Boeing Reports First-Quarter Results

Cash and investments in marketable securities totaled $10.4 billion at quarter-end (Table 3), down $0.8 billion on investments in development programs.  

Table 3.  Cash, Marketable Securities and Debt Balances




Quarter-End

(Billions)

1Q10

4Q09

Cash

$4.5

$9.2

Marketable Securities1

$5.9

$2.0

  Total

$10.4

$11.2




Debt Balances:



The Boeing Company

$8.9

$8.8

Boeing Capital Corporation

$4.0

$4.1

  Total Consolidated Debt

$12.9

$12.9

1 Marketable securities consists primarily of time deposits due within one year classified as "short-term investments."



Total company backlog at quarter-end was $315 billion, with backlogs at Commercial Airplanes and Defense, Space & Security largely unchanged.

Segment Results  

Commercial Airplanes

Boeing Commercial Airplane's first-quarter revenue was $7.5 billion, as fewer planned 747 deliveries and seat supplier challenges resulted in 11 percent fewer airplane deliveries.  Operating margin expanded to 9.1 percent on strong operating performance partially offsetting the impact of lower new airplane deliveries.  Operating margins for the year-ago quarter were reduced by 4.0 points primarily due to the charge on the 747 program related to a reduction in twin-aisle production rates and unfavorable delivery price escalation forecasts (Table 4).  

Commercial Airplanes booked 100 gross orders during the quarter while 17 others were removed from its order book.  This contrasts with the year-ago period when cancellations exceeded the 28 gross orders.  Contractual backlog remains strong with 3,350 airplanes valued at $250 billion, over seven times the unit's projected 2010 revenue.  

Table 4. Commercial Airplanes Operating Results


First Quarter


(Dollars in Millions)

2010

2009

Change





Commercial Airplanes Deliveries

108

121

(11%)





Revenues

$7,468

$8,554

(13%)

Earnings from Operations

$679

$417

63%





Operating Margins

9.1%

4.9%

      4.2 Pts




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