CHICAGO, April 27, 2022 /PRNewswire/ --
First Quarter 2022
- 737 production and deliveries continue to increase;
submitted 787 certification plan to the FAA
- Launched 777-8 Freighter; now anticipate
first 777-9 delivery in
2025
- Recorded charges on fixed-price defense
development programs as well as for impacts of the war in
Ukraine
- Operating cash flow of ($3.2)
billion; continue to expect positive cash flow for
2022
- Revenue of $14.0 billion; GAAP
loss per share of ($2.06) and core
(non-GAAP)* loss per share of ($2.75)
- Total backlog of $371
billion; including nearly 4,200 commercial
airplanes
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Table 1. Summary
Financial Results
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First
Quarter
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(Dollars in
Millions, except per share data)
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2022
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2021
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Change
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Revenues
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$13,991
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$15,217
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(8)%
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GAAP
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Loss From
Operations
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($1,169)
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($83)
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NM
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Operating
Margin
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(8.4)%
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(0.5)%
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NM
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Net
Loss
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($1,242)
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($561)
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NM
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Loss Per
Share
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($2.06)
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($0.92)
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NM
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Operating Cash
Flow
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($3,216)
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($3,387)
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NM
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Non-GAAP*
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Core Operating
Loss
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($1,452)
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($353)
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NM
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Core Operating
Margin
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(10.4)%
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(2.3)%
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NM
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Core Loss Per
Share
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($2.75)
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($1.53)
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NM
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*Non-GAAP measure;
complete definitions of Boeing's non-GAAP measures are on page 6,
"Non-GAAP Measures
Disclosures."
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The Boeing Company [NYSE: BA] reported first-quarter revenue of
$14.0 billion, driven by lower
defense volume and charges on fixed-price defense development
programs, partially offset by commercial services volume. GAAP loss
per share of ($2.06) and core loss
per share (non-GAAP)* of ($2.75) also
reflect $212 million of pre-tax
charges for impacts of the war in Ukraine (Table 1). Boeing recorded operating
cash flow of ($3.2) billion.
"While the first quarter of 2022 brought new challenges for our
world, industry and business, I am proud of our team and the steady
progress we're making toward our key commitments," said
Dave Calhoun, Boeing president and
chief executive officer. "We increased 737 MAX production and
deliveries and made important progress on the 787 by submitting our
certification plan to the FAA. Despite the pressures on our defense
and commercial development programs, we remain on track to generate
positive cash flow for 2022, and we're focused on our performance
as we work through certification requirements and mature several
key programs to production. Leading with safety and quality, we're
taking the right actions to drive stability throughout our
operations, deliver on our commitments to customers and position
Boeing for a sustainable future."
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Table 2. Cash
Flow
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First
Quarter
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(Millions)
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2022
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2021
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Operating Cash
Flow
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($3,216)
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($3,387)
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Less Additions to
Property, Plant & Equipment
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($349)
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($291)
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Free Cash
Flow*
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($3,565)
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($3,678)
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*Non-GAAP measure;
complete definitions of Boeing's non-GAAP measures are on page 6,
"Non-GAAP Measures
Disclosures."
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Operating cash flow was ($3.2)
billion in the quarter due to unfavorable receipt timing
(Table 2).
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Table 3. Cash,
Marketable Securities and Debt Balances
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Quarter-End
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(Billions)
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Q1
22
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Q4
21
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Cash
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$7.4
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$8.0
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Marketable
Securities1
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$4.9
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$8.2
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Total
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$12.3
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$16.2
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Debt
Balances:
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The Boeing Company,
net of intercompany loans to BCC
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$56.2
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$56.6
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Boeing Capital,
including intercompany loans
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$1.5
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$1.5
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Total Consolidated
Debt
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$57.7
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$58.1
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1 Marketable securities consist
primarily of time deposits due within one year classified as
"short-term investments."
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Cash and investments in marketable securities decreased to
$12.3 billion, compared to
$16.2 billion at the beginning of the
quarter, primarily driven by operating cash outflows and debt
repayment (Table 3). The company has access to credit facilities of
$14.7 billion which remain
undrawn.
Total company backlog at quarter-end was $371 billion.
Segment Results
Commercial Airplanes
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Table 4.
