![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 |
TIDMBOE Boeing Reports Second-Quarter Results CHICAGO, July 24, 2019 /PRNewswire/ -- * Continue to engage global regulators and customers on safe return to service of the 737 MAX * Recorded charge and increased costs related to the 737 MAX, as previously announced * Revenue of $15.8 billion reflecting 737 MAX impacts and higher defense and services volume * Loss of ($5.21) per share (GAAP) and core (non-GAAP)* loss of ($5.82) per share * Operating cash flow of ($0.6) billion; paid $1.2 billion of dividends * Total backlog of $474 billion, including more than 5,500 commercial airplanes * Cash and marketable securities of $9.6 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 Second Quarter First Half Results (Dollars in Millions, 2019 2018 Change 2019 2018 Change except per share data) Revenues $15,751 $24,258 (35)% $38,668 $47,640 (19)% GAAP (Loss)/Earnings From ($3,380) $2,710 NM ($1,030) $5,585 NM Operations Operating Margin (21.5)% 11.2% NM (2.7)% 11.7% NM Net (Loss)/Earnings ($2,942) $2,196 NM ($793) $4,673 NM (Loss)/Earnings Per Share ($5.21) $3.73 NM ($1.40) $7.88 NM Operating Cash Flow ($590) $4,680 NM $2,198 $7,816 NM Non-GAAP* Core Operating (Loss)/ ($3,745) $2,393 NM ($1,759) $4,903 NM Earnings Core Operating Margin (23.8)% 9.9% NM (4.5)% 10.3% NM Core (Loss)/Earnings Per ($5.82) $3.33 NM ($2.60) $6.97 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 second-quarter revenue of $15.8 billion, GAAP loss per share of ($5.21) and core loss per share (non-GAAP)* of ($5.82), reflecting the previously announced 737 MAX charge (which reduced revenue by $5.6 billion and earnings by $8.74 per share) as well as lower 737 deliveries partially offset by higher defense and services volume (Table 1). Boeing recorded operating cash flow of ($0.6) 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 working very closely with the FAA on the process they have laid out to certify the 737 MAX software update and safely return the MAX to service. Disciplined development and testing is underway and we will submit the final software package to the FAA once we have satisfied all of their certification requirements. Regulatory authorities will determine the process for certifying the MAX software and training updates as well as the timing for lifting the grounding order. "This is a defining moment for Boeing and we remain focused on our enduring values of safety, quality, and integrity in all that we do, as we work to safely return the 737 MAX to service," said Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg. "During these challenging times, teams across our enterprise continue to perform at a high level while delivering on commitments and capturing new opportunities driven by strong, long-term fundamentals." Table 2. Cash Flow Second Quarter First Half (Millions) 2019 2018 2019 2018 Operating Cash Flow ($590) $4,680 $2,198 $7,816 Less Additions to Property, Plant & Equipment ($421) ($376) ($922) ($770) Free Cash Flow* ($1,011) $4,304 $1,276 $7,046 *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 6, "Non-GAAP Measures Disclosures." Operating cash flow was ($0.6) billion in the quarter, primarily reflecting lower 737 deliveries and production rate as well as timing of receipts and expenditures (Table 2). During the quarter, the company paid $1.2 billion of dividends, reflecting a 20 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 19 Q1 19 Cash $9.2 $6.8 Marketable Securities1 $0.4 $0.9 Total $9.6 $7.7 Debt Balances: The Boeing Company, net of intercompany loans to BCC $17.3 $12.6 Boeing Capital, including intercompany loans $1.9 $2.1 Total Consolidated Debt $19.2 $14.7 1 Marketable securities consists primarily of time deposits due within one year classified as "short-term investments." Cash and investments in marketable securities totaled $9.6 billion, compared to $7.7 billion at the beginning of the quarter (Table 