Boeing Reports First-Quarter Results

(PRNewswire) —

  • Operating margin grew to 7.7 percent on revenue of $15.2 billion, driving net income of $0.70 per share, including previously disclosed charge of $0.20 per share due to health care legislation
  • Operating cash flow of ($0.3) billion with investments in development programs
  • Cash & marketable securities of $10.4 billion provides strong liquidity for 2010
  • Backlog of $315 billion – nearly five times current annual revenue – held steady as new orders largely kept pace with deliveries
  • 2010 EPS guidance of $3.50 to $3.80 includes charge for health care legislation

Table 1.  Summary Financial Results




First Quarter


(Dollars in Millions, except per share data)

2010

2009

Change





Revenues

$15,216

$16,502

(8%)

Earnings From Operations

$1,174

$1,025

15%

Operating Margin

7.7%

6.2%

  1.5 Pts

Net Income

$519

$610

(15%)

Earnings per Share

$0.70

$0.86

(19%)

Operating Cash Flow

($285)

$193

NA



The Boeing Company (NYSE: BA) reported first-quarter net income of $0.5 billion, or $0.70 per share, and revenue of $15.2 billion.  Current period results reflect solid performance across core businesses and a previously disclosed $0.20 charge on health care legislation, while the year-ago quarter was reduced by $0.31 per share on a charge due to poor market conditions in commercial airplanes (Table 1).  

"With clear progress on the 787 and 747-8, solid financial performance and marked improvement in our customer outlook, we continue to draw on the positive momentum we saw at the end of 2009," said Jim McNerney, Boeing chairman, president and chief executive officer.  "Our outlook remains attractive, and we are focused on executing well and delivering on our commitments to customers."  

Earnings guidance for 2010 has been revised to $3.50 to $3.80 per share, incorporating the previously announced charge of $0.20 per share.  

Boeing's quarterly operating cash flow was ($0.3) billion, which reflects continued investment in development programs.  Free cash flow* was ($0.5) billion in the quarter.  (Table 2)

Table 2.  Cash Flow




First Quarter

(Millions)

2010

2009




Operating Cash Flow

($285)

$193

  Less Additions to Property, Plant & Equipment

($186)

($442)

Free Cash Flow*

($471)

($249)

* Non-GAAP measure.  A complete definition and reconciliation of Boeing's use of non-GAAP measures, ident ified by an asterisk (*), is found on page 8, "Non-GAAP Measure Disclosure."




1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »



Review Article Be the first to review this article
Featured Video
Jobs
Mid-Level Mechanical Engineer for Kiewit at lenexa, Kansas
Director of Process Engineering. for Tekni-Plex at Toledo, Ohio
Mechanical Engineer for Allen & Shariff Corporation at Pittsburgh, Pennsylvania
System Designer/Engineer for Bluewater at Southfield, Michigan
Director, Business Development for Kongsberg Geospatial at remote from home, Any State in the USA
Director, Business Development for Kongsberg Geospatial at Ottawa, Canada
Upcoming Events
Montréal Manufacturing Technology Show (MMTS) 2018 at Place Bonaventure Montréal Canada - May 14 - 16, 2018
ESPRIT World 2018 at Indianapolis Marriott Downtown 350 West Maryland Street Indianapolis IN - Jun 11 - 15, 2018
HxGN LIVE 2018 at The Venetian Las Vegas NV - Jun 12 - 15, 2018
IMTS2018 International Manufacturing Tech Show at McCormick Place Chicago IL - Sep 10 - 15, 2018



Internet Business Systems © 2018 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise