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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 |
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0 | 0 | N/A | 0 |
TIDMBOE Boeing Reports Second-Quarter Results =- Revenue increased 11 percent to $24.5 billion reflecting record commercial deliveries =- Core EPS (non-GAAP)* of $1.62; GAAP EPS of $1.59 =- Strong operating cash flow of $3.3 billion on higher volume and improved productivity =- Backlog remains strong at $489 billion with nearly 5,700 commercial airplane orders =- Repurchased 14 million shares for $2.0 billion =- Cash & marketable securities of $9.6 billion provide strong liquidity =- EPS guidance updated for KC-46 charge that offset strong performance; cash guidance unchanged CHICAGO, July 22, 2015 -- Table 1. Summary Second Quarter First Half Financial Results (Dollars in 2015 2014 Change 2015 2014 Change Millions, except per share data) Revenues $24,543 $22,045 11% $46,692 $42,510 10% Non-GAAP* Core Operating $1,713 $1,991 (14)% $3,845 $4,086 (6)% Earnings Core Operating 7.0% 9.0% (2.0) Pts 8.2% 9.6% (1.4) Pts Margin Core Earnings Per $1.62 $2.42 (33)% $3.59 $4.16 (14)% Share GAAP Earnings From $1,683 $1,787 (6)% $3,702 $3,329 11% Operations Operating Margin 6.9% 8.1% (1.2) Pts 7.9% 7.8% 0.1 Pts Net Earnings $1,110 $1,653 (33)% $2,446 $2,618 (7)% Earnings Per $1.59 $2.24 (29)% $3.46 $3.50 (1)% Share Operating Cash $3,297 $1,809 82% $3,385 $2,921 16% Flow * 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 second-quarter revenue increased 11 percent to $24.5 billion on record commercial deliveries (Table 1). Second quarter 2015 results included the previously announced $536 million after-tax charge ($0.77 per share) on the KC-46 Tanker program reflecting higher estimated costs. Core earnings per share (non-GAAP)* guidance for 2015 has been adjusted to between $7.70 and $7.90 per share, from $8.20 and $8.40, to reflect the impact of the second quarter 2015 KC-46 Tanker charge ($0.77 per share), partially offset by strong performance ($0.27 per share). GAAP earnings per share has been adjusted to between $7.60 and $7.80, from $8.10 and $8.30. "Record commercial airplane deliveries to customers worldwide drove solid revenue growth, and the strength of our overall portfolio and diligent focus produced significant operating cash flow during the quarter," said Boeing President and Chief Executive Officer Dennis Muilenburg. "Strong operating performance across our commercial and defense production programs partially offset the tanker charge and enabled us to maintain our commitments to return cash to our shareholders and invest in innovation and our people." "Overall, our outlook for the second half of the year remains positive. On the tanker program, we are investing the necessary resources to keep this vitally important program on schedule for our customer. We have a clear understanding of the work to be done and we are confident that the long-term financial value of the program will reward our additional investment." "With our sustained focus on productivity and growth, we will continue to profitably deliver on our large and diverse backlog, capture new orders, and deliver increasing value to all of our stakeholders." Table 2. Cash Flow Second Quarter First Half (Millions) 2015 2014 2015 2014 Operating Cash Flow $3,297 $1,809 $3,385 $2,921 Less Additions to Property, Plant & ($692) ($449) ($1,266) ($946) Equipment Free Cash Flow* $2,605 $1,360 $2,119 $1,975 Operating cash flow in the quarter was $3.3 billion, reflecting commercial airplane production rates and strong operating performance (Table 2). During the quarter, the company repurchased 14 million shares for $2.0 billion, leaving $7.5 billion remaining under the current repurchase authorization which is expected to be completed over approximately the next two years. The company also paid $0.6 billion in dividends in the quarter, reflecting an approximately 25 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 15 Q1 15 Cash $9.1 $8.6 Marketable Securities1 $0.5 $1.0 Total $9.6 $9.6 Debt Balances: The Boeing Company, net of intercompany loans to BCC $6.6 $6.6 Boeing Capital, including intercompany loans $2.4 $2.4 Total Consolidated Debt $9.0 $9.0 1Marketable 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 