3). Debt was $19.2 billion, up from $14.7 billion at the beginning of the quarter primarily due to the issuance of new debt. Total company backlog at quarter-end remained healthy at $474 billion and included net orders of $9 billion. Segment Results Commercial Airplanes Table 4. Commercial Airplanes Second Quarter First Half (Dollars in Millions) 2019 2018 Change 2019 2018 Change Commercial Airplanes 90 194 (54)% 239 378 (37)% Deliveries Revenues $4,722 13,952 (66)% $16,544 $26,897 (38)% (Loss)/Earnings from ($4,946) $1,785 NM ($3,773) $3,197 NM Operations Operating Margin (104.7)% 12.8% NM (22.8)% 11.9% NM Commercial Airplanes second-quarter revenue was $4.7 billion reflecting the previously announced 737 MAX charge and lower 737 deliveries partially offset by favorable mix (Table 4). Second-quarter operating margin was (104.7) percent reflecting the previously announced 737 MAX charge and lower 737 deliveries partially offset by a higher margin on the 787 program. During the quarter, Commercial Airplanes delivered 90 airplanes, including 42 787s, and captured orders for two 777 freighters for DHL and six 767 freighters for FedEx. Highlights from the Paris Air Show included a letter of intent from IAG for 200 737 MAX airplanes as well as several wide body commitments. The 777X program is progressing well through pre-flight testing. While the company is still targeting late 2020 for first delivery of the 777X, there is significant risk to this schedule given engine challenges, which are delaying first flight until early 2020. Commercial Airplanes backlog remains healthy with more than 5,500 airplanes valued at $390 billion. Defense, Space & Security Table 5. Defense, Space & Second Quarter First Half Security (Dollars in Millions) 2019 2018 Change 2019 2018 Change Revenues $6,612 $6,100 8% $13,223 $12,581 5% Earnings from Operations $975 $376 159% $1,822 $1,133 61% Operating Margin 14.7% 6.2% 8.5 13.8% 9.0% 4.8 Pts Pts Defense, Space & Security second-quarter revenue increased to $6.6 billion primarily driven by higher volume across derivative aircraft, satellites, and weapons (Table 5). Second-quarter operating margin increased to 14.7 percent primarily due to a gain on sale of property and lower cost growth on the KC-46 Tanker program compared to the second quarter of 2018. During the quarter, Defense, Space & Security received contracts for MH-47G Block II Chinook for the U.S. Army Special Operations, F/A-18 service life modification for the U.S. Navy, Joint Direct Attack Munition for the U.S. Air Force, and Wideband Global Satellite Communication for the U.S. Air Force. Significant milestones achieved during the quarter included completion of the first T-X Trainer flight test on contract with the U.S. Air Force and the final parachute test for the Commercial Crew spacecraft. Backlog at Defense, Space & Security was $64 billion, of which 31 percent represents orders from customers outside the U.S. Global Services Table 6. Global Services Second Quarter First Half (Dollars in Millions) 2019 2018 Change 2019 2018 Change Revenues $4,543 $4,097 11% $9,162 $8,047 14% Earnings from Operations $687 $604 14% $1,340 $1,251 7% Operating Margin 15.1% 14.7% 0.4 Pts 14.6% 15.5% (0.9) Pts Global Services second-quarter revenue increased to $4.5 billion, primarily driven by the acquisition of Boeing Distribution Services, Inc. (formerly KLX) and higher international government services volume (Table 6). Second-quarter operating margin was relatively stable at 15.1 percent. During the quarter, Global Services was awarded Performance Based Logistics contracts for AH-64 Apache for the U.S. Army and KC-767A Tanker for the Italian Air Force. At the Paris Air Show, Global Services signed commitments with ASL Aviation Holdings and GECAS for up to 45 737-800 converted freighters and announced digital solution agreements with Delta Air Lines and JetBlue Airways. Additional Financial Information Table 7. Additional Financial Information Second Quarter First Half (Dollars in Millions) 2019 2018 2019 2018 Revenues Boeing Capital $75 $72 $141 $137
