Boeing Reports First-Quarter Results

The Boeing Company reported higher first-quarter earnings and operating cash flow compared to the previous year, driven by solid execution on production programs and services.  First-quarter GAAP earnings per share increased to $2.34 and core earnings per share (non-GAAP) increased to $2.01. Revenue decreased to $21.0 billion, reflecting the timing of commercial and defense aircraft deliveries.

For the full year, GAAP earnings per share guidance increased to between $10.35 and $10.55 from $10.25 and $10.45 and core earnings per share (non-GAAP) guidance increased to between $9.20 and $9.40 from $9.10 and $9.30, primarily driven by a lower-than-expected tax rate.

“With a sharp focus on performance and productivity, our team delivered another quarter of solid financial results, including year-over-year earnings growth and strong operating cash flow,” said Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg. “In turn, we continued to position Boeing for growth with investments in new products and services, innovation, and our people, while again demonstrating our commitment to return significant cash to our shareholders.”

“We also achieved major milestones, including the certification of the new 737 MAX 8 and first flight of the 787-10 Dreamliner, and we captured a $3.4 billion contract award for 268 Apache helicopters.”

“We remain on track to achieve our full-year revenue, earnings and cash flow targets as our teams deliver on our large and diverse order backlog. As we do so, we’re focused on accelerating productivity, quality and safety improvements, strengthening execution on development programs, and capturing new business opportunities.”

Fast facts:

• GAAP EPS of $2.34 and core EPS (non-GAAP) of $2.01 on solid execution
• Revenue of $21.0 billion reflecting 210 commercial and defense aircraft deliveries and services
• Strong operating cash flow of $2.1 billion; repurchased 14.9 million shares for $2.5 billion
• Backlog grew to $480 billion, including $27 billion of net orders during the quarter
• Cash and marketable securities of $9.2 billion provide strong liquidity
• Revenue, margin, and operating cash guidance reaffirmed; EPS guidance increased by $0.10 on tax benefit