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Boeing Co (BA) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Boeing Co

CIK: 12927 Ticker: BA
Exhibit 99.1
 


pressreleaseheadera02.jpg
Boeing Reports Solid Third Quarter; Reaffirms Cash and Raises Revenue and EPS Guidance
Revenue increased to $25.1 billion driven by higher defense and services volume
GAAP EPS of $4.07 and core EPS (non-GAAP)* of $3.58 on solid execution across the company
Strong operating cash flow of $4.6 billion; repurchased 7.0 million shares for $2.5 billion
Total backlog grew to $491 billion, including more than 5,800 commercial airplanes
Cash and marketable securities of $10.0 billion provide strong liquidity
Reaffirmed cash guidance; raised revenue and EPS guidance; updated segment margin guidance
Table 1. Summary Financial Results
 
Third Quarter
 
 
 
Nine Months
 
 
(Dollars in Millions, except per share data)
 
2018
 
2017
 
Change
 
2018
 
2017
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 

$25,146

 

$24,223

 
4%
 

$72,786

 

$69,235

 
5%
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP
 
 
 
 
 
 
 
 
 
 
 
 
Earnings From Operations
 

$2,227

 

$2,630

 
(15)%
 

$7,812

 

$7,366

 
6%
Operating Margin
 
8.9
%
 
10.9
%
 
(2.0) Pts
 
10.7
%
 
10.6
%
 
0.1 Pts
Net Earnings
 

$2,363

 

$1,810

 
31%
 

$7,036

 

$5,138

 
37%
Earnings Per Share
 

$4.07

 

$2.99

 
36%
 

$11.95

 

$8.39

 
42%
Operating Cash Flow
 

$4,559

 

$3,396

 
34%
 

$12,375

 

$10,443

 
19%
Non-GAAP*
 
 
 
 
 
 
 
 
 
 
 
 
Core Operating Earnings
 

$1,890

 

$2,284

 
(17)%
 

$6,793

 

$6,317

 
8%
Core Operating Margin
 
7.5
%
 
9.4
%
 
(1.9) Pts
 
9.3
%
 
9.1
%
 
0.2 Pts
Core Earnings Per Share
 

$3.58

 

$2.62

 
37%
 

$10.55

 

$7.28

 
45%
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 7, “Non-GAAP Measures Disclosures."    
CHICAGO, October 24, 2018 – The Boeing Company [NYSE: BA] reported third-quarter revenue of $25.1 billion driven by higher defense volume and services growth (Table 1). GAAP earnings per share increased to $4.07 and core earnings per share (non-GAAP)* increased to $3.58 primarily driven by strong operating performance at Commercial Airplanes and a tax benefit related to a tax settlement ($0.71 per share). Results also reflect charges related to planned investments in the newly awarded T-X Trainer and MQ-25 programs ($0.93 per share). Boeing delivered strong operating cash flow of $4.6 billion, repurchased $2.5 billion of shares, and paid $1.0 billion of dividends.
The company's revenue guidance increased $1.0 billion to between $98.0 and $100.0 billion, driven by defense volume and services growth, inclusive of the KLX acquisition. Operating cash flow guidance is reaffirmed at $15.0 to $15.5 billion. Full year GAAP earnings per share guidance is increased to between $16.90 and $17.10 from between $16.40 and $16.60 and core earnings per share (non-GAAP)* guidance is increased to between $14.90 and $15.10 from between $14.30 and $14.50 driven by a lower-than-expected tax rate and improved performance at Commercial Airplanes.
"Our teams continued to perform at a high level during the quarter, driving solid operating performance and robust cash generation, and continuing to deliver on our One Boeing advantage by bringing the best of Boeing to our customers,” said Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg.