Commercial Airplanes
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First
Quarter
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(Dollars in
Millions)
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2022
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2021
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Change
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Commercial
Airplanes Deliveries
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95
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77
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23%
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Revenues
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$4,161
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$4,269
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(3)%
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Loss from
Operations
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($859)
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($856)
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NM
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Operating
Margin
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(20.6)%
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(20.1)%
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NM
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Commercial Airplanes first-quarter revenue of $4.2 billion decreased slightly, primarily
due to timing of wide-body deliveries, partially offset by higher
737 deliveries (Table 4). Operating margin of (20.6)% also reflects
abnormal costs and period expenses, including charges for impacts
of the war in Ukraine and higher
research and development expense.
Boeing has nearly completed the global safe return to service of
the 737 MAX and the fleet has flown more than one million total
flight hours since late 2020. The 737 production rate continues to
increase and is expected to increase to 31 airplanes per month
during the second quarter.
On the 787, the company has submitted the certification plan to
the FAA. Rework has been completed on the initial airplanes and the
company continues to work closely with the FAA on timing of
resuming deliveries. The program is producing at a very low rate
and will continue to do so until deliveries resume, with an
expected gradual return to five per month over time. The company
continues to anticipate 787 abnormal costs of approximately
$2 billion, with most being incurred
by the end of 2023, including $312
million recorded in the quarter.
During the quarter, the company launched the 777-8 Freighter
with an order from Qatar Airways. Delivery of the first 777-9
airplane is now expected in 2025, which reflects an updated
assessment of the time required to meet certification requirements.
To minimize inventory and the number of airplanes requiring change
incorporation, the 777-9 production rate ramp is being adjusted,
including a temporary pause through 2023. This will result in
approximately $1.5 billion of
abnormal costs beginning in the second quarter of this year and
continuing until 777-9 production resumes. The 777 program is also
leveraging the adjustment to the 777-9 production rate ramp to add
777 Freighter capacity starting in late 2023.
Commercial Airplanes delivered 95 airplanes during the quarter
and backlog included nearly 4,200 airplanes valued at $291 billion.
Defense, Space & Security
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Table 5. Defense,
Space & Security
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First
Quarter
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(Dollars in
Millions)
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2022
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2021
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Change
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Revenues
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$5,483
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$7,185
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(24)%
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(Loss)/earnings
from Operations
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($929)
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$405
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NM
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Operating
Margin
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(16.9)%
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5.6%
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NM
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Defense, Space & Security first-quarter revenue decreased to
$5.5 billion and first-quarter
operating margin decreased to (16.9) percent, primarily driven by
lower volume and charges on fixed-price development programs,
including VC-25B and T-7A Red Hawk.
The VC-25B program recorded a $660
million charge, primarily driven by higher supplier costs,
higher costs to finalize technical requirements and schedule
delays. The T-7A Red Hawk program
recorded $367 million in charges,
primarily driven by ongoing supplier negotiations impacted by
supply chain constraints, COVID-19 and inflationary pressures.
During the quarter, Defense, Space & Security captured an
award for 6 MH-47G Block II Chinook rotorcraft for U.S. Army
Special Operations. Defense, Space & Security completed mission
profile flights on the SB>1 DEFIANT and completed the
400th test flight on the T-7A Red
Hawk. Also in the quarter, Defense, Space & Security
began build of the first P-8A for the Royal New Zealand Air Force
and delivered 41 aircraft.
Backlog at Defense, Space & Security was $60 billion, of which 33% percent represents
orders from customers outside the U.S.
Global Services
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Table 6. Global
Services
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First
Quarter
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(Dollars in
Millions)
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2022
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2021
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Change
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Revenues
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$4,314
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$3,749
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15%
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Earnings from
Operations
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$632
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$441
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43%
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Operating
Margin
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14.6%
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11.8%
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24%
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Global Services first-quarter revenue increased to $4.3 billion and first-quarter operating margin
increased to 14.6 percent primarily driven by higher commercial
volume and favorable mix.
During the quarter, Global Services secured a fuel-saving
digital solutions contract for Etihad Airways' 787 fleet and was
awarded a contract for KC-135 horizontal stabilizers from the U.S.
Air Force. Global Services captured a 767 converted freighter order
from Air Transport Services Group and also announced plans to
create additional capacity for 767 converted freighters.
Additional Financial Information
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Table 7.
