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Third Quarter Financial Result

24 Oct 2012 12:30

Boeing Reports Third-Quarter Results and Raises 2012 Guidance CHICAGO, Oct. 24, 2012 / -- - Earnings per share of $1.35 reported on revenue of $20.0 billion - Operating earnings rose at Commercial Airplanes and Defense, Space & Security - Backlog grew to $378 billion driven by $24 billion of new orders - Operating cash flow before pension contributions* totaled $2.3 billion - Cash and marketable securities of $11.2 billion provide strong liquidity - Guidance increased for revenue, EPS and operating cash flow Table 1. Summary Financial Results Third Quarter Nine Months (Dollars in Millions, except per share data) 2012 2011 Change 2012 2011 Change Revenues $20,008 $17,727 13% $59,396 $49,180 21% Earnings From Operations $1,564 $1,714 (9%) $4,682 $4,247 10% Operating Margin 7.8% 9.7% (1.9) Pts 7.9% 8.6% (0.7)Pts Net Income $1,032 $1,098 (6%) $2,922 $2,625 11% Earnings per Share $1.35 $1.46 (8%) $3.84 $3.49 10% Operating Cash Flow Before Pension Contributions* $2,346 $949 NM $4,854 $1,592 NM Operating Cash Flow $1,596 $449 NM $3,341 $1,092 NM * Non-GAAP measure. Complete definitions of Boeing's use of non-GAAP measures, identified by an asterisk (*), are found on page 7, "Non-GAAP Measure Disclosures."

The Boeing Company reported third-quarter net income of $1.0 billion, or $1.35 per share, on continued strong core performance and revenue of $20.0 billion. Increased earnings at Commercial Airplanes and Defense, Space & Security were more than offset by higher pension expense of $194 million ($0.18 per share). Earnings per share guidance for 2012 was raised to between $4.80 and $4.95. The company also raised its revenue guidance to between $80.5 and $82 billion on higher Defense, Space & Security revenue, and increased its 2012 operating cash flow outlook to greater than $5.5 billion.

"Strong core operating performance drove increased earnings in both our major businesses, along with higher overall revenues, improved cash flow, and solid earnings per share even as pension headwinds rose," said Boeing Chairman, President and Chief Executive Officer Jim McNerney. "Our Defense, Space & Security business maintained double-digit margins in a challenging environment while Commercial Airplanes continued to build momentum with 787 deliveries and 737 MAX orders. Underpinned by our solid performance to date and positive outlook, we are raising our year-end guidance for revenue, earnings and operating cash flow. We remain well positioned for long-term growth with a clear focus on quality, productivity and disciplined program execution," McNerney said.

Table 2. Cash Flow Third Quarter Nine Months (Millions) 2012 2011 2012 2011 Operating Cash Flow Before Pension Contributions* $2,346 $949 $4,854 $1,592 Pension Contributions ($750) ($500) ($1,513) ($500) Operating Cash Flow $1,596 $449 $3,341 $1,092 Less Additions to Property, Plant & Equipment ($428) ($380) ($1,208) ($1,142) Free Cash Flow* $1,168 $69 $2,133 ($50)

Boeing's quarterly operating cash flow before pension contributions* was $2.3 billion. Operating cash flow was $1.6 billion, with higher commercial airplane deliveries and strong operating performance more than offsetting continued investment in the 787 program and discretionary pension funding. Free cash flow* was $1.2 billion in the quarter (Table 2).

Table 3. Cash, Marketable Securities and Debt Balances Quarter-End (Billions) 3Q12 2Q12 Cash $6.6 $6.3 Marketable Securities[1] $4.6 $4.0 Total $11.2 $10.3 Debt Balances: The Boeing Company $8.6 $8.6 Boeing Capital Corporation $2.6 $2.6 Total Consolidated Debt $11.2 $11.2 [1]Marketable securities consists primarily of time deposits due within one year classified as "short-term investments."

