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

The company expects that 2011 revenue will be higher than 2010, primarily driven by higher estimates of 787 and 747-8 deliveries.  Combining higher estimated deliveries with plans for R&D and other factors, operating cash flow in 2011 is expected to be greater than $5 billion.

Commercial Airplanes' 2010 delivery guidance is established at between 460 and 465 airplanes (reflecting fewer twin-aisle deliveries) and is sold out.  It includes the first few 787 and 747-8 deliveries, which are expected to begin in the fourth quarter.  The unit's 2010 revenue is expected to be $31 billion to $32 billion with operating margins between 6.5 percent and 7.5 percent.  

Defense, Space & Security's revenue for 2010 is expected to be $32 billion to $33 billion with operating margins of approximately 10 percent.  

Boeing Capital Corporation expects that its aircraft finance portfolio will continue to reduce as its expected new aircraft financing for 2010 is less than $0.5 billion, below normal portfolio runoff through customer payments and depreciation.  BCC's debt-to-equity ratio is expected to return to the 5.0-to-1 level in the second half of 2010.

Table 7.  Financial Outlook

(Dollars in Billions, except per-share data)

2010



The Boeing Company


 Revenue

$64 - $66

 Earnings Per Share (GAAP)

$3.70 - $4.00

 Operating Cash Flow (1)

~ $0



Boeing Commercial Airplanes


 Deliveries

460 - 465

 Revenue

$31 - $32

 Operating Margin

6.5% - 7.5%



Boeing Defense, Space & Security


 Revenue


   Boeing Military Aircraft

~ $15

   Network & Space Systems

~ $9

   Global Services & Support

~ $8.5

 Total BDS Revenue

$32 - $33



 Operating Margin


   Boeing Military Aircraft

~ 10.5%

   Network & Space Systems

~ 8.5%

   Global Services & Support

~ 11%

 Total BDS Operating Margin

~ 10%



Boeing Capital Corporation


 Portfolio Size

Lower

 Revenue

~ $0.6

 Return on Assets

> 1.0%



Research & Development

$3.9 - $4.1

Capital Expenditures

~ $1.9

(1) After cash pension contributions of less than $0.1 billion and assuming new aircraft financings under $0.5 billion.



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