Additional Financial Information
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First
Quarter
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(Dollars in
Millions)
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2022
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2021
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Revenues
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Boeing
Capital
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$46
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$60
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Unallocated items,
eliminations and other
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($13)
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($46)
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(Loss)/Earnings
from Operations
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Boeing
Capital
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($36)
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$21
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FAS/CAS service cost
adjustment
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$283
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$270
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Other unallocated
items and eliminations
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($260)
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($364)
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Other income,
net
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$181
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$190
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Interest and debt
expense
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($630)
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($679)
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Effective tax
rate
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23.2%
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1.9%
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At quarter-end, Boeing Capital's net portfolio balance was
$1.6 billion. Earnings from
operations at Boeing Capital decreased primarily due to a provision
for losses related to the war in Ukraine. The change in loss
from other unallocated items and eliminations was primarily due to
decreased share-based plan expense and deferred compensation
expense as compared to the first quarter 2021. The first quarter
effective tax rate primarily reflects the tax benefit of pretax
losses and realizable R&D tax credits.
Non-GAAP Measures Disclosures
We supplement the reporting of our financial information
determined under Generally Accepted Accounting Principles in
the United States of America
(GAAP) with certain non-GAAP financial information. The non-GAAP
financial information presented excludes certain significant items
that may not be indicative of, or are unrelated to, results from
our ongoing business operations. We believe that these non-GAAP
measures provide investors with additional insight into the
company's ongoing business performance. These non-GAAP measures
should not be considered in isolation or as a substitute for the
related GAAP measures, and other companies may define such measures
differently. We encourage investors to review our financial
statements and publicly-filed reports in their entirety and not to
rely on any single financial measure. The following definitions are
provided:
Core Operating Earnings, Core Operating Margin and Core Earnings
Per Share
Core operating earnings is defined as GAAP earnings from
operations excluding the FAS/CAS service cost
adjustment. The FAS/CAS service cost
adjustment represents the difference between the Financial
Accounting Standards (FAS) pension and postretirement service costs
calculated under GAAP and costs allocated to the business segments.
Core operating margin is defined as core operating earnings
expressed as a percentage of revenue. Core earnings per share is
defined as GAAP diluted earnings per
share excluding the net earnings per share impact of
the FAS/CAS service cost
adjustment and Non-operating pension and
postretirement expenses. Non-operating pension and
postretirement expenses represent the components of net periodic
benefit costs other than service cost. Pension costs, comprising
service and prior service costs computed in accordance with GAAP
are allocated to Commercial Airplanes and BGS businesses supporting
commercial customers. Pension costs allocated to BDS and BGS
businesses supporting government customers are computed in
accordance with U.S. Government Cost Accounting Standards (CAS),
which employ different actuarial assumptions and accounting
conventions than GAAP. CAS costs are allocable to government
contracts. Other postretirement benefit costs are allocated to all
business segments based on CAS, which is generally based on
benefits paid. Management uses core operating earnings, core
operating margin and core earnings per share for purposes of
evaluating and forecasting underlying business performance.
Management believes these core earnings measures provide investors
additional insights into operational performance as they exclude
non-service pension and post-retirement costs, which primarily
represent costs driven by market factors and costs not allocable to
government contracts. A reconciliation between the GAAP and
non-GAAP measures is provided on pages 13.
Free Cash Flow
Free cash flow is GAAP operating cash
flow reduced by capital expenditures for property,
plant and equipment. Management believes free cash flow
provides investors with an important perspective on the cash
available for shareholders, debt repayment, and acquisitions after
making the capital investments required to support ongoing business
operations and long term value creation. Free cash flow does not
represent the residual cash flow available for discretionary
expenditures as it excludes certain mandatory expenditures such as
repayment of maturing debt. Management uses free cash flow as a
measure to assess both business performance and overall liquidity.
Table 2 provides a reconciliation of free cash flow to GAAP
operating cash flow.