Unallocated items, eliminations and other ($201) $37 ($402) ($22) Earnings from Operations Boeing Capital $37 $24 $57 $44 FAS/CAS service cost adjustment $365 $317 $729 $682 Other unallocated items and eliminations ($498) ($396) ($1,205) ($722) Other income, net $107 ($15) $213 $51 Interest and debt expense ($154) ($109) ($277) ($211) Effective tax rate 14.2% 15.1% 27.5% 13.9% At quarter-end, Boeing Capital's net portfolio balance was $2.3 billion. Revenue in other unallocated items and eliminations decreased primarily due to reserves related to cost accounting litigation. The change in earnings from other unallocated items and eliminations is primarily due to increased enterprise research and development investment. The effective tax rate for the second quarter decreased from the same period in the prior year primarily due to lower pre-tax earnings in the current year. 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 (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 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 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 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: Chaz Bickers (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 2019 2018 2019 2018 data) Sales of products $33,319 $42,385 $13,094 $21,565 Sales of services 5,349 5,255 2,657 2,693 Total revenues 38,668 47,640 15,751 24,258 Cost of products (31,910) (34,252) (15,672) (17,436) Cost of services (4,511) (4,075) (2,122) (2,083) Boeing Capital interest expense (34) (33) (16) (17) Total costs and expenses (36,455) (38,360) (17,810) (19,536) 2,213 9,280 (2,059) 4,722 Income/(loss) from operating 5 80 (15) 6 investments, net General and administrative expense (1,856) (2,191) (672) (1,194) Research and development expense, net (1,692) (1,591) (826) (827)
Gain on dispositions, net 300 7 192 3 (Loss)/earnings from operations (1,030) 5,585 (3,380) 2,710 Other income/(loss), net 213 51 107 (15) Interest and debt expense (277) (211) (154) (109) (Loss)/earnings before income taxes (1,094) 5,425 (3,427) 2,586 Income tax benefit/(expense) 301 (752) 485 (390) Net (loss)/earnings ($793) $4,673 ($2,942) $2,196 Basic (loss)/earnings per share ($1.40) $7.97 ($5.21) $3.77 Diluted (loss)/earnings per share ($1.40) $7.88 ($5.21) $3.73 Weighted average diluted shares 566.6 592.9 565.3 588.7 (millions) The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited) (Dollars in millions, except per share data) June 30 December 31 2019 2018 Assets Cash and cash equivalents $9,167 $7,637 Short-term and other investments 439 927 Accounts receivable, net 3,291 3,879 Unbilled receivables, net 10,247 10,025 Current portion of customer financing, net 171 460 Inventories 68,492 62,567 Other current assets 3,304 2,335 Total current assets 95,111 87,830 Customer financing, net 2,139 2,418 Property, plant and equipment, net of accumulated 12,601 12,645 depreciation of $18,855 and $18,568 Goodwill 8,051 7,840 Acquired intangible assets, net 3,761 3,429 Deferred income taxes 357 284 Investments 1,142 1,087 Other assets, net of accumulated amortization of $523 and 3,099 1,826 $503 Total assets $126,261 $117,359 Liabilities and equity Accounts payable $15,267 $12,916 Accrued liabilities 20,042 14,808 Advances and progress billings 52,523 50,676 Short-term debt and current portion of long-term debt 4,357 3,190 Total current liabilities 92,189 81,590 Deferred income taxes 1,736 Accrued retiree health care 4,486 4,584 Accrued pension plan liability, net 14,831 15,323 Other long-term liabilities 4,839 3,059 Long-term debt 14,859 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 6,638 6,768 Treasury stock, at cost - 449,558,553 and 444,619,970 (54,932) (52,348) shares Retained earnings 52,819 55,941 Accumulated other comprehensive loss (14,908) (15,083) Total shareholders' equity (5,322) 339 Noncontrolling interests 379 71 Total equity (4,943) 410 Total liabilities and equity $126,261 $117,359 The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) Six months ended June 30 (Dollars in millions) 2019 2018 Cash flows - operating activities: Net (loss)/earnings ($793) $4,673 Adjustments to reconcile net earnings to net cash provided by operating activities: Non-cash items - Share-based plans expense 104 98 Depreciation and amortization 1,067 1,008 Investment/asset impairment charges, net 70 44 Customer financing valuation adjustments 249 (2) Gain on dispositions, net (300) (7) Other charges and credits, net 145 112 Changes in assets and liabilities - Accounts receivable 588 62 Unbilled receivables (222) (1,675) Advances and progress billings 1,842 2,931 Inventories (5,233) 408 Other current assets (887) 2 Accounts payable 2,002 682 Accrued liabilities 4,959 (922) Income taxes receivable, payable and deferred (921) 269 Other long-term liabilities (509) (65) Pension and other postretirement plans (390) (57) Customer financing, net 347 (97) Other 80 352 Net cash provided by operating activities 2,198 7,816 Cash flows - investing activities: Property, plant and equipment additions (922) (770) Property, plant and equipment reductions 331 41 Acquisitions, net of cash acquired (492) Contributions to investments (496) (1,537) Proceeds from investments 758 1,028 Purchase of distribution rights (20) (56) Other (12) (1) Net cash used by investing activities (853) (1,295) Cash flows - financing activities: New borrowings 11,670 3,648 Debt repayments (6,422) (2,708) Contributions from noncontrolling interests 7 20 Stock options exercised 47 61 Employee taxes on certain share-based payment arrangements (238) (236) Common shares repurchased (2,651) (5,965) Dividends paid (2,317) (1,997) Net cash provided/(used) by financing activities 96 (7,177) Effect of exchange rate changes on cash and cash equivalents, (2) (36) including restricted Net increase/(decrease) in cash & cash equivalents, including 1,439 (692) restricted Cash & cash equivalents, including restricted, at beginning of 7,813 8,887 year Cash & cash equivalents, including restricted, at end of 9,252 8,195 period Less restricted cash & cash equivalents, included in 85 74 Investments Cash and cash equivalents at end of period $9,167 $8,121 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. Six months ended Three months June 30 ended June 30 (Dollars in millions) 2019 2018 2019 2018 Revenues: Commercial Airplanes $16,544 $26,897 $4,722 $13,952 Defense, Space & Security 13,223 12,581 6,612 6,100 Global Services 9,162 8,047 4,543 4,097 Boeing Capital 141 137 75 72 Unallocated items, eliminations and other (402) (22) (201) 37 Total revenues $38,668 $47,640 $15,751 $24,258 (Loss)/earnings from operations: Commercial Airplanes ($3,773) $3,197 ($4,946) $1,785 Defense, Space & Security 1,822 1,133 975 376
Global Services 1,340 1,251 687 604 Boeing Capital 57 44 37 24 Segment operating (loss)/profit (554) 5,625 (3,247) 2,789 Unallocated items, eliminations and other (1,205) (722) (498) (396) FAS/CAS service cost adjustment 729 682 365 317 (Loss)/earnings from operations (1,030) 5,585 (3,380) 2,710 Other income/(loss), net 213 51 107 (15) Interest and debt expense (277) (211) (154) (109) (Loss)/earnings before income taxes (1,094) 5,425 (3,427) 2,586 Income tax benefit/(expense) 301 (752) 485 (390) Net (loss)/earnings ($793) $4,673 ($2,942) $2,196 Research and development expense, net: Commercial Airplanes $1,062 $1,099 $498 $550 Defense, Space & Security 384 402 196 219 Global Services 73 71 33 37 Other 173 19 99 21 Total research and development expense, $1,692 $1,591 $826 $827 net Unallocated items, eliminations and other: Share-based plans ($36) ($36) ($22) ($18) Deferred compensation (129) (56) (27) (27) Amortization of previously capitalized (45) (48) (21) (23) interest