Cash and investments in marketable securities totaled $11.2 billion at quarter-end (Table 3), up from $10.3 billion at the beginning of the quarter. Debt was $11.2 billion, unchanged from the prior quarter.

Total company backlog at quarter-end was $378 billion, up from $374 billion at the beginning of the quarter, and included net orders for the quarter of $24 billion.

Segment Results Commercial Airplanes Table 4. Commercial Airplanes Operating Results Third Quarter Change Nine Months Change (Dollars in Millions) 2012 2011 2012 2011 Commercial Airplanes Deliveries 149 127 17% 436 349 25% Revenues $12,186 $9,515 28% $34,966 $25,476 37% Earnings from Operations $1,153 $1,085 6% $3,445 $2,514 37% Operating Margins 9.5% 11.4% (1.9) Pts 9.9% 9.9% 0.0 Pts

Boeing Commercial Airplanes third-quarter revenue increased by 28 percent to $12.2 billion on higher delivery volume. Operating margin was 9.5 percent, reflecting the dilutive impact of 787 and 747-8 deliveries and higher period costs partially offset by lower R&D (Table 4).

During the quarter, Commercial Airplanes began major assembly on the 787-9, and, in October, delivered the first 787 built in South Carolina.

Commercial Airplanes booked 369 net orders during the quarter. Backlog remains strong with approximately 4,100 airplanes valued at $307 billion.

Boeing Defense, Space & Security Table 5. Defense, Space & Security Operating Results Third Quarter Nine Months (Dollars in Millions) 2012 2011 Change 2012 2011 Change Revenues Boeing Military Aircraft $3,789 $3,964 (4%) $12,227 $10,998 11% Network & Space Systems $1,990 $2,269 (12%) $5,672 $6,693 (15%) Global Services & Support $2,060 $1,967 5% $6,365 $5,814 9% Total BDS Revenues $7,839 $8,200 (4%) $24,264 $23,505 3% Earnings from Operations Boeing Military Aircraft $445 $397 12% $1,245 $1,152 8% Network & Space Systems $161 $178 (10%) $360 $511 (30%) Global Services & Support $221 $249 (11%) $712 $630 13% Total BDS Earnings from Operations $827 $824 0% $2,317 $2,293 1% Operating Margins 10.5% 10.0% 0.5 Pts 9.5% 9.8% (0.3)Pts

Boeing Defense, Space & Security's (BDS) third-quarter revenue was $7.8 billion, while operating margin was 10.5 percent (Table 5).

Boeing Military Aircraft (BMA) third-quarter revenue decreased to $3.8 billion, driven by delivery mix. Operating margin increased to 11.7 percent, on strong performance across various programs. During the quarter, BMA was awarded the P-8A low rate initial production contract III with the U.S. Navy, while the first P-8I aircraft for the Indian Navy began its official flight test program.

Network & Space Systems (N&SS) third-quarter revenue decreased to $2.0 billion, driven by lower volume on Brigade Combat Team Modernization. Operating margin was 8.1 percent. During the quarter, N&SS was awarded a contract to build and launch the tenth Wideband Global Communications satellite, while the second Intelsat 702 medium power satellite was launched and is on orbit.

Global Services & Support (GS&S) third-quarter revenue increased to $2.1 billion, primarily due to higher volume in training systems. Operating margin decreased to 10.7 percent, reflecting lower earnings in integrated logistics. During the quarter, GS&S was awarded a follow-on upgrade contract from the U.S. Air Force for the B-1 bomber.