Caution Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Words such as "may," "should," "expects," "intends,"
"projects," "plans," "believes," "estimates," "targets,"
"anticipates," and similar expressions generally identify these
forward-looking statements. Examples of forward-looking statements
include statements relating to our future financial condition and
operating results, as well as any other statement that does not
directly relate to any historical or current fact. Forward-looking
statements are based on expectations and assumptions that we
believe to be reasonable when made, but that may not prove to be
accurate. These statements are not guarantees and are subject to
risks, uncertainties, and changes in circumstances that are
difficult to predict. Many factors could cause actual results to
differ materially and adversely from these forward-looking
statements. Among these factors are risks related to: (1) the
COVID-19 pandemic and related industry impacts, including with
respect to our operations, our liquidity, the health of our
customers and suppliers, and future demand for our products and
services; (2) the 737 MAX, including the timing and conditions of
remaining 737 MAX regulatory approvals, lower than planned
production rates and/or delivery rates, and additional
considerations to customers and suppliers; (3) general conditions
in the economy and our industry, including those due to regulatory
changes; (4) our reliance on our commercial airline customers; (5)
the overall health of our aircraft production system, planned
commercial aircraft production rate changes, our commercial
development and derivative aircraft programs, and our aircraft
being subject to stringent performance and reliability standards;
(6) changing budget and appropriation levels and acquisition
priorities of the U.S. government; (7) our dependence on U.S.
government contracts; (8) our reliance on fixed-price contracts;
(9) our reliance on cost-type contracts; (10) uncertainties
concerning contracts that include in-orbit incentive payments; (11)
our dependence on our subcontractors and suppliers, as well as the
availability of raw materials; (12) changes in accounting
estimates; (13) changes in the competitive landscape in our
markets; (14) our non-U.S. operations, including sales to non-U.S.
customers; (15) threats to the security of our, our customers'
and/or our suppliers' information; (16) potential adverse
developments in new or pending litigation and/or government
investigations; (17) customer and aircraft concentration in our
customer financing portfolio; (18) changes in our ability to obtain
debt financing on commercially reasonable terms and at competitive
rates; (19) realizing the anticipated benefits of mergers,
acquisitions, joint ventures/strategic alliances or divestitures;
(20) the adequacy of our insurance coverage to cover significant
risk exposures; (21) potential business disruptions, including
those related to physical security threats, information technology
or cyber-attacks, epidemics, sanctions or natural disasters; (22)
work stoppages or other labor disruptions; (23) substantial pension
and other postretirement benefit obligations; (24) potential
environmental liabilities; and (25) effects of climate change and
legal, regulatory or market responses to such change.
Additional information concerning these and other factors can be
found in our filings with the Securities and Exchange Commission,
including our most recent Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. Any
forward-looking statement speaks only as of the date on which it is
made, and we assume no obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as required by law.
Contact:
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Investor Relations:
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Matt Welch or Keely
Moos (312) 544-2140
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Communications:
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Michael
Friedman media@boeing.com
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The Boeing Company
and Subsidiaries
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Consolidated
Statements of Operations
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(Unaudited)
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Three months
ended
March 31