and debt totaled $9.0 billion, both unchanged from the beginning of the quarter (Table 3). Total company backlog at quarter-end was $489 billion, down from $495 billion at the beginning of the quarter, and included net orders for the quarter of $18 billion. Segment Results Commercial Airplanes Table 4. Commercial Second Quarter First Half Airplanes (Dollars in Millions) 2015 2014 Change 2015 2014 Change Commercial Airplanes 197 181 9% 381 342 11% Deliveries Revenues $16,877 $14,304 18% $32,258 $27,041 19% Earnings from $1,206 $1,550 (22)% $2,823 $3,052 (8) % Operations Operating Margin 7.1% 10.8% (3.7) 8.8% 11.3% (2.5) Pts Pts Commercial Airplanes second-quarter revenue increased 18 percent to $16.9 billion on higher delivery volume and mix (Table 4). Second-quarter operating margin was 7.1 percent, reflecting the previously announced $513 million pre-tax charge on the KC-46 Tanker program and the dilutive impact of higher 787 and 747 deliveries partially offset by strong performance on production programs. During the quarter, Commercial Airplanes captured orders for 116 737 MAX airplanes. The 737 program has won over 2,800 firm orders for the 737 MAX since launch. Also during the quarter, the company started assembly of the first 737 MAX airplane and the 787-10 program completed its Critical Design Review which indicated the program's design is sound and development is on schedule. Commercial Airplanes booked 171 net orders during the quarter. Backlog remains strong with nearly 5,700 airplanes valued at $431 billion. Defense, Space & Security Table 5. Defense, Space & Second Quarter First Half Security (Dollars in Millions) 2015 2014 Change 2015 2014 Change Revenues1 Boeing Military Aircraft $3,488 $3,520 (1)% $6,232 $6,975 (11)% Network & Space Systems $1,938 $1,920 1% $3,670 $3,796 (3)% Global Services & Support $2,118 $2,307 (8)% $4,351 $4,609 (6)% Total BDS Revenues $7,544 $7,747 (3)% $14,253 $15,380 (7)% Earnings from Operations1 Boeing Military Aircraft $123 $164 (25)% $384 $496 (23)% Network & Space Systems $151 $150 1% $318 $318 -% Global Services & Support $272 $268 1% $587 $546 8% Total BDS Earnings from $546 $582 (6)% $1,289 $1,360 (5)% Operations Operating Margin 7.2% 7.5% (0.3) 9.0% 8.8% 0.2 Pts Pts 1 During the first quarter of 2015, certain programs were realigned between Boeing Military Aircraft and Global Services & Support. Defense, Space & Security's second-quarter revenue was $7.5 billion. Second quarter operating margin was 7.2 percent, reflecting the previously announced $322 million pre-tax charge recorded at BMA on the KC-46 Tanker program partially offset by strong performance on production programs and mix (Table 5). Boeing Military Aircraft (BMA) second-quarter revenue was $3.5 billion, reflecting planned timing of deliveries and mix. Operating margin was 3.5 percent, reflecting the KC-46 Tanker program charge partially offset by strong performance on production programs. During the quarter, BMA was awarded contracts for six C-17 Globemaster III airlifters. Network & Space Systems (N&SS) second-quarter revenue was $1.9 billion and operating margin was unchanged at 7.8 percent. During the quarter, NASA awarded Boeing the first ever commercial contract for a human spaceflight mission as part of the existing Commercial Crew contract. Global Services & Support (GS&S) second-quarter revenue was $2.1 billion, reflecting lower volume in Aircraft Modernization and Sustainment. Operating margin increased to 12.8 percent on improved program mix. During the quarter, GS&S was awarded an F-15 international services contract extension. Backlog at Defense, Space & Security was $58 billion, of which 39 percent represents orders from international customers. Additional Financial Information Table 6. Additional Financial Information Second Quarter First Half (Dollars in Millions) 2015 2014 2015 2014 Revenues Boeing Capital $115 $90 $201 $172 Unallocated items, eliminations and other $7 ($96) ($20) ($83) Earnings from Operations Boeing Capital $11 $33 $31 $77 Unallocated pension/postretirement ($30) ($204) ($143) ($757) Other unallocated items and eliminations ($50) ($174) ($298) ($403) Other income, net $15 $11 $3 $20 Interest and debt expense ($75) ($81) ($136) ($173) Effective tax