Backlog at BDS was $71 billion, more than two times the unit's projected 2012 revenue. Additional Financial Information Table 6. Additional Financial Information Third Quarter Nine Months (Dollars in Millions) 2012 2011 Change 2012 2011 Change Revenues Boeing Capital Corporation $101 $126 (20%) $325 $416 (22%) Other segment $27 $33 $93 $107 Unallocated items and eliminations ($145) ($147) ($252) ($324) Earnings from Operations Boeing Capital Corporation $33 $19 74% $102 $133 (23%) Other segment expense ($74) $92 ($203) $11 Unallocated items and eliminations ($375) ($306) ($979) ($704) Other income, net $17 $49 $39 $76 Interest and debt expense ($115) ($121) ($346) ($374) Effective tax rate 29.5% 33.4% 33.1% 33.6%

At quarter-end, Boeing Capital Corporation's (BCC) portfolio balance was $4.1 billion, unchanged from the beginning of the quarter. BCC's debt-to-equity ratio was 5.0-to-1.

The "Other" segment includes unallocated activities of Engineering, Operations and Technology, Shared Services Group as well as certain intercompany guarantees provided to BCC. Other segment expense was $74 million in the quarter compared with Other segment income of $92 million in 2011 due to a $141 million gain in the third quarter of 2011 from an upgraded credit rating assigned to certain financing receivables.

The loss in unallocated items and eliminations increased due to higher pension expense. The third quarter of 2011 included a $161 million charge for post-retirement medical. Total pension expense for the third quarter was $583 million, as compared to $389 million in the same period last year.

Outlook

The company's 2012 financial guidance (Table 7) has been updated to reflect the strong core performance in both businesses.

Table 7. Financial Outlook (Dollars in Billions, except per-share data) 2012 The Boeing Company Revenue $80.5 - 82.0 Earnings Per Share (GAAP) $4.80 - 4.95 Operating Cash Flow[1] > $5.5 Boeing Commercial Airplanes Deliveries [2] 585 - 600 Revenue $47.5 - 49.5 Operating Margin ~ 9.0% Boeing Defense, Space & Security Revenue Boeing Military Aircraft ~ $16.3 Network & Space Systems ~ $7.7 Global Services & Support ~ $8.7 Total BDS Revenue $32.5 - 33.0 Operating Margin Boeing Military Aircraft ~ 9.75% Network & Space Systems ~ 6.5% Global Services & Support ~ 11.25% Total BDS Operating Margin > 9.25% Boeing Capital Corporation Portfolio Size Lower Revenue ~ $0.4 Return on Assets ~ 1.0% Research & Development $3.3 - 3.5 Capital Expenditures ~ $1.8 Pension Expense [3] $2.5 [1] After discretionary cash pension contributions of $1.5 billion and assuming new aircraft financings under $0.5 billion. [2] 2012 is sold out and includes an expected 70 to 85 787 and 747-8 deliveries, of which approximately half are 787 aircraft. [3] Approximately $0.8 billion is expected to be recorded in unallocated items and eliminations.

Earnings per share guidance for 2012 increased to between $4.80 and $4.95, up from between $4.40 and $4.60, reflecting the strong core operating performance. Total company 2012 revenue increased to between $80.5 and $82 billion, from between $79.5 and $81.5 billion, on higher Defense, Space & Security revenues. Operating cash flow guidance for 2012 is now expected to be greater than $5.5 billion, up from greater than $5 billion.

BDS's revenue guidance increased to between $32.5 and $33 billion, from between $31.5 and $32 billion, reflecting increased volume. BDS's operating margin is now greater than 9.25 percent, up from greater than 9 percent.

BCC's return on assets is now expected to be approximately 1.0 percent, up from approximately 0.5 percent.

Capital expenditures for 2012 have been reduced to approximately $1.8 billion, down from approximately $2.0 billion.

Based on current interest rates and market conditions, pension expense in 2013 is estimated to be approximately $3.5 billion, of which approximately $1.8 billion is expected to be recorded in unallocated items and eliminations. 2013 pension expense will be determined at year end based on market conditions at that time.

Non-GAAP Measure Disclosures

Management believes that the non-GAAP (Generally Accepted Accounting Principles) measures (indicated by an asterisk *) used in this report provide investors with important perspectives into the company's ongoing business performance. The company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measures. Other companies may define the measures differently. The following definitions are provided:

Operating Cash Flow Before Pension Contributions

Operating cash flow before pension contributions is defined as GAAP operating cash flow less pension contributions. Management believes operating cash flow before pension contributions provides additional insights into underlying business performance. Table 2 provides a reconciliation between GAAP operating cash flow and operating cash flow before pension contributions.

