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 ARLINGTON, Va., July 27, 2022 /PRNewswire/ -- Second Quarter 2022 * Operating cash flow of $0.1 billion; continue to expect positive free cash flow for 2022 * Increased 737 production to 31 per month; working with FAA on final actions to resume 787 deliveries * Successfully completed CST-100 Starliner uncrewed Orbital Flight Test-2 (OFT-2) * Revenue of $16.7 billion; GAAP earnings per share of $0.32 and core (non-GAAP)* loss per share of ($0.37) * Total backlog of $372 billion; including over 4,200 commercial airplanes Table 1. Second Quarter First Half Summary Financial Results (Dollars in 2022 2021 Change 2022 2021 Change Millions, except per share data) Revenues $16,681 $16,998 (2) % $30,672 $32,215 (5) % GAAP Earnings/ $774 $1,023 (24) % ($395) $940 NM (Loss) From Operations Operating 4.6 % 6.0 % (23) % (1.3) % 2.9 % NM Margin Net Earnings/ $160 $567 (72) % ($1,082) $6 NM (Loss) Earnings/ $0.32 $1.00 (68) % ($1.73) $0.09 NM (Loss) Per Share Operating Cash $81 ($483) NM ($3,135) ($3,870) NM Flow Non-GAAP* Core Operating $490 $755 (35) % ($962) $402 NM Earnings/ (Loss) Core Operating 2.9 % 4.4 % (34) % (3.1) % 1.2 % NM Margin Core (Loss)/ ($0.37) $0.40 NM ($3.11) ($1.12) NM Earnings Per 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 $16.7 billion, GAAP earnings per share of $0.32 and core loss per share (non-GAAP)* of ($0.37), driven by lower defense volume and unfavorable performance, partially offset by higher commercial volume (Table 1). Boeing recorded positive operating cash flow of $0.1 billion. "We made important progress across key programs in the second quarter and are building momentum in our turnaround," said Dave Calhoun, Boeing President and Chief Executive Officer. "As we begin to hit key milestones, we were able to generate positive operating cash flow this quarter and remain on track to achieve positive free cash flow for 2022. While we are making meaningful progress, we have more work ahead. We will stay focused on safety, quality and transparency, as we drive stability, improve performance, and continue to invest in our future." Table 2. Cash Flow Second Quarter First Half (Millions) 2022 2021 2022 2021 Operating Cash Flow $81 ($483) ($3,135) ($3,870) Less Additions to ($263) ($222) ($612) ($513) Property, Plant & Equipment Free Cash Flow* ($182) ($705) ($3,747) ($4,383) *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 6, "Non-GAAP Measures Disclosures." Operating cash flow improved to $0.1 billion in the quarter, reflecting higher commercial deliveries and timing of receipts and expenditures (Table 2). Table 3. Quarter-End Cash, Marketable Securities and Debt Balances (Billions) Q2 22 Q1 22 Cash $10.0 $7.4 Marketable $1.4 $4.9 Securities1 Total $11.4 $12.3 Debt Balances: The Boeing $55.7 $56.2 Company, net of intercompany loans to BCC Boeing $1.5 $1.5 Capital, including intercompany loans Total $57.2 $57.7 Consolidated Debt 1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments." Cash and investments in marketable securities decreased to $11.4 billion, compared to $12.3 billion at the beginning of the quarter, primarily driven by debt repayment (Table 3). The company has access to credit facilities of $14.7 billion which remain undrawn. Total company backlog at quarter-end was $372 billion. Segment Results Commercial Airplanes Table 4. Second Quarter First Half Commercial Airplanes (Dollars in 2022 2021 Change 2022 2021 Change Millions) Commercial 121 79 53 % 216 156 38 % Airplanes Deliveries Revenues $6,219 $6,015 3 % $10,380 $10,284 1 % Loss from ($242) ($472) NM ($1,101) ($1,328) NM Operations Operating (3.9) % (7.8) % NM (10.6) % (12.9) % NM Margin Commercial Airplanes second-quarter revenue increased to $6.2 billion, driven by higher 737 deliveries, partially offset by lower 787 deliveries (Table 4). Operating margin of (3.9)% also reflects abnormal costs and period expenses, including higher R&D expense. Boeing has nearly completed the global safe return to service of the 737 MAX and the fleet has flown more than 1.5 million total flight hours since late 2020. The 737 production rate increased to 31 airplanes per month during the quarter. On the 787 program, the company continues to work with the FAA to finalize actions to resume deliveries and is readying airplanes for delivery. The program is producing