rate 31.6% 3.7% 31.5% 17.6% At quarter-end, Boeing Capital's net portfolio balance was $3.3 billion, down from $3.4 billion at the beginning of the quarter (Table 6). Total pension expense for the second quarter was $523 million, down from $693 million in the same period of the prior year. Other unallocated items and eliminations totaled $50 million at quarter end, down from $174 million in the same period of the prior year, primarily due to lower elimination of intercompany profit and deferred compensation expense. The company's effective income tax rate was 31.6 percent at quarter end, up from 3.7 percent in the same period of the prior year. The second quarter 2014 effective income tax rate included $524 million in tax benefits. Outlook The company's 2015 financial and delivery guidance (Table 7) reflects the impact of the KC-46 Tanker charge and continued strong performance across the company. Table 7. 2015 Financial Current Prior Outlook (Dollars in Billions, Guidance Guidance except per share data) The Boeing Company Revenue $94.5 - 96.5 $94.5 - 96.5 Core Earnings Per Share* $7.70 - 7.90 $8.20 - 8.40 GAAP Earnings Per Share $7.60 - 7.80 $8.10 - 8.30 Operating Cash Flow > $9 > $9 Commercial Airplanes Deliveries 750 - 755 750 - 755 Revenue $64.5 - 65.5 $64.5 - 65.5 Operating Margin 9.0% 9.5% - 10.0% Defense, Space & Security (revised for business realignment) Revenue Boeing Military Aircraft $12.5 $12.5 Network & Space Systems $8.0 $8.0 Global Services & Support $9.5 $9.5 Total BDS Revenue $29.5 - 30.5 $29.5 - 30.5 Operating Margin Boeing Military Aircraft 8% 9.5% Network & Space Systems 9.0% 9.0% Global Services & Support 11.5% 11.0% Total BDS Operating Margin 9.5% 9.75% - 10.0% Boeing Capital Portfolio Size Stable Stable Revenue $0.3 $0.3 Pre-Tax Earnings $0.05 $0.05 Research & Development $3.5 $3.5 Capital Expenditures $2.8 $2.8 Pension Expense 1 $2.1 $2.1 Effective Tax Rate 2 29.0% 30.5% 1 Approximately $0.3 billion is expected to be recorded in unallocated items and eliminations 2 Assumes the extension of the research and development tax credit * 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 U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided: Core Operating Earnings, Core Operating Margin and Core Earnings Per Share Core operating earnings is defined as GAAP earnings from operations excluding unallocated pension and post-retirement expense. Core operating margin is defined as core operating earnings expressed as a percentage of revenue. Core earnings per share is defined as GAAP diluted earnings per share excluding the net earnings per share impact of unallocated pension and post-retirement expense. Unallocated pension and post-retirement expense represents the portion of pension and other post-retirement costs that are not recognized by business segments for segment reporting purposes. Management uses core operating earnings, core operating margin and core earnings per share for purposes of evaluating and forecasting underlying business performance. Management believes these core earnings measures provide investors additional insights into operational performance as they exclude unallocated pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation between the GAAP and non-GAAP measures is provided on page 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 are used to 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 our current expectations and assumptions, which 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 Rob Martin (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 2015 2014 2015 2014 per share data) Sales of products $41,408 $37,542 $21,923 $19,527 Sales of services 5,284 4,968 2,620 2,518 Total revenues 46,692 42,510 24,543 22,045 Cost of products (35,627) (31,932) (19,247) (16,674) Cost of services (4,186) (3,999) (2,086) (1,979) Boeing Capital interest (33) (35) (17) (17) expense Total costs and expenses (39,846) (35,966) (21,350) (18,670) 6,846 6,544 3,193 3,375 Income from operating 129 120 50 61 investments, net General and administrative (1,705) (1,795) (760) (918) expense Research and development (1,569) (1,542) (800) (733) expense, net Gain on dispositions, net 1 2 2 Earnings from operations 3,702 3,329 1,683 1,787 Other income, net 3 20 15 11 Interest and debt