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(Dollars in
millions, except per share data)
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2022
|
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2021
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Sales of
products
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$11,427
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$12,518
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Sales of
services
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2,564
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|
2,699
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Total
revenues
|
13,991
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|
15,217
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Cost of
products
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(11,412)
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(11,632)
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Cost of
services
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(2,226)
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(2,167)
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Boeing Capital
interest expense
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(7)
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|
(9)
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Total costs and
expenses
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(13,645)
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(13,808)
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|
346
|
|
1,409
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(Loss)/income from
operating investments, net
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(20)
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|
37
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General and
administrative expense
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(863)
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|
(1,032)
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Research and
development expense, net
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(633)
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|
(499)
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Gain on dispositions,
net
|
1
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|
2
|
Loss from
operations
|
(1,169)
|
|
(83)
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Other income,
net
|
181
|
|
190
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Interest and debt
expense
|
(630)
|
|
(679)
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Loss before income
taxes
|
(1,618)
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|
(572)
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Income tax
benefit
|
376
|
|
11
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Net
loss
|
(1,242)
|
|
(561)
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Less: net loss
attributable to noncontrolling interest
|
(23)
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|
(24)
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Net loss
attributable to Boeing Shareholders
|
($1,219)
|
|
($537)
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|
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|
Basic loss per
share
|
($2.06)
|
|
($0.92)
|
|
|
|
Diluted loss per
share
|
($2.06)
|
|
($0.92)
|
|
|
|
Weighted average
diluted shares (millions)
|
591.7
|
|
585.4
|
|
|
|
|
|
|
|
|
The Boeing Company
and Subsidiaries
|
Consolidated
Statements of Financial Position
|
(Unaudited)
|
|
|
|
|
(Dollars in
millions, except per share data)
|
March 31
2022
|
|
December 31
2021
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$7,409
|
|
$8,052
|
Short-term and other
investments
|
4,873
|
|
8,192
|
Accounts receivable,
net
|
2,407
|
|
2,641
|
Unbilled receivables,
net
|
8,991
|
|
8,620
|
Current portion of
customer financing, net
|
157
|
|
117
|
Inventories
|
79,819
|
|
78,823
|
Other current assets,
net
|
2,356
|
|
2,221
|
Total current
assets
|
106,012
|
|
108,666
|
Customer financing,
net
|
1,580
|
|
1,695
|
Property, plant and
equipment, net of accumulated depreciation of $20,759 and
$20,538
|
10,755
|
|
10,918
|
Goodwill
|
8,065
|
|
8,068
|
Acquired intangible
assets, net
|
2,492
|
|
2,562
|
Deferred income
taxes
|
91
|
|
77
|
Investments
