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Boeing Company - 1st Quarter Results

Boeing Reports First-Quarter Results

, /PRNewswire/ --CHICAGOApril 29, 2020

[NYSE: BA] reported first-quarter revenue of .9 billion, GAAP loss per share of () and core loss per share (non-GAAP)* of (), primarily reflecting the impacts of COVID-19 and the 737 MAX grounding (Table 1). Boeing recorded operating cash flow of .The Boeing Company$16$1.11$1.70($4.3) billion

"The COVID-19 pandemic is affecting every aspect of our business, including airline customer demand, production continuity and supply chain stability," said Boeing President and CEO . "Our primary focus is the health and safety of our people and communities while we take tough but necessary action to navigate this unprecedented health crisis and adapt for a changed marketplace."David Calhoun

As the pandemic continues to reduce airline passenger traffic, Boeing sees significant impact on the demand for new commercial airplanes and services, with airlines delaying purchases for new jets, slowing delivery schedules and deferring elective maintenance. To align the business for the new market reality, Boeing is taking several actions that include reducing commercial airplane production rates. The company also announced a leadership and organizational restructuring to streamline roles and responsibilities, and plans to reduce overall staffing levels with a voluntary layoff program and additional workforce actions as necessary.

Boeing has also taken action to manage near-term liquidity, as it has drawn on a term loan facility; reduced operating costs and discretionary spending; extended the existing pause on share repurchases and suspended dividends until further notice; reduced or deferred research and development and capital expenditures; and eliminated CEO and Chairman pay for the year. Access to additional liquidity will be critical for Boeing and the aerospace manufacturing sector to bridge to recovery, and the company is actively exploring all of the available options. Boeing believes it will be able to obtain sufficient liquidity to fund its operations.

"While COVID-19 is adding unprecedented pressure to our business, we remain confident in our long term future," said Calhoun.  "We continue to support our defense customers in their critical national security missions. We are progressing toward the safe return to service of the 737 MAX, and we are driving safety, quality and operational excellence into all that we do every day. Air travel has always been resilient, our portfolio of products and technology is well positioned, and we are confident we will emerge from the crisis and thrive again as a leader of our industry."

Operating cash flow was in the quarter, primarily reflecting the impact of the 737 MAX grounding and COVID-19, as well as timing of receipts and expenditures (Table 2).($4.3) billion

Cash and investments in marketable securities increased to , compared to at the beginning of the quarter, primarily due to increased debt balance (Table 3). Debt was , up from at the beginning of the quarter primarily due to the draw down of a term loan facility, partially offset by debt repayments.$15.5 billion$10.0 billion$38.9 billion$27.3 billion

Total company backlog at quarter-end was .$439 billion

Segment Results

Commercial Airplanes

Commercial Airplanes first-quarter revenue was reflecting lower deliveries driven by the 737 MAX grounding as well as impacts of COVID-19 (Table 4). First-quarter operating margin decreased to (33.3) percent due to lower delivery volume, of abnormal production costs from the temporary suspension of 737 MAX production, a charge related to 737 Next Generation frame fitting component (pickle fork) repair costs, lower 787 margins primarily due to COVID-19, and of abnormal production costs from the temporary suspension of operations in response to COVID-19.$6.2 billion$797 million$336 million$137 millionPuget Sound

COVID-19 has adversely impacted the 737 program due to a slower than previously planned production rate ramp-up driven by commercial airline industry uncertainty. To reflect COVID-19 impacts on the demand environment, 737 MAX aircraft production will resume at low rates in 2020 as timing and conditions of return to service are better understood and gradually increase to 31 per month during 2021, with further gradual increases to correspond with market demand. The estimated abnormal production costs from the temporary suspension of 737 MAX production have increased by approximately due to updated production rate assumptions, bringing the estimated total to approximately . There was no material change to estimated potential concessions and other considerations to customers related to the 737 MAX grounding.$1 billion$5 billion

Commercial Airplanes has updated its production rate assumptions to reflect impacts from COVID-19 on its operations and demand outlook, and will continue to assess them on an ongoing basis. The 787 production rate will be reduced from 14 per month to 10 per month in 2020, and gradually reduced to 7 per month by 2022. The 777/777X combined production rate will be reduced to 3 per month in 2021. At this time, production rate assumptions have not changed on the 767 and 747 programs.