at a very low rate and will continue to do so until deliveries resume, with an expected gradual return to five per month over time. The company still anticipates 787 abnormal costs of approximately $2 billion, with most being incurred by the end of 2023, including $283 million recorded in the quarter. Commercial Airplanes secured orders for 169 737 MAX airplanes and 13 freighters, including seven 777-8 Freighters from Lufthansa Group. Commercial Airplanes delivered 121 airplanes during the quarter and backlog included over 4,200 airplanes valued at $297 billion. Defense, Space & Security Table 5. Second Quarter First Half Defense, Space & Security (Dollars in 2022 2021 Change 2022 2021 Change Millions) Revenues $6,191 $6,876 (10) % $11,674 $14,061 (17) % Earnings/ $71 $958 (93) % ($858) $1,363 NM (loss) from Operations Operating 1.1 % 13.9 % (92) % (7.3) % 9.7 % NM Margin Defense, Space & Security second-quarter revenue decreased to $6.2 billion and second-quarter operating margin decreased to 1.1 percent, primarily driven by charges on fixed-price development programs, including MQ-25 and Commercial Crew, as well as unfavorable performance on other programs and lower volume on derivative aircraft programs. The MQ-25 program recorded a $147 million charge primarily due to higher costs to meet certain technical requirements. The Commercial Crew program also recorded a $93 million charge, primarily driven by launch manifest updates and additional costs associated with OFT-2. During the quarter, the CH-47F Chinook Block II was selected as the German government's future heavy-lift helicopter. Defense, Space & Security also successfully completed the CST-100 Starliner uncrewed OFT-2. Backlog at Defense, Space & Security was $55 billion, of which 33% percent represents orders from customers outside the U.S. Global Services Table 6. Second Quarter First Half Global Services (Dollars in 2022 2021 Change 2022 2021 Change Millions) Revenues $4,298 $4,067 6 % $8,612 $7,816 10 % Earnings from $728 $531 37 % $1,360 $972 40 % Operations Operating 16.9 % 13.1 % 29 % 15.8 % 12.4 % 27 % Margin Global Services second-quarter revenue increased to $4.3 billion and second-quarter operating margin increased to 16.9 percent primarily driven by higher commercial services volume and favorable mix. During the quarter, Global Services received a contract for airlift flight dispatch services from the U.S. Air Force and was awarded a contract for avionics upgrades and cybersecurity support for the U.S. Navy. Global Services also delivered the first A-10 wing set to the U.S. Air Force. Additional Financial Information Table 7. Second Quarter First Half Additional Financial Information (Dollars in 2022 2021 2022 2021 Millions) Revenues
Boeing Capital $52 $78 $98 $138 Unallocated ($79) ($38) ($92) ($84) items, eliminations and other Earnings/(Loss) from Operations Boeing Capital $27 $36 ($9) $57 FAS/CAS service $284 $268 $567 $538 cost adjustment Other unallocated ($94) ($298) ($354) ($662) items and eliminations Other income, net $253 $199 $434 $389 Interest and debt ($650) ($673) ($1,280) ($1,352) expense Effective tax 57.6 % (3.3) % 12.8 % 126.1 % rate At quarter-end, Boeing Capital's net portfolio balance was $1.6 billion. The change in loss from other unallocated items and eliminations was primarily due to the recognition of deferred compensation income as compared to expense recorded in the second quarter 2021. The second quarter effective tax rate primarily reflects tax expense on pretax earnings and an increase to the valuation allowance. Non-GAAP Measures Disclosures We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided: Core Operating Earnings, Core Operating Margin and Core Earnings Per Share Core operating earnings is defined as GAAP earnings from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margin is defined as core operating earnings expressed as a percentage of revenue. Core earnings per share is defined as GAAP diluted earnings per share excluding the net earnings per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs, comprising service and prior service costs computed in accordance with GAAP are allocated to Commercial Airplanes and BGS businesses supporting commercial customers. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings, core operating margin and core earnings per share for purposes of evaluating and forecasting underlying business performance. Management believes these core earnings measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation between the GAAP and non-GAAP measures is provided on pages 13. 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 COVID-19 pandemic and related industry impacts, including with respect to our operations, our liquidity, the health of our customers and suppliers, and future demand for our products and services; (2) the 737 MAX, including the timing and conditions of remaining 737 MAX regulatory approvals, lower than planned production rates and/or delivery rates, and additional considerations to customers and suppliers; (3) general conditions in the economy and our industry, including those due to regulatory changes; (4) our reliance on our commercial airline customers; (5) 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; (6) changing budget and appropriation levels and acquisition priorities of the U.S. government; (7) our dependence on U.S. government contracts; (8) our reliance on fixed-price contracts; (9) our reliance on cost-type contracts; (10) uncertainties concerning contracts that include in-orbit incentive payments; (11) our dependence on our subcontractors and suppliers, as well as the availability of raw materials; (12) changes in accounting estimates; (13) changes in the competitive landscape in our markets; (14) our non-U.S. operations, including sales to non-U.S. customers; (15) threats to the security of our, our customers' and/or our suppliers' information; (16) potential adverse developments in new or pending litigation and/or government investigations; (17) customer and aircraft concentration in our customer financing portfolio; (18) changes in our ability to obtain debt financing on commercially reasonable terms and at competitive rates; (19) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures; (20) the adequacy of our insurance coverage to cover significant risk exposures; (21) potential business disruptions, including those related to physical security threats, information technology or cyber-attacks, epidemics, sanctions or natural disasters; (22) work stoppages or other labor disruptions; (23) substantial pension and other postretirement benefit obligations; (24) potential environmental liabilities; and (25) effects of climate change and legal, regulatory or market responses to such change. 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: Matt Welch or Keely Moos (312) 544-2140 Communications: Michael Friedman media@boeing.com The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited) Six months ended Three months ended June 30 June 30 (Dollars in 2022 2021 2022 2021 millions, except per share data) Sales of $25,436 $26,672 $14,009 $14,154 products
Sales of 5,236 5,543 2,672 2,844 services Total revenues 30,672 32,215 16,681 16,998 Cost of (23,696) (23,895) (12,284) (12,263) products Cost of (4,495) (4,483) (2,269) (2,316) services Boeing Capital (13) (18) (6) (9) interest expense Total costs (28,204) (28,396) (14,559) (14,588) and expenses 2,468 3,819 2,122 2,410 (Loss)/income (3) 75 17 38 from operating investments, net General and (1,531) (2,072) (668) (1,040) administrative expense Research and (1,331) (996) (698) (497) development expense, net Gain on 2 114 1 112 dispositions, net (Loss)/ (395) 940 774 1,023 earnings from operations Other income, 434 389 253 199 net Interest and (1,280) (1,352) (650) (673) debt expense (Loss)/ (1,241) (23) 377 549 earnings before income taxes Income tax 159 29 (217) 18 benefit/ (expense) Net (loss)/ (1,082) 6 160 567 earnings Less: net loss (56) (44) (33) (20) attributable to noncontrolling interest Net (loss)/ ($1,026) $50 $193 $587 earnings attributable to Boeing Shareholders Basic (loss)/ ($1.73) $0.09 $0.32 $1.00 earnings per share Diluted (loss) ($1.73) $0.09 $0.32 $1.00 /earnings per share Weighted 592.8 588.6 596.4 590.2 average diluted shares (millions) The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited) (Dollars in June 30 December 31 millions, 2022 2021 except per share data) Assets Cash and cash $10,090 $8,052 equivalents Short-term and 1,358 8,192 other investments Accounts 2,996 2,641 receivable, net Unbilled 9,394 8,620 receivables, net Current 159 117 portion of customer financing, net Inventories 79,917 78,823 Other