Boeing Reports Strong 2009 Revenue & Cash Flow on Solid Core Performance


Total company backlog at quarter-end was $316 billion, down 1 percent in the quarter, as backlog for both Commercial Airplanes and Defense, Space & Security declined during the period.

Segment Results

Commercial Airplanes

Boeing Commercial Airplane's fourth-quarter revenue doubled to $9.2 billion.  A labor strike reduced revenue in the year-ago period by an estimated $4.3 billion.  The current period operating margins of 11.1 percent reflect strong operating performance and model mix, while earnings for the year-ago quarter were reduced by the labor strike and a 747 charge (Table 4).  

For the full year, revenue rose to $34.1 billion on higher airplane deliveries partially offset by lower services volume.  Commercial Airplanes posted a loss for the year of $0.6 billion driven by previously announced 787 and 747 impacts.  The 787 impact, which reduced 2009 operating earnings by $2.7 billion, resulted from the reclassification of costs for the first three flight-test airplanes from program inventory to research and development expense.  On the 747, higher costs and difficult market conditions resulted in previously announced charges totaling $1.4 billion.  Combined, these events reduced the unit's reported operating margin by 11.9 points.

Table 4. Commercial Airplanes Operating Results


Fourth Quarter


Full Year


(Dollars in Millions)

2009

2008

Change 

2009

2008

Change








Commercial Airplanes Deliveries

122   

50   

144%

481   

375   

28%








Revenues

$9,183   

$4,589   

100%

$34,051   

$28,263   

20%

Earnings/(Loss) from Operations

$1,020   

($968)  

NA

($583)  

$1,186   

NA








Operating Margins

11.1%

(21.1%)

NA

(1.7%)

4.2%

NA



Commercial Airplanes booked 82 gross orders during the quarter while 20 others were removed from its order book.  Contractual backlog remains strong with 3,375 airplanes valued at $250 billion, more than seven times the unit's 2009 revenue.  

The 787 program entered flight testing during the quarter with the first two airplanes completing first flights.  The remaining four flight-test airplanes are expected to be flying by the end of the second quarter.  First delivery is scheduled for the fourth quarter of 2010.  During the quarter, the company completed its acquisition of Global Aeronautica and broke ground in South Carolina for the second 787 assembly line.  Total firm orders for the 787 at quarter-end were 851 airplanes from 56 customers.  

The 747-8 program expects its first flight in the near future which will begin the flight-test phase of the program.  Initial delivery is expected in the fourth quarter of 2010.

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