Commercial Airplanes delivered 50 airplanes during the quarter, including 29 787s. Commercial Airplanes captured an order for 12 787 aircraft for , and produced the 1000 787 at Boeing South Carolina. Commercial Airplanes backlog included over 5,000 airplanes valued at .All Nippon Airwaysth$352 billion

Defense, Space & Security

Defense, Space & Security first-quarter revenue decreased to primarily driven by a charge on the KC-46A Tanker (Table 5). First-quarter operating margin decreased to (3.2) percent primarily due to a pre-tax charge of for the KC-46A Tanker, of which was driven by costs associated with the agreement signed in April with the to develop and integrate a new Remote Vision System, while the remaining costs reflect productivity inefficiencies and COVID-19 related factory disruption. A number of other programs were also impacted by COVID-19, further reducing margin in the quarter.$6.0 billion$827 million$551 millionU.S. Air Force

During the quarter, Defense, Space & Security received an award for 18 P-8A Poseidon maritime patrol aircraft, as well as a contract to develop a SB>1 DEFIANT™ prototype for the Future Long Range Assault Aircraft program. Defense, Space & Security also completed the System Design Review for MQ-25.U.S. Army's

Backlog at Defense, Space & Security was , of which 28 percent represents orders from customers outside the$64 billionU.S.

Global Services

Global Services first-quarter revenue was , reflecting higher government services volume, largely offset by lower commercial services volume due to COVID-19. (Table 6). First-quarter operating margin increased to 15.3 percent primarily due to favorable government services performance.$4.6 billion

During the quarter, Global Services was awarded a P-8A integrated logistics services and site activation support contract modification from the and the government of and secured a logistics, components and services contract for the AH-64 Apache fleet. At the Singapore Airshow, Global Services announced several consumable and expendable services agreements as well as digital solutions agreements with multiple airlines.U.S. NavyU.S. ArmyAustraliaAsia-Pacific

Additional Financial Information

At quarter-end, Boeing Capital's net portfolio balance was . Revenue from other unallocated items and eliminations increased primarily due to the timing of eliminations for intercompany aircraft deliveries. The change in earnings from other unallocated items and eliminations is primarily due to lower deferred compensation expense and a customer financing impairment charge taken in the first quarter of 2019. Interest and debt expense increased due to higher debt balances. The first quarter effective tax rate reflects tax benefits related to the 5 year net operating loss carryback provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act as well as the impact of pre-tax losses.$2.2 billion

Non-GAAP Measures Disclosures

We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in (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:the United States of America

Core Operating (Loss)/Earnings, Core Operating Margin and Core (Loss)/Earnings Per Share

Core operating (loss)/earnings is defined as GAAP excluding the The 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 excluding the net (loss)/earnings per share impact of the and . 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 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.(loss)/earnings from operationsFAS/CAS service cost adjustment.FAS/CAS service cost adjustmentdiluted (loss)/earnings per shareFAS/CAS service cost adjustmentNon-operating pension and postretirement expensesU.S.

Free Cash Flow

Free cash flow is GAAP reduced by capital expenditures for . 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.operating cash flowproperty, plant and equipment

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 government actions, including with respect to our operations, our liquidity and access to funding, 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 737 MAX regulatory approvals, delays in the resumption of production, lower than planned production rates and/or delivery rates, and increased considerations to customers and suppliers, (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 government; (7) our dependence on 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- operations, including sales to non- customers; (15) threats to the security of our or our customers' 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 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; and (24) potential environmental liabilities.U.S.U.S.U.S.U.S.

Additional information concerning these and other factors can be found in our filings with the , 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.Securities and Exchange Commission

   

   

   

(Unaudited)and Subsidiaries Summary of Business Segment DataThe Boeing Company

Effective at the beginning of 2020, certain programs were realigned between our Defense, Space & Security segment and Unallocated items, eliminations and other. Business segment data for 2019 has been adjusted to reflect the realignment.

   

(Unaudited)and Subsidiaries Reconciliation of Non-GAAP MeasuresThe Boeing Company

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.

--  Financial results significantly impacted by COVID-19 and the 737 MAX
        grounding
    --  Revenue of , GAAP loss per share of () and core
        (non-GAAP)* loss per share of ()
    --  Operating cash flow of ; cash and marketable securities of
        
    --  Total backlog of , including over 5,000 commercial airplanes$16.9 billion$1.11$1.70($4.3) billion$15.5 billion$439 billion
Table 1. Summary Financial Results             First Quarter

(Dollars in Millions, except per share data)   2020     2019    Change

Revenues                                          (26)%

GAAP

(Loss)/Earnings From Operations              ()       NM

Operating Margin                              (8.0)%    10.3%     NM

Net (Loss)/Earnings                           (641)         NM

(Loss)/Earnings Per Share                    ()         NM

Operating Cash Flow                          ()       NM

Non-GAAP*

Core Operating (Loss)/Earnings               ()       NM

Core Operating Margin                        (10.1)%    8.7%      NM

Core (Loss)/Earnings Per Share               ()         NM

*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are
on page 6, "Non-GAAP Measures Disclosures."$16,908$22,917$1,353$2,350$2,149$1.11$3.75$4,302$2,788$1,700$1,986$1.70$3.16
Table 2. Cash Flow                             First Quarter