Free Cash Flow

Free cash flow is defined as GAAP operating cash flow less capital expenditures for property, plant and equipment additions. 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 internally to assess both business performance and overall liquidity. Table 2 provides a reconciliation between GAAP operating cash flow and free 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 are used to 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 our current expectations and assumptions, which 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) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) our commercial development programs, planned production rate increases across multiple commercial airline programs and the overall health of our aircraft production system; (4) changing acquisition priorities of the U.S. government; (5) our dependence on U.S. government contracts; (6) our reliance on fixed-price contracts; (7) our reliance on cost-type contracts; (8) uncertainties concerning contracts that include in-orbit incentive payments; (9) our dependence on our subcontractors and suppliers, as well as the availability of raw materials, (10) changes in accounting estimates; (11) changes in the competitive landscape in our markets; (12) our non-U.S. operations, including sales to non-U.S. customers; (13) potential adverse developments in new or pending litigation and/or government investigations; (14) customer and aircraft concentration in Boeing Capital's customer financing portfolio; (15) changes in our ability to obtain debt on commercially reasonable terms and at competitive rates in order to fund our operations and contractual commitments; (16) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures; (17) the adequacy of our insurance coverage to cover significant risk exposures; (18) potential business disruptions, including those related to physical security threats, information technology or cyber-attacks or natural disasters; (19) work stoppages or other labor disruptions; (20) significant changes in discount rates and actual investment return on pension assets; (21) potential environmental liabilities; and (22) threats to the security of our or our customers' information.