expense (136) (173) (75) (81) Earnings before income taxes 3,569 3,176 1,623 1,717 Income tax expense (1,123) (558) (513) (64) Net earnings $2,446 $2,618 $1,110 $1,653 Basic earnings per share $3.50 $3.55 $1.61 $2.26 Diluted earnings per share $3.46 $3.50 $1.59 $2.24 Cash dividends paid per share $1.82 $1.46 $0.91 $0.73 Weighted average diluted 706.6 747.4 698.9 740.1 shares (millions) The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited) (Dollars in millions, except per share data) June 30 December 31 2015 2014 Assets Cash and cash equivalents $9,157 $11,733 Short-term and other investments 468 1,359 Accounts receivable, net 7,927 7,729 Current portion of customer financing, net 209 190 Deferred income taxes 17 18 Inventories, net of advances and progress billings 49,028 46,756 Total current assets 66,806 67,785 Customer financing, net 3,175 3,371 Property, plant and equipment, net of accumulated 11,338 11,007 depreciation of $15,997 and $15,689 Goodwill 5,126 5,119 Acquired intangible assets, net 2,763 2,869 Deferred income taxes 6,264 6,576 Investments 1,256 1,154 Other assets, net of accumulated amortization of 1,374 1,317 $419 and $479 Total assets $98,102 $99,198 Liabilities and equity Accounts payable $11,531 $10,667 Accrued liabilities 13,226 13,343 Advances and billings in excess of related costs 23,373 23,175 Deferred income taxes and income taxes payable 8,894 8,603 Short-term debt and current portion of long-term 112 929 debt Total current liabilities 57,136 56,717 Accrued retiree health care 6,777 6,802 Accrued pension plan liability, net 17,537 17,182 Non-current income taxes payable 389 358 Other long-term liabilities 1,052 1,208 Long-term debt 8,904 8,141 Shareholders' equity: Common stock, par value $5.00 - 1,200,000,000 5,061 5,061 shares authorized; 1,012,261,159 shares issued Additional paid-in capital 4,721 4,625 Treasury stock, at cost - 331,193,968 and (27,463) (23,298) 305,533,606 shares Retained earnings 37,365 36,180 Accumulated other comprehensive loss (13,420) (13,903) Total shareholders' equity 6,264 8,665 Noncontrolling interests 43 125 Total equity 6,307 8,790 Total liabilities and equity $98,102 $99,198 The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) Six months ended June 30 (Dollars in millions) 2015 2014 Cash flows - operating activities: Net earnings $2,446 $2,618 Adjustments to reconcile net earnings to net cash provided by operating activities: Non-cash items - Share-based plans expense 94 101 Depreciation and amortization 912 900 Investment/asset impairment charges, net 74 36 Customer financing valuation benefit (5) (26) Gain on dispositions, net (1) (2) Other charges and credits, net 140 87 Excess tax benefits from share-based payment (124) (97) arrangements Changes in assets and liabilities - Accounts receivable (313) (1,286) Inventories, net of advances and progress billings (2,395) (3,402) Accounts payable 888 1,783 Accrued liabilities (177) (913) Advances and billings in excess of related costs 195 1,217 Income taxes receivable, payable and deferred 482 394 Other long-term liabilities (17) (88) Pension and other postretirement plans 1,244 1,118 Customer financing, net 19 466 Other (77) 15 Net cash provided by operating activities 3,385 2,921 Cash flows - investing activities: Property, plant and equipment additions (1,266) (946) Property, plant and equipment reductions 20 17 Acquisitions, net of cash acquired (23) (163) Contributions to investments (1,205) (5,657) Proceeds from investments 2,040 8,030 Other 22 Net cash (used)/provided by investing activities (412) 1,281 Cash flows - financing activities: New borrowings 761 85 Debt repayments (846) (854) Repayments of distribution rights and other asset (184) financing Stock options exercised 276 261 Excess tax benefits from share-based payment 124 97 arrangements Employee taxes on certain share-based payment (90) (88) arrangements Common shares repurchased (4,501) (3,998) Dividends paid (1,264) (1,071) Other (12) Net cash used by financing activities (5,540) (5,764) Effect of exchange rate changes on cash and cash (9) 7 equivalents Net decrease in cash and cash equivalents (2,576) (1,555) Cash and cash equivalents at beginning of year 11,733 9,088 Cash and cash equivalents at end of period $9,157 $7,533 