(Millions)                                      2020     2019

Operating Cash Flow                           ()  

Less Additions to Property, Plant & Equipment   ()  ()

Free Cash Flow*                               ()  

*Non-GAAP measure; complete definitions of Boeing's non-GAAP
measures are on page 6, "Non-GAAP Measures Disclosures."$4,302$2,788$428$501$4,730$2,287
Table 3. Cash,  and Debt Balances Quarter-End

(Billions)                                             Q1 20  Q4 19

Cash                                                      

Marketable Securities1                                     

Total                                                    

Debt Balances:

The , net of intercompany loans to BCC     

, including intercompany loans               

Total Consolidated Debt                                  

1 Marketable securities consists primarily of time deposits due
within one year classified as "short-term investments."Marketable SecuritiesBoeing CompanyBoeing Capital$15.0$9.5$0.5$0.5$15.5$10.0$36.9$25.3$2.0$2.0$38.9$27.3
Table 4. Commercial Airplanes     First Quarter

(Dollars in Millions)             2020     2019    Change

Commercial Airplanes Deliveries       50      149  (66)%

Revenues                              (48)%

(Loss)/Earnings from Operations ()       NM

Operating Margin                 (33.3)%     9.9%    NM$6,205$11,822$2,068$1,173
Table 5. Defense, Space & Security First Quarter

(Dollars in Millions)               2020    2019   Change

Revenues                                (8)%

Earnings from Operations           ()        NM

Operating Margin                   (3.2)%   12.9%    NM$6,042$6,587$191$852
Table 6. Global Services First Quarter

(Dollars in Millions)     2020    2019   Change

Revenues                        —

Earnings from Operations           8%

Operating Margin          15.3%   14.1%  1.2 Pts$4,628$4,619$708$653
Table 7. Additional Financial Information First Quarter

(Dollars in Millions)                      2020    2019

Revenues

                                    

Unallocated items, eliminations and other  ()  ()

Earnings from Operations

                                    

FAS/CAS service cost adjustment                 

Other unallocated items and eliminations  ()  ()

Other income, net                               

Interest and debt expense                 ()  ()

Effective tax rate                         57.4%    7.9%Boeing CapitalBoeing Capital$65$66$32$177$24$20$347$364$173$712$112$106$262$123
Contact:

Investor Relations:   or  (312) 544-2140

Communications:Maurita SutedjaKeely MoosMichael Friedman[email protected]
The  and Subsidiaries

                  Consolidated Statements of Operations

                               (Unaudited)

                                                        Three months ended
                                                             March 31

(Dollars in millions, except per share data)                2020      2019

Sales of products                                           

Sales of services                                          2,717     2,692

Total revenues                                            16,908    22,917

Cost of products                                        (14,713)  (16,238)

Cost of services                                         (2,043)   (2,389)

 interest expense                             (12)      (18)

Total costs and expenses                                (16,768)  (18,645)

                                                             140     4,272

(Loss)/income from operating investments, net                (2)        20

General and administrative expense                         (873)   (1,184)

Research and development expense, net                      (672)     (866)

Gain on dispositions, net                                     54       108

(Loss)/earnings from operations                          (1,353)     2,350

Other income, net                                            112       106

Interest and debt expense                                  (262)     (123)

(Loss)/earnings before income taxes                      (1,503)     2,333

Income tax benefit/(expense)                                 862     (184)

Net (loss)/earnings                                       ()    

Less: net loss attributable to noncontrolling interest     ()

Net (loss)/earnings attributable to Boeing Shareholders   ()    

Basic (loss)/earnings per share                          ()     

Diluted (loss)/earnings per share                        ()     

Weighted average diluted shares (millions)                 565.9     572.4Boeing CompanyBoeing Capital$14,191$20,225$641$2,149$13$628$2,149$1.11$3.79$1.11$3.75
The  and Subsidiaries

                 Consolidated Statements of Financial Position

                                  (Unaudited)

(Dollars in millions, except per share data)              March 31  December 31
                                                                           2019
                                                              2020

Assets

Cash and cash equivalents                                         

Short-term and other investments                               488          545

Accounts receivable, net                                     3,211        3,266

Unbilled receivables, net                                    9,365        9,043

Current portion of customer financing, net                     149          162

Inventories                                                 80,020       76,622

Other current assets, net                                    2,739        3,106

Total current assets                                       111,011      102,229

Customer financing, net                                      2,116        2,136

Property, plant and equipment, net of accumulated           12,405       12,502
depreciation of  and 