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: Investor Relations: Stephanie Pope or Matt Welch +1-312-544-2140 Communications: Chaz Bickers +1-312-544-2002 The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited) Nine months ended Three months ended September 30 September 30 (Dollars in millions, except per share data) 2012 2011 2012 2011 Sales of products $51,441 $40,441 $17,415 $14,907 Sales of services 7,955 8,739 2,593 2,820 Total revenues 59,396 49,180 20,008 17,727 Cost of products (43,103) (32,335) (14,683) (12,006) Cost of services (6,431) (7,177) (2,089) (2,319) Boeing Capital interest expense (69) (94) (22) (32) Total costs and expenses (49,603) (39,606) (16,794) (14,357) 9,793 9,574 3,214 3,370 Income from operating investments, net 211 202 120 52 General and administrative expense (2,774) (2,544) (916) (807) Research and development expense, net (2,545) (3,005) (853) (901) (Loss)/gain on dispositions, net (3) 20 (1) Earnings from operations 4,682 4,247 1,564 1,714 Other income, net 39 76 17 49 Interest and debt expense (346) (374) (115) (121) Earnings before income taxes 4,375 3,949 1,466 1,642 Income tax expense (1,450) (1,325) (432) (548) Net earnings from continuing operations 2,925 2,624 1,034 1,094 Net (loss)/gain on disposal of discontinued operations, net of taxes of $2, $0, $1 and ($2) (3) 1 (2) 4 Net earnings $2,922 $2,625 $1,032 $1,098 Basic earnings per share from continuing operations $3.86 $3.52 $1.36 $1.47 Net (loss)/gain on disposal of discontinued operations, net of taxes Basic earnings per share $3.86 $3.52 $1.36 $1.47 Diluted earnings per share from continuing operations $3.84 $3.49 $1.35 $1.46 Net (loss)/gain on disposal of discontinued operations, net of taxes Diluted earnings per share $3.84 $3.49 $1.35 $1.46 Cash dividends paid per share $1.32 $1.26 $0.44 $0.42 Weighted average diluted shares (millions) 762.3 751.8 765.2 753.9 The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited) September 30 December 31 (Dollars in millions, except per share data) 2012 2011 Assets Cash and cash equivalents $ 6,582 $ 10,049 Short-term and other investments 4,590 1,223 Accounts receivable, net 5,437 5,793 Current portion of customer financing, net 318 476 Deferred income taxes 34 29 Inventories, net of advances and progress billings 36,817 32,240 Total current assets 53,778 49,810 Customer financing, net 4,028 4,296 Property, plant and equipment, net of accumulated depreciation of $14,554 and $13,993 9,496 9,313 Goodwill 4,961 4,945 Acquired intangible assets, net 2,930 3,044 Deferred income taxes 5,520 5,892 Investments 1,195 1,043 Other assets, net of accumulated amortization of $471 and $717 1,746 1,643 Total assets $ 83,654 $ 79,986 Liabilities and equity Accounts payable $ 9,152 $ 8,406 Accrued liabilities 11,773 12,239 Advances and billings in excess of related costs 15,619 15,496 Deferred income taxes and income taxes payable 4,136 2,780 Short-term debt and current portion of long-term debt 2,172 2,353 Total current liabilities 42,852 41,274 Accrued retiree health care 7,454 7,520 Accrued pension plan liability, net 15,586 16,537 Non-current income taxes payable 166 122 Other long-term liabilities 900 907 Long-term debt 9,014 10,018 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 4,068 4,033 Treasury stock, at cost - 258,532,626 and 267,556,388 shares (16,055) (16,603) Retained earnings 29,775 27,524 Accumulated other comprehensive loss (15,261) (16,500) Total shareholders' equity 7,588 3,515 Noncontrolling interest 94 93 Total equity 7,682 3,608 Total liabilities and equity $ 83,654 $ 79,986 The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) Nine months ended September 30 (Dollars in millions) 2012 2011 Cash flows - operating activities: Net earnings $ 2,922 $ 2,625 Adjustments to reconcile net earnings to net cash provided by operating activities: Non-cash items - Share-based plans expense 148 141 Depreciation and amortization 1,313 1,237 Investment/asset impairment charges, net 59 50 Customer financing valuation provision (4) (220) Loss/(gain) on disposal of discontinued operations 5 (1) Loss/(gain) on dispositions, net 3 (20) Other charges and credits, net 559 358 Excess tax benefits from share-based payment arrangements (43) (35) Changes in assets and liabilities - Accounts receivable 150 (911) Inventories, net of advances and progress billings (4,588) (8,245) Accounts payable 857 1,447 Accrued liabilities (123) (449) Advances and billings in excess of related costs 123 1,996 Income taxes receivable, payable and deferred 1,085 1,314 Other long-term