current 2,086 2,221 assets, net Total current 106,000 108,666 assets Customer 1,542 1,695 financing, net Property, 10,617 10,918 plant and equipment, net of accumulated depreciation of $20,971 and $20,538 Goodwill 8,055 8,068 Acquired 2,431 2,562 intangible assets, net Deferred 106 77 income taxes Investments 981 975 Other assets, 5,747 5,591 net of accumulated amortization of of $864 and $975 Total assets $135,479 $138,552 Liabilities and equity Accounts $9,575 $9,261 payable Accrued 17,752 18,455 liabilities Advances and 52,066 52,980 progress billings Short-term 5,406 1,296 debt and current portion of long-term debt Total current 84,799 81,992 liabilities Deferred 38 218 income taxes Accrued 3,413 3,528 retiree health care Accrued 8,335 9,104 pension plan liability, net Other 1,891 1,750 long-term liabilities Long-term debt 51,794 56,806 Total 150,270 153,398 liabilities Shareholders' equity: Common 5,061 5,061 stock, par value $5.00 - 1,200,000,000 shares authorized; 1,012,261,159 shares issued Additional 9,475 9,052 paid-in capital Treasury (51,319) (51,861) stock, at cost - 418,809,934 and 423,343,707 shares Retained 33,382 34,408 earnings Accumulated (11,487) (11,659) other comprehensive loss Total (14,888) (14,999) shareholders' deficit Noncontrolling 97 153 interests Total equity (14,791) (14,846) Total $135,479 $138,552 liabilities and equity The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) Six months ended June 30 (Dollars in 2022 2021 millions) Cash flows - operating activities: Net (loss)/earnings ($1,082) $6 Adjustments to reconcile net (loss) /earnings to net cash used by operating activities: Non-cash items - Share-based plans 352 493 expense Treasury shares 612 628 issued for 401(k) contribution Depreciation and 984 1,087 amortization Investment/asset 72 38 impairment charges, net Customer financing 42 (1) valuation adjustments Gain on (2) (114) dispositions, net Other charges and 260 (1) credits, net Changes in assets and liabilities - Accounts receivable (350) (523) Unbilled receivables (758) (1,207) Advances and (907) 251 progress billings Inventories (1,260) 413 Other current assets 144 324
Accounts payable 395 (2,035) Accrued liabilities (835) (2,613) Income taxes (238) (130) receivable, payable and deferred Other long-term (64) (127) liabilities Pension and other (695) (576) postretirement plans Customer financing, 50 83 net Other 145 134 Net cash used by (3,135) (3,870) operating activities Cash flows - investing activities: Payments to acquire (612) (513) property, plant and equipment Proceeds from 16 51 disposals of property, plant and equipment Contributions to (2,471) (20,108) investments Proceeds from 9,296 24,989 investments Other 2 4 Net cash provided by 6,231 4,423 investing activities Cash flows - financing activities: New borrowings 15 9,826 Debt repayments (1,013) (9,882) Stock options 34 29 exercised Employee taxes on (34) (40) certain share-based payment arrangements Net cash used by (998) (67) financing activities Effect of exchange (71) (14) rate changes on cash and cash equivalents Net increase in cash 2,027 472 & cash equivalents, including restricted Cash & cash 8,104 7,835 equivalents, including restricted, at beginning of year Cash & cash 10,131 8,307 equivalents, including restricted, at end of period Less restricted cash 41 36 & cash equivalents, included in Investments Cash & cash $10,090 $8,271 equivalents at end of period The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited) Six months ended Three months ended June 30 June 30 (Dollars in 2022 2021 2022 2021 millions) Revenues: Commercial $10,380 $10,284 $6,219 $6,015 Airplanes Defense, Space 11,674 14,061 6,191 6,876 & Security Global 8,612 7,816 4,298 4,067 Services Boeing Capital 98 138 52 78 Unallocated (92) (84) (79) (38) items, eliminations and other Total revenues $30,672 $32,215 $16,681 $16,998 Earnings/ (loss) from operations: Commercial ($1,101) ($1,328) ($242) ($472) Airplanes Defense, Space (858) 1,363 71 958 & Security Global 1,360 972 728 531 Services Boeing Capital (9) 57 27 36 Segment (608) 1,064 584 1,053 operating (loss)/ earnings Unallocated (354) (662) (94) (298) items, eliminations and other FAS/CAS 567 538 284 268 service cost adjustment (Loss)/ (395) 940 774 1,023 earnings from operations Other income, 434 389 253 199 net Interest and (1,280) (1,352) (650) (673) debt