Goodwill                                                     8,057        8,060

Acquired intangible assets, net                              3,256        3,338

Deferred income taxes                                          678          683

Investments                                                  1,124        1,092

Other assets, net of accumulated amortization of  and    4,428        3,585


Total assets                                                   

Liabilities and equity

Accounts payable                                                 

Accrued liabilities                                         21,483       22,868

Advances and progress billings                              52,883       51,551

Short-term debt and current portion of long-term debt        5,173        7,340

Total current liabilities                                   94,502       97,312

Deferred income taxes                                          336          413

Accrued retiree health care                                  4,483        4,540

Accrued pension plan liability, net                         15,962       16,276

Other long-term liabilities                                  3,398        3,422

Long-term debt                                              33,754       19,962

Shareholders' equity:

Common stock, par value  – 1,200,000,000 shares         5,061        5,061
authorized; 1,012,261,159 shares issued

Additional paid-in capital                                   6,595        6,745

Treasury stock, at cost - 447,947,807 and 449,352,405     (54,842)     (54,914)
shares

Retained earnings                                           49,854       50,644

Accumulated other comprehensive loss                      (16,333)     (16,153)

Total shareholders' equity                                 (9,665)      (8,617)

Noncontrolling interests                                       305          317

Total equity                                               (9,360)      (8,300)

Total liabilities and equityBoeing Company$15,039$9,485$19,591$19,342$611$580$143,075$133,625$14,963$15,553$5.00$143,075$133,625
The  and Subsidiaries

                     Consolidated Statements of Cash Flows

                                  (Unaudited)

                                                                  Three months
                                                                     ended
                                                                    March 31

(Dollars in millions)                                              2020     2019

Cash flows – operating activities:

Net (loss)/earnings                                              ()   

Adjustments to reconcile net earnings to net cash provided by
operating activities:

Non-cash items –

Share-based plans expense                                            55       47

Depreciation and amortization                                       556      521

Investment/asset impairment charges, net                             26       34

Customer financing valuation adjustments                                     249

Gain on dispositions, net                                          (54)    (108)

Other charges and credits, net                                       97       74

Changes in assets and liabilities –

Accounts receivable                                                (54)      206

Unbilled receivables                                              (402)    (183)

Advances and progress billings                                    1,337    1,857

Inventories                                                     (2,973)  (2,725)

Other current assets                                                328      164

Accounts payable                                                (1,030)    1,624

Accrued liabilities                                               (583)    (919)

Income taxes receivable, payable and deferred                     (892)      116

Other long-term liabilities                                        (69)    (281)

Pension and other postretirement plans                            (179)    (188)

Customer financing, net                                              23      152

Other                                                               153      (1)

Net cash (used)/provided by operating activities                (4,302)    2,788

Cash flows – investing activities:

Property, plant and equipment additions                           (428)    (501)

Property, plant and equipment reductions                             58      110

Acquisitions, net of cash acquired                                         (276)

Contributions to investments                                      (244)    (457)

Proceeds from investments                                           227      366

Other                                                                 8      (9)

Net cash used by investing activities                             (379)    (767)

Cash flows – financing activities:

New borrowings                                                   17,433    5,237

Debt repayments                                                 (5,854)  (4,374)

Contributions from noncontrolling interests                                    7

Stock options exercised                                              21       42

Employee taxes on certain share-based payment arrangements        (162)    (233)

Common shares repurchased                                                (2,341)

Dividends paid                                                  (1,158)  (1,161)

Net cash provided/(used) by financing activities                 10,280  (2,823)

Effect of exchange rate changes on cash and cash equivalents,      (47)        1
including restricted

Net increase/(decrease) in cash & cash equivalents, including     5,552    (801)
restricted

Cash & cash equivalents, including restricted, at beginning of    9,571    7,813
year

Cash & cash equivalents, including restricted, at end of period  15,123    7,012

Less restricted cash & cash equivalents, included in                 84      176
Investments

Cash and cash equivalents at end of periodBoeing Company$641$2,149$15,039$6,836
Three months ended
                                                             March 31

(Dollars in millions)                                       2020     2019

Revenues:

Commercial Airplanes                                        

Defense, Space & Security                                  6,042    6,587

Global Services                                            4,628    4,619

                                                65       66

Unallocated items, eliminations and other                   (32)    (177)

Total revenues                                             

(Loss)/earnings from operations:

Commercial Airplanes                                    ()   

