
Network & Space Systems 4.5 6.0 5.1
Global Services & Support 17.3 17.0 15.6
Total Defense, Space & Security 44.2 46.4 42.1
Total contractual backlog $467.6 $461.5 $458.3
Unobligated backlog $14.6 $18.0 $15.2
Total backlog $482.2 $479.5 $473.5
Workforce 144,000 147,000 150,500
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core
operating earnings/(loss), core operating margin, and core earnings/(loss) per
share with the most directly comparable GAAP financial measures, earnings from
operations/(loss), operating margin, and diluted earnings/(loss) per share. See
page 6 of this release for additional information on the use of these non-GAAP
financial measures.
(Dollars in millions, except Second Quarter First Half Guidance
per share data)
2017 2016 2017 2016 2017
Revenues $22,739 $24,755 $43,715 $47,387
GAAP Earnings/(Loss) From $2,535 ($419) $4,559 $1,369
Operations
Unallocated Pension Income ($278) ($34) ($533) ($79)
Unallocated Other ($45) ($35) ($105) ($84)
Postretirement Benefit Income
Unallocated Pension and Other ($323) ($69) ($638) ($163)
Postretirement Benefit Income ($1,220)
Core Operating Earnings/(Loss) $2,212 ($488) $3,921 $1,206
(non-GAAP)
GAAP Diluted Earnings/(Loss) $2.89 ($0.37) $5.22 $1.51 $11.10 -
Per Share $11.30
Unallocated Pension Income ($0.46) ($0.05) ($0.86) ($0.12)
Unallocated Postretirement ($0.07) ($0.06) ($0.17) ($0.13) ($1.30)
Benefit Income
Provision for deferred income $0.19 $0.04 $0.36 $0.09
taxes on adjustments (1)
Core Earnings/(Loss) Per Share $2.55 ($0.44) $4.55 $1.35 $9.80 -
(non-GAAP) $10.00
Weighted Average Diluted 609.6 636.3 615.3 654.9 610
Shares (millions)
(1) The income tax impact is calculated using the tax rate in effect
for the non-GAAP adjustments.
END
(END) Dow Jones Newswires
July 26, 2017 07:35 ET (11:35 GMT)
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