The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited) Six months ended Three months ended June 30 June 30 (Dollars in millions) 2015 2014 2015 2014 Revenues: Commercial Airplanes $32,258 $27,041 $16,877 $14,304 Defense, Space & Security: Boeing Military Aircraft 6,232 6,975 3,488 3,520 Network & Space Systems 3,670 3,796 1,938 1,920 Global Services & Support 4,351 4,609 2,118 2,307 Total Defense, Space & 14,253 15,380 7,544 7,747 Security Boeing Capital 201 172 115 90 Unallocated items, (20) (83) 7 (96) eliminations and other Total revenues $46,692 $42,510 $24,543 $22,045 Earnings from operations: Commercial Airplanes $2,823 $3,052 $1,206 $1,550 Defense, Space & Security: Boeing Military Aircraft 384 496 123 164 Network & Space Systems 318 318 151 150 Global Services & Support 587 546 272 268 Total Defense, Space & 1,289 1,360 546 582 Security Boeing Capital 31 77 11 33 Unallocated items, (441) (1,160) (80) (378) eliminations and other Earnings from operations 3,702 3,329 1,683 1,787 Other income, net 3 20 15 11 Interest and debt expense (136) (173) (75) (81) Earnings before income 3,569 3,176 1,623 1,717 taxes Income tax expense (1,123) (558) (513) (64) Net earnings $2,446 $2,618 $1,110 $1,653 Research and development expense, net: Commercial Airplanes $1,097 $970 $554 $441 Defense, Space & Security 474 577 250 297 Other (2) (5) (4) (5) Total research and $1,569 $1,542 $800 $733 development expense, net Unallocated items, eliminations and other: Share-based plans ($37) ($44) ($16) ($20) Deferred compensation (48) (19) 10 (26) Amortization of previously (49) (36) (20) (18) capitalized interest Eliminations and other (164) (304) (24) (110) unallocated items Sub-total (included in core (298) (403) (50) (174) operating earnings) Pension (209) (804) (57) (228) Postretirement 66 47 27 24 Total unallocated items, ($441) ($1,160) ($80) ($378) eliminations 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 2015 2014 2015 2014 737 249 239 128 124 747 9 6 5 2 767 9 1 4 1 777 50 48 26 24 787 64 48 34 30 Total 381 342 197 181 Note: Deliveries under operating lease are identified by parentheses. Defense, Space & Security Boeing Military Aircraft AH-64 Apache (New) 12 19 6 9 AH-64 Apache 23 25 13 11 (Remanufactured) C-17 Globemaster III 3 5 2 2 CH-47 Chinook (New) 21 32 15 15 CH-47 Chinook (Renewed) 5 1 F-15 Models 5 8 4 4 F/A-18 Models 20 23 9 12 P-8 Models 6 2 4 2 Global Services & Support AEW&C 2 1 C-40A 1 Network & Space Systems Commercial and Civil 1 2 1 2 Satellites Military Satellites 1 1 Contractual backlog (Dollars June March 31 December in billions) 30 2015 31 2015 2014 Commercial Airplanes $430.8 $435.0 $440.1 Defense, Space & Security: Boeing Military Aircraft 22.8 21.3 21.1 Network & Space Systems 9.1 9.4 8.9 Global Services & Support 16.5 16.9 16.9 Total Defense, Space & 48.4 47.6 46.9 Security Total contractual backlog $479.2 $482.6 $487.0 Unobligated backlog $9.6 $12.5 $15.3 Total backlog $488.8 $495.1 $502.3 Workforce 163,500 163,100 165,500 The Boeing Company and Subsidiaries Reconciliation of Non-GAAP Measures Core Operating Earnings, Core Operating Margin and Core Earnings Per Share (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. Second Quarter First Half Guidance 2015 2014 2015 2014 2015 Revenues $24,543 $22,045 $46,692 $42,510 GAAP Earnings From $1,683 $1,787 $3,702 $3,329 Operations GAAP Operating 6.9% 8.1% 7.9% 7.8% Margin Unallocated Pension/ $30 $204 $143 $757 $110 Postretirement Expense Core Operating $1,713 $1,991 $3,845 $4,086 Earnings (non-GAAP) Core Operating 7.0 9.0% 8.2% 9.6% Margin (non-GAAP) Increase/(Decrease) (6%) 11% in GAAP Earnings From Operations Increase/(Decrease) (14%) (6%) in Core Operating Earnings (non-GAAP) GAAP Diluted $1.59 $2.24 $3.46 $3.50 $7.60 - $7.80 Earnings Per Share Unallocated Pension/ $0.03 $0.18 $0.13 $0.66 $0.10 Postretirement Expense1 Core Earnings Per $1.62 $2.42 $3.59 $4.16 $7.70 - $7.90 Share (non-GAAP) Weighted Average 698.9 740.1 706.6 747.4 695 - 700 Diluted Shares (millions) Increase/(Decrease) (29%) (1%) in GAAP Earnings Per Share Increase/(Decrease) (33%) (14%) in Core Earnings Per Share (non-GAAP) 1 Earnings per share impact is presented net of the federal statutory tax rate of 35.0 percent. END
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