Defense, Space & Security                                  (191)      852

Global Services                                              708      653

                                                24       20

Segment operating (loss)/profit                          (1,527)    2,698

Unallocated items, eliminations and other                  (173)    (712)

FAS/CAS service cost adjustment                              347      364

(Loss)/earnings from operations                          (1,353)    2,350

Other income, net                                            112      106

Interest and debt expense                                  (262)    (123)

(Loss)/earnings before income taxes                      (1,503)    2,333

Income tax benefit/(expense)                                 862    (184)

Net (loss)/earnings                                       ()   

Less: Net loss attributable to noncontrolling interest      (13)

Net (loss)/earnings attributable to Boeing Shareholders    (628)    2,149

Research and development expense, net:

Commercial Airplanes                                             

Defense, Space & Security                                    163      184

Global Services                                               30       40

Other                                                         54       78

Total research and development expense, net                      

Unallocated items, eliminations and other:

Share-based plans                                          ()    ()

Deferred compensation                                        193    (102)

Amortization of previously capitalized interest             (23)     (24)

Customer financing impairment                                       (250)

Research and development expense, net                       (54)     (78)

Eliminations and other unallocated items                   (271)    (244)

Sub-total (included in core operating earnings)            (173)    (712)

Pension FAS/CAS service cost adjustment                      255      274

Postretirement FAS/CAS service cost adjustment                92       90

FAS/CAS service cost adjustment                              347      364

Total                                                          ()$6,205$11,822$16,908$22,917$2,068$1,173$641$2,149$425$564$672$866$18$14$174$348Boeing CapitalBoeing Capital
The  and Subsidiaries

                   Operating and Financial Data

                            (Unaudited)

Deliveries                                 Three months ended
                                                March 31

Commercial Airplanes                          2020         2019

737                                              5           89

747                                              —            2

767                                             10           12

777                                              6           10 (1)

787                                             29           36

Total                                           50          149

Note: Aircraft accounted for as revenues by BCA and as operating
leases in consolidation identified by parentheses

Defense, Space & Security

AH-64 Apache (New)                               2            6

AH-64 Apache (Remanufactured)                   14           22

C-17 Globemaster III                             —            —

C-40A                                            —            —

CH-47 Chinook (New)                              9            7

CH-47 Chinook (Renewed)                          1            4

F-15 Models                                      —            4

F/A-18 Models                                    5            7

KC-46 Tanker                                     5            7

P-8 Models                                       3            3

Commercial and Civil Satellites                  —            —

Military Satellites                              —            —

Total backlog (Dollars in millions)       March 31  December 31
                                                           2019
                                              2020

Commercial Airplanes                           

Defense, Space & Security                   63,578       63,691

Global Services                             22,747       22,902

Unallocated items, eliminations and other      491          217

Total backlog                                  

Contractual backlog                            

Unobligated backlog                         24,429       26,930

Total backlogBoeing Company$351,778$376,593$438,594$463,403$414,165$436,473$438,594$463,403
(Dollars in millions, except per      First Quarter 2020     First Quarter 2019
share data)

                                     $ millions Per Share   $ millions Per Share

Revenues                                 16,908                 22,917

(Loss)/earnings from operations         (1,353)                  2,350
(GAAP)

Operating margin (GAAP)                  (8.0)%                  10.3%

FAS/CAS service cost adjustment:

Pension FAS/CAS service cost              (255)                  (274)
adjustment

Postretirement FAS/CAS service cost        (92)                   (90)
adjustment

FAS/CAS service cost adjustment           (347)                  (364)

Core operating (loss)/earnings         ()                 
(non-GAAP)

Core operating margin (non-GAAP)        (10.1)%                   8.7%

Diluted (loss)/earnings per share                  ()                 
(GAAP)

Pension FAS/CAS service cost             ()     (0.45)      ()    (0.48)
adjustment

Postretirement FAS/CAS service cost        (92)     (0.16)        (90)    (0.16)
adjustment

Non-operating pension expense              (87)     (0.16)        (93)    (0.16)

Non-operating postretirement expense         13       0.02          27      0.05

Provision for deferred income taxes          88       0.16          90      0.16
on adjustments1

Subtotal of adjustments                  ()    ()      ()   ()

Core (loss)/earnings per share                     ()                 
(non-GAAP)

Weighted average diluted shares (in                  565.9                 572.4
millions)

1 The income tax impact is calculated using the 
corporate statutory tax rate.$1,700$1,986$1.11$3.75$255$274$333$0.59$340$0.59$1.70$3.16U.S.

Quick facts: Boeing Co

Price: 167.36

Market: NYSE
Market Cap: $94.47 billion
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