|
992
|
|
975
|
Other assets, net of
accumulated amortization of of $1,024 and $975
|
5,814
|
|
5,591
|
Total
assets
|
$135,801
|
|
$138,552
|
Liabilities and
equity
|
|
|
Accounts
payable
|
$8,779
|
|
$9,261
|
Accrued
liabilities
|
17,864
|
|
18,455
|
Advances and progress
billings
|
52,458
|
|
52,980
|
Short-term debt and
current portion of long-term debt
|
2,591
|
|
1,296
|
Total current
liabilities
|
81,692
|
|
81,992
|
Deferred income
taxes
|
158
|
|
218
|
Accrued retiree
health care
|
3,471
|
|
3,528
|
Accrued pension plan
liability, net
|
8,719
|
|
9,104
|
Other long-term
liabilities
|
1,879
|
|
1,750
|
Long-term
debt
|
55,150
|
|
56,806
|
Total
liabilities
|
151,069
|
|
153,398
|
Shareholders'
equity:
|
|
|
Common stock, par
value $5.00 – 1,200,000,000 shares authorized;
1,012,261,159 shares issued
|
5,061
|
|
5,061
|
Additional paid-in
capital
|
9,295
|
|
9,052
|
Treasury stock, at
cost - 420,886,484 and 423,343,707 shares
|
(51,573)
|
|
(51,861)
|
Retained
earnings
|
33,189
|
|
34,408
|
Accumulated other
comprehensive loss
|
(11,370)
|
|
(11,659)
|
Total
shareholders' deficit
|
(15,398)
|
|
(14,999)
|
Noncontrolling
interests
|
130
|
|
153
|
Total
equity
|
(15,268)
|
|
(14,846)
|
Total liabilities
and equity
|
$135,801
|
|
$138,552
|
The Boeing Company
and Subsidiaries
|
Consolidated
Statements of Cash Flows
|
(Unaudited)
|
|
|
Three months
ended
March 31
|
(Dollars in
millions)
|
2022
|
|
2021
|
Cash
flows – operating activities:
|
|
|
|
Net loss
|
($1,242)
|
|
($561)
|
Adjustments to
reconcile net loss to net cash used by operating
activities:
|
|
|
Non-cash items
–
|
|
|
Share-based plans
expense
|
203
|
|
321
|
Treasury shares
issued for 401(k) contribution
|
329
|
|
306
|
Depreciation and
amortization
|
486
|
|
536
|
Investment/asset
impairment charges, net
|
72
|
|
16
|
Customer financing
valuation adjustments
|
48
|
|
|
Gain on dispositions,
net
|
(1)
|
|
(2)
|
787 and 777X
reach-forward losses
|
|
|
Other charges and
credits, net
|
175
|
|
35
|
Changes in assets and
liabilities –
|
|
|
Accounts
receivable
|
237
|
|
(394)
|
Unbilled
receivables
|
(356)
|
|
(790)
|
Advances and progress
billings
|
(522)
|
|
421
|
Inventories
|
(1,203)
|
|
(680)
|
Other current
assets
|
140
|
|
153
|
Accounts
payable
|
(369)
|
|
(819)
|
Accrued
liabilities
|
(594)
|
|
(1,615)
|
Income taxes
receivable, payable and deferred
|
(403)
|
|
(34)
|
Other long-term
liabilities
|
96
|
|
(84)
|
Pension and other
postretirement plans
|
(371)
|
|
(265)
|
Customer financing,
net
|
18
|
|
46
|
Other
|
41
|
|
23
|
Net cash
used by operating activities
|
(3,216)
|
|
(3,387)
|
Cash flows –
investing activities:
|
|
|
Payments to acquire
property, plant and equipment
|
(349)
|
|
(291)
|
Proceeds from
disposals of property, plant and equipment
|
8
|
|
2
|
Acquisitions, net of
cash acquired
|
|
|
Contributions to
investments
|
(1,732)
|
|
(9,688)
|
Proceeds from
investments
|
5,037
|
|
12,738
|
Other
|
1
|
|
3
|
Net cash provided
by investing activities
|
2,965
|
|
2,764
|
Cash flows –
financing activities:
|
|
|
New
borrowings
|
2
|
|
9,814
|
Debt
repayments
|
(396)
|
|
(9,847)
|
Stock options
exercised
|
30
|
|
23
|
Employee taxes on
certain share-based payment arrangements
|
(32)
|
|
(38)
|
Net cash used by
financing activities
|
(396)
|
|
(48)
|
Effect of exchange
rate changes on cash and cash equivalents
|
(3)
|
|
(18)
|
Net decrease in
cash & cash equivalents, including restricted
|
(650)
|
|
(689)
|
Cash & cash
equivalents, including restricted, at beginning of year
|
8,104
|
|
7,835
|
Cash & cash
equivalents, including restricted, at end of period
|
7,454
|
|
7,146
|
Less restricted cash
& cash equivalents, included in Investments
|
45
|
|
87
|
Cash and cash
equivalents at end of year
|
$7,409
|
|
$7,059
|
The Boeing Company
and Subsidiaries
|
Summary of
Business Segment Data
|
(Unaudited)
|
|
|
Three months
ended
March 31
|
(Dollars in
millions)
|
2022
|
|
2021
|
Revenues:
|
|
|
Commercial
Airplanes
|
$4,161
|
|
$4,269
|
Defense, Space &
Security
|
5,483
|
|
7,185
|
Global
Services
|
4,314
|
|
3,749
|
Boeing
Capital
|
46
|
|
60
|
Unallocated items,
eliminations and other
|
(13)
|
|
(46)
|
Total
revenues
|
$13,991
|
|
$15,217
|
Earnings/(loss) from
operations:
|
|
|
Commercial
Airplanes
|
($859)
|
|
($856)
|
Defense, Space &
Security
|
(929)
|
|
405
|
Global
Services
|
632
|
|
441
|
Boeing
Capital
|