expense (Loss)/ (1,241) (23) 377 549 earnings before income taxes Income tax 159 29 (217) 18 benefit/ (expense) Net (loss)/ (1,082) 6 160 567 earnings Less: Net loss (56) (44) (33) (20) attributable to noncontrolling interest Net (loss)/ ($1,026) $50 $193 $587 earnings attributable to Boeing Shareholders Research and development expense, net: Commercial $693 $524 $372 $255 Airplanes Defense, Space 466 337 233 174 & Security Global 54 50 27 25 Services Other 118 85 66 43 Total research $1,331 $996 $698 $497 and development expense, net Unallocated items, eliminations and other: Share-based ($108) ($142) ($25) ($14) plans Deferred 166 (94) 124 (42) compensation Amortization (47) (44) (24) (22) of previously capitalized interest Research and (118) (85) (66) (43) development expense, net Eliminations (247) (297) (103) (177) and other unallocated items Sub-total (354) (662) (94) (298) (included in core operating loss) Pension FAS/ 413 384 205 191 CAS service cost adjustment Postretirement 154 154 79 77 FAS/CAS service cost adjustment FAS/CAS 567 538 $284 $268 service cost adjustment Total $213 ($124) $190 ($30) The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited) Deliveries Six months ended Three months ended June 30 June 30 Commercial 2022 2021 2022 2021 Airplanes 737 189 113 103 50 747 3 2 2 1 767 12 13 7 8 777 12 14 9 8 787 0 14 - 12 Total 216 156 121 79 Defense, Space & Security AH-64 Apache (New) 13 15 6 6 AH-64 Apache 28 31 13 16 (Remanufactured) CH-47 Chinook (New) 9 6 5 3 CH-47 Chinook 4 4 1 1 (Renewed)
F-15 Models 5 8 4 5 F/A-18 Models 8 11 4 7 KC-46 Tanker 8 4 4 2 P-8 Models 6 6 3 3 Total backlog (Dollars in millions) June 30 December 31 2022 2021 Commercial Airplanes $297,044 $296,882 Defense, Space & Security 55,401 59,828 Global Services 18,960 20,496 Unallocated items, eliminations and other 325 293 Total backlog $371,730 $377,499 Contractual backlog $351,242 $356,362 Unobligated backlog 20,488 21,137 Total backlog $371,730 $377,499 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 (loss)/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 Second Quarter 2022 Second Quarter 2021 millions, except per share data) $ millions Per Share $ millions Per Share Revenues 16,681 16,998 Earnings from 774 1,023 operations (GAAP) Operating 4.6 % 6.0 % margin (GAAP) FAS/CAS service cost adjustment: Pension FAS/ (205) (191) CAS service cost adjustment Postretirement (79) (77) FAS/CAS service cost adjustment FAS/CAS (284) (268) service cost adjustment Core operating $490 $755 earnings (non-GAAP) Core operating 2.9 % 4.4 % margin (non-GAAP) Diluted $0.32 $1.00 earnings per share (GAAP) Pension FAS/ ($205) (0.35) ($191) (0.32) CAS service cost adjustment Postretirement (79) (0.13) (77) (0.13) FAS/CAS service cost adjustment Non-operating (221) (0.37) (175) (0.30) pension expense Non-operating (14) (0.02) (5) (0.01) postretirement expense 109 0.18 94 0.16 Subtotal of ($410) ($0.69) ($354) ($0.60) adjustments Core (loss)/ ($0.37) $0.40 earnings per share (non-GAAP) Weighted 596.4 590.2 average diluted shares (in 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 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 First Half 2022 First Half 2021 millions, except per share data) $ millions Per Share $ millions Per Share Revenues 30,672 32,215 (Loss)/ (395) 940 earnings from operations (GAAP) Operating (1.3) % 2.9 % margin (GAAP) FAS/CAS service cost adjustment: Pension FAS/ (413) (384) CAS service cost adjustment Postretirement (154) (154) FAS/CAS service cost adjustment FAS/CAS (567) (538) service cost adjustment Core operating ($962) $402 (loss)/ earnings (non-GAAP) Core operating (3.1) % 1.2 % margin (non-GAAP) Diluted (loss) ($1.73) $0.09 /earnings per share (GAAP) Pension FAS/ ($413) (0.70) ($384) (0.65) CAS service cost adjustment Postretirement (154) (0.26) (154) (0.26) FAS/CAS service cost adjustment Non-operating (441) (0.74) (352) (0.60) pension expense Non-operating (29) (0.05) (10) (0.02) postretirement expense 218 0.37 189 0.32 Subtotal of ($819) ($1.38) ($711) ($1.21) adjustments Core loss per ($3.11) ($1.12) share (non-GAAP) Weighted 592.8 588.6 average diluted shares (in millions) 1 The income tax impact is calculated using the U.S. corporate statutory tax rate. END
(END) Dow Jones Newswires
July 27, 2022 07:45 ET (11:45 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