Customer financing impairment (250) Research and development expense, net (173) (19) (99) (21) Eliminations and other unallocated items (572) (563) (329) (307) Sub-total (included in core operating (1,205) (722) (498) (396) earnings) Pension FAS/CAS service cost adjustment 549 520 275 237 Postretirement FAS/CAS service cost 180 162 90 80 adjustment FAS/CAS service cost adjustment 729 682 $365 $317 Total ($476) ($40) ($133) ($79) The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited) Deliveries Six months ended Three months ended June 30 June 30 Commercial Airplanes 2019 2018 2019 2018 737 113 269 24 137 747 4 3 2 1 767 22 9 10 5 777 22 (1) 25 12 13 787 78 72 42 38 Total 239 378 90 194 Note: Aircraft accounted for as revenues by BCA and as operating leases in consolidation identified by parentheses Defense, Space & Security AH-64 Apache (New) 10 - 4 - AH-64 Apache (Remanufactured) 35 6 13 - CH-47 Chinook (New) 7 9 - 5 CH-47 Chinook (Renewed) 9 8 5 4 F-15 Models 5 5 1 3 F/A-18 Models 10 5 3 - KC-46 Tanker 12 - 5 - P-8 Models 8 8 5 4 Commercial and Civil Satellites 1 - 1 - Military Satellites - - - - Total backlog (Dollars in millions) June 30 December 31 2019 2018 Commercial Airplanes $390,405 $408,140 Defense, Space & Security 63,872 61,277 Global Services 19,974 21,064 Total backlog $474,251 $490,481 Contractual backlog $448,816 $462,070 Unobligated backlog 25,435 28,411 Total backlog $474,251 $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 Second Quarter Second Quarter data) 2019 2018 $ Per $ Per millions Share millions Share Revenues 15,751 24,258 (Loss)/earnings from operations (GAAP) (3,380) 2,710 Operating margin (GAAP) (21.5)% 11.2% FAS/CAS service cost adjustment: Pension FAS/CAS service cost adjustment (275) (237) Postretirement FAS/CAS service cost (90) (80) adjustment FAS/CAS service cost adjustment (365) (317) Core operating (loss)/earnings (non-GAAP) ($3,745) $2,393 Core operating margin (non-GAAP) (23.8)% 9.9% Diluted (loss)/earnings per share (GAAP) ($5.21) $3.73 Pension FAS/CAS service cost adjustment ($275) (0.49) ($237) (0.40) Postretirement FAS/CAS service cost (90) (0.16) (80) (0.14) adjustment Non-operating pension expense (94) (0.17) (6) (0.01) Non-operating postretirement expense 26 0.05 24 0.04 Provision for deferred income taxes on 91 0.16 63 0.11 adjustments 1 Subtotal of adjustments ($342) ($0.61) ($236) ($0.40) Core (loss)/earnings per share (non-GAAP) ($5.82) $3.33 Weighted average diluted shares (in 565.3 588.7 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 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 6 of this release for additional information on the use of these non-GAAP financial measures. (Dollars in millions, except per share First Half 2019 First Half 2018 data) $ Per $ Per millions Share millions Share Revenues 38,668 47,640 (Loss)/earnings from operations (GAAP) (1,030) 5,585 Operating margin (GAAP) (2.7)% 11.7% FAS/CAS service cost adjustment: Pension FAS/CAS service cost adjustment (549) (520) Postretirement FAS/CAS service cost (180) (162) adjustment FAS/CAS service cost adjustment (729) (682) Core operating (loss)/earnings (non-GAAP) ($1,759) $4,903 Core operating margin (non-GAAP) (4.5)% 10.3% Diluted earnings per share (GAAP) ($1.40) $7.88 Pension FAS/CAS service cost adjustment ($549) (0.97) ($520) (0.88) Postretirement FAS/CAS service cost (180) (0.32) (162) (0.27) adjustment Non-operating pension expense (187) (0.32) (48) (0.08) Non-operating postretirement expense 53 0.09 48 0.08 Provision for deferred income taxes on 181 0.32 143 0.24 adjustments 1 Subtotal of adjustments ($682) ($1.20) ($539) ($0.91) Core (loss)/earnings per share (non-GAAP) ($2.60) $6.97 Weighted average diluted shares (in 566.6 592.9 millions) 1 The income tax impact is calculated using the U.S. corporate statutory tax rate. END
(END) Dow Jones Newswires
July 24, 2019 07:33 ET (11:33 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