(36)
|
|
21
|
Segment operating
(loss)/earnings
|
(1,192)
|
|
11
|
Unallocated items,
eliminations and other
|
(260)
|
|
(364)
|
FAS/CAS service cost
adjustment
|
283
|
|
270
|
Loss from
operations
|
(1,169)
|
|
(83)
|
Other income,
net
|
181
|
|
190
|
Interest and debt
expense
|
(630)
|
|
(679)
|
Loss before income
taxes
|
(1,618)
|
|
(572)
|
Income tax
benefit
|
376
|
|
11
|
Net
loss
|
(1,242)
|
|
(561)
|
Less: Net loss
attributable to noncontrolling interest
|
(23)
|
|
(24)
|
Net loss
attributable to Boeing Shareholders
|
($1,219)
|
|
($537)
|
Research and
development expense, net:
|
|
|
Commercial
Airplanes
|
$321
|
|
$269
|
Defense, Space &
Security
|
233
|
|
163
|
Global
Services
|
27
|
|
25
|
Other
|
52
|
|
42
|
Total research and
development expense, net
|
$633
|
|
$499
|
Unallocated items,
eliminations and other:
|
|
|
Share-based
plans
|
($83)
|
|
($128)
|
Deferred
compensation
|
42
|
|
(52)
|
Amortization of
previously capitalized interest
|
(23)
|
|
(22)
|
Research and
development expense, net
|
(52)
|
|
(42)
|
Eliminations and
other unallocated items
|
(144)
|
|
(120)
|
Sub-total
(included in core operating loss)
|
(260)
|
|
(364)
|
Pension FAS/CAS
service cost adjustment
|
208
|
|
193
|
Postretirement
FAS/CAS service cost adjustment
|
75
|
|
77
|
FAS/CAS service
cost adjustment
|
$283
|
|
$270
|
Total
|
$23
|
|
($94)
|
The Boeing Company
and Subsidiaries
|
Operating and
Financial Data
|
(Unaudited)
|
|
|
Deliveries
|
Three months
ended
March 31
|
Commercial
Airplanes
|
2022
|
|
2021
|
737
|
86
|
|
63
|
747
|
1
|
|
1
|
767
|
5
|
|
5
|
777
|
3
|
|
6
|
787
|
—
|
|
2
|
Total
|
95
|
|
77
|
|
|
|
|
|
Defense, Space &
Security
|
|
|
|
AH-64 Apache
(New)
|
7
|
|
9
|
AH-64 Apache
(Remanufactured)
|
15
|
|
15
|
CH-47 Chinook
(New)
|
4
|
|
3
|
CH-47 Chinook
(Renewed)
|
3
|
|
3
|
F-15
Models
|
1
|
|
3
|
F/A-18
Models
|
4
|
|
4
|
KC-46
Tanker
|
4
|
|
2
|
P-8 Models
|
3
|
|
3
|
|
|
|
|
Total
backlog (Dollars in millions)
|
March 31
2022
|
|
December 31
2021
|
Commercial
Airplanes
|
$290,930
|
|
$296,882
|
Defense, Space &
Security
|
59,739
|
|
59,828
|
Global
Services
|
19,822
|
|
20,496
|
Unallocated items,
eliminations and other
|
344
|
|
293
|
Total
backlog
|
$370,835
|
|
$377,499
|
|
|
|
Contractual
backlog
|
$348,414
|
|
$356,362
|
Unobligated
backlog
|
22,421
|
|
21,137
|
Total
backlog
|
$370,835
|
|
$377,499
|
The Boeing Company and
Subsidiaries
Reconciliation of Non-GAAP
Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial
measures core operating loss, core operating margin, and core loss
per share with the most directly comparable GAAP financial
measures, loss from operations, operating margin, and diluted loss
per share. See page 6 of this release for additional information on
the use of these non-GAAP financial measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions, except per share data)
|
First Quarter
2022
|
First Quarter
2021
|
|
$
millions
|
Per
Share
|
$ millions
|
Per Share
|
Revenues
|
13,991
|
|
|
15,217
|
|
|
Loss from
operations (GAAP)
|
(1,169)
|
|
|
(83)
|
|
|
Operating margin
(GAAP)
|
(8.4)
|
%
|
|
(0.5)
|
%
|
|
|
|
|
|
|
FAS/CAS service
cost adjustment:
|
|
|
|
|
Pension FAS/CAS
service cost adjustment
|
(208)
|
|
|
(193)
|
|
|
Postretirement
FAS/CAS service cost adjustment
|
(75)
|
|
|
(77)
|
|
|
FAS/CAS service
cost adjustment
|
(283)
|
|
|
(270)
|
|
|
Core operating
loss (non-GAAP)
|
($1,452)
|
|
|
($353)
|
|
|
Core operating
margin (non-GAAP)
|
(10.4)
|
%
|
|
(2.3)
|
%
|
|
|
|
|
|
|
Diluted loss per
share (GAAP)
|
|
($2.06)
|
|
|
($0.92)
|
Pension FAS/CAS
service cost adjustment
|
($208)
|
|
(0.35)
|
|
($193)
|
|
(0.33)
|
Postretirement
FAS/CAS service cost adjustment
|
(75)
|
|
(0.13)
|
|
(77)
|
|
(0.13)
|
Non-operating pension
expense
|
(220)
|
|
(0.37)
|
|
(177)
|
|
(0.30)
|
Non-operating
postretirement expense
|
(15)
|
|
(0.02)
|
|
(5)
|
|
(0.01)
|
Provision for
deferred income taxes on adjustments 1
|
109
|
|
0.18
|
|
95
|
|
0.16
|
Subtotal of
adjustments
|
($409)
|
|
($0.69)
|
|
($357)
|
|
($0.61)
|
Core loss per
share (non-GAAP)
|
|
($2.75)
|
|
|
($1.53)
|
|
|
|
|
|
Weighted average
diluted shares (in millions)
|
|
591.7
|
|
|
585.4
|
|
1 The income tax impact is
calculated using the U.S. corporate statutory tax
rate.
|
View original
content:https://www.prnewswire.com/news-releases/boeing-reports-first-quarter-results-301534119.html
SOURCE Boeing