Boeing Co (BA) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Boeing Co
Ticker: BA CIK: 12927

Exhibit 99.1

Boeing Reports Second-Quarter Results


▪	Continue to engage global regulators and customers on safe return to service of the 737 MAX


▪	Recorded charge and increased costs related to the 737 MAX, as previously announced


▪	Revenue of $15.8 billion reflecting 737 MAX impacts and higher defense and services volume


▪	Loss of ($5.21) per share (GAAP) and core (non-GAAP)* loss of ($5.82) per share


▪	Operating cash flow of ($0.6) billion; paid $1.2 billion of dividends


▪	Total backlog of $474 billion, including more than 5,500 commercial airplanes


▪	Cash and marketable securities of $9.6 billion provide strong liquidity


▪	Previously issued 2019 guidance does not reflect 737 MAX impacts; new guidance to be issued at a future date



Table 1. Summary Financial Results	Second Quarter							First Half
(Dollars in Millions, except per share data)	2019			2018			Change	2019			2018			Change

Revenues		$15,751			$24,258		(35)%		$38,668			$47,640		(19)%

GAAP
(Loss)/Earnings From Operations		($3,380	)		$2,710		NM		($1,030	)		$5,585		NM
Operating Margin	(21.5		)%	11.2		%	NM	(2.7		)%	11.7		%	NM
Net (Loss)/Earnings		($2,942	)		$2,196		NM		($793	)		$4,673		NM
(Loss)/Earnings Per Share		