1

The following information was filed by Boeing Co (BA) on Wednesday, October 24, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Boeing Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Statement Of Cash Flows Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Equity (Parenthetical)
Condensed Consolidated Statements Of Financial Position
Condensed Consolidated Statements Of Financial Position (Parenthetical)
Condensed Consolidated Statements Of Operations
Arrangements With Off-Balance Sheet Risk
Arrangements With Off-Balance Sheet Risk (Narrative) (Details)
Arrangements With Off-Balance Sheet Risk (Tables)
Arrangements With Off-Balance Sheet Risk (Third Party Guarantees) (Details)
Basis Of Presentation
Basis Of Presentation (Details)
Basis Of Presentation (Policy)
Basis Of Presentation Basis Of Presentation (Tables)
Commitments And Contingencies
Commitments And Contingencies (Environmental) (Details)
Commitments And Contingencies (Financing Commitments) (Details)
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Product Warranties) (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies Commitments And Contingencies (Policies)
Contracts With Customers (Notes)
Contracts With Customers Contracts With Customers (Narrative) (Details)
Customer Financing
Customer Financing (Carrying Values Related To Major Aircraft Concentrations) (Details)
Customer Financing (Financing Receivable Credit Quality Indicators) (Details)
Customer Financing (Narrative) (Details)
Customer Financing (Schedule Of Customer Financing) (Details)
Customer Financing (Tables)
Customer Financing Customer Financing (Policies)
Debt
Debt Narrative (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Narrative) (Details)
Derivative Financial Instruments (Schedule Of Derivative Instruments, Gains/(Losses)) (Details)
Derivative Financial Instruments (Schedule Of Derivative Instruments, Notional Amounts And Fair Values) (Details)
Derivative Financial Instruments (Tables)
Earnings Per Share
Earnings Per Share (Schedule Of Weighted Average Number Of Shares Outstanding Excluded From The Computation Of Diluted Earnings Per Share) (Details)
Earnings Per Share (Schedule Of Weighted-Average Number Of Shares Outstanding Used To Compute Earnings Per Share) (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements Fair Value, Assets And Liabilities Measured On Recurring Basis (Details)
Fair Value Measurements Fair Value, Assets Measured On Nonrecurring Basis Using Unobservable Inputs (Details)
Fair Value Measurements Fair Values And Related Carrying Values Of Financial Instruments (Details)
Fair Value, Assets Measured On Nonrecurring Basis, Valuation Techniques (Details)
Impact Of Adoption Of New Standards Impact Of Adoption Of New Standards
Impact Of Adoption Of New Standards Impact Of Adoption Of New Standards (Schedule Of Accounting Changes) (Details)
Impact Of Adoption Of New Standards Impact Of Adoption Of New Standards (Tables)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Inventory Disclosure Table) (Details)
Inventories (Narrative) (Details)
Inventories (Tables)
Investments
Investments (Schedule Of Investments) (Details)
Investments (Tables)
Legal Proceedings
Other Assets
Other Assets (Narrative) (Details)
Postretirement Plans
Postretirement Plans (Net Periodic Benefit Cost Tables) (Details)
Postretirement Plans (Tables)
Reconciliation Of Assets From Segment To Consolidated (Details)
Schedule Of Unallocated Items And Eliminations (Details)
Segment And Revenue Information
Segment And Revenue Information (Tables)
Segment And Revenue Information Segment And Revenue Information (Narrative) (Details)
Segment And Revenue Information Segment And Revenue Information (Schedule Of Revenue Disaggregation) (Details)
Share-Based Compensation And Other Compensation Arrangements
Share-Based Compensation And Other Compensation Arrangements (Narrative) (Details)
Shareholders' Equity
Shareholders' Equity (Accumulated Other Comprehensive Income) (Details)
Shareholders' Equity (Tables)
Subsequent Events Subsequent Events
Subsequent Events Subsequent Events (Narrative) (Details)
Summary Of Business Segment Data (Details)
Summary Of Business Segment Data Summary Of Business Segment Data (Notes)
Summary Of Business Segment Data Summary Of Business Segment Data (Tables)
Ticker: BA
CIK: 12927
Form Type: 10-Q Quarterly Report
Accession Number: 0000012927-18-000065
Submitted to the SEC: Wed Oct 24 2018 1:38:46 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Aircraft

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