liabilities 22 107 Pension and other postretirement plans 571 1,445 Customer financing, net 254 171 Other 28 82 Net cash provided by operating activities 3,341 1,092 Cash flows - investing activities: Property, plant and equipment additions (1,208) (1,142) Property, plant and equipment reductions 29 54 Acquisitions, net of cash acquired (18) (42) Contributions to investments (10,331) (6,089) Proceeds from investments 6,941 8,006 Receipt of economic development program funds 69 Purchase of distribution rights (6) Net cash (used)/provided by investing activities (4,593) 856 Cash flows - financing activities: New borrowings 34 789 Debt repayments (1,273) (895) Repayments of distribution rights financing (72) (436) Stock options exercised, other 96 106 Excess tax benefits from share-based payment arrangements 43 35 Employee taxes on certain share-based payment arrangements (72) (21) Dividends paid (990) (932) Net cash used by financing activities (2,234) (1,354) Effect of exchange rate changes on cash and cash equivalents 19 1 Net (decrease)/increase in cash and cash equivalents (3,467) 595 Cash and cash equivalents at beginning of year 10,049 5,359 Cash and cash equivalents at end of period $ 6,582 $ 5,954 The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited) Nine months ended Three months ended September 30 September 30 (Dollars in millions) 2012 2011 2012 2011 Revenues: Commercial Airplanes $ 34,966 $ 25,476 $ 12,186 $ 9,515 Defense, Space & Security: Boeing Military Aircraft 12,227 10,998 3,789 3,964 Network & Space Systems 5,672 6,693 1,990 2,269 Global Services & Support 6,365 5,814 2,060 1,967 Total Defense, Space & Security 24,264 23,505 7,839 8,200 Boeing Capital 325 416 101 126 Other segment 93 107 27 33 Unallocated items and eliminations (252) (324) (145) (147) Total revenues $ 59,396 $ 49,180 $ 20,008 $ 17,727 Earnings from operations: Commercial Airplanes $ 3,445 $ 2,514 $ 1,153 $ 1,085 Defense, Space & Security: Boeing Military Aircraft 1,245 1,152 445 397 Network & Space Systems 360 511 161 178 Global Services & Support 712 630 221 249 Total Defense, Space & Security 2,317 2,293 827 824 Boeing Capital 102 133 33 19 Other segment (203) 11 (74) 92 Unallocated items and eliminations (979) (704) (375) (306) Earnings from operations 4,682 4,247 1,564 1,714 Other income, net 39 76 17 49 Interest and debt expense (346) (374) (115) (121) Earnings before income taxes 4,375 3,949 1,466 1,642 Income tax expense (1,450) (1,325) (432) (548) Net earnings from continuing operations 2,925 2,624 1,034 1,094 Net (loss)/gain on disposal of discontinued operations, net of taxes of $2, $0, $1 and ($2) (3) 1 (2) 4 Net earnings $ 2,922 $ 2,625 $ 1,032 $ 1,098 Research and development expense, net: Commercial Airplanes $ 1,638 $ 2,191 $ 534 $ 633 Defense, Space & Security: Boeing Military Aircraft 455 369 166 119 Network & Space Systems 335 327 116 110 Global Services & Support 78 77 24 21 Total Defense, Space & Security 868 773 306 250 Other 39 41 13 18 Total research and development expense, net $ 2,545 $ 3,005 $ 853 $ 901 Unallocated items and eliminations: Share-based plans $ (64) $ (63) $ (23) $ (19) Deferred compensation (49) 4 (15) 64 Pension (608) (216) (204) (58) Post-retirement (79) (208) (30) (175) Capitalized interest (53) (39) (16) (8) Eliminations and other (126) (182) (87) (110) Total $ (979) $ (704) $ (375) $ (306) The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited) Nine months ended Three months ended Deliveries September 30 September 30 Commercial Airplanes 2012 2011 2012 2011 737 310 281 102 100 747 21 8 767 20 14 7 5 777 62 53 20 21 787 23 1 12 1 Total 436 349 149 127 Defense, Space & Security Boeing Military Aircraft F/A-18 Models 36 38 12 13 F-15 Models 8 11 3 C-17 Globemaster 8 11 3 4 KC-767 International Tanker 1 CH-47 Chinook 40 22 18 6 AH-64 Apache 13 10 AEW&C 2 2 2 P-8A Poseidon 3 2 Network & Space Systems Commercial and Civil Satellites 3 2 Military Satellites 6 2 3 1 Contractual backlog September 30 June 30 March 31 December 31 (Dollars in billions) 2012 2012 2012 2011 Commercial Airplanes $305.4 $300.4 $305.3 $293.3 Defense, Space & Security: Boeing Military Aircraft 28.5 29.7 29.0 24.1 Network & Space Systems 9.7 9.9 10.1 9.0 Global Services & Support 14.1 14.6 14.2 13.3 Total Defense, Space & Security 52.3 54.2 53.3 46.4 Total contractual backlog $357.7 $354.6 $358.6 $339.7 Unobligated backlog $19.9 $19.2 $21.2 $15.8 Total backlog $377.6 $373.8 $379.8 $355.5 Workforce 175,400 174,200 172,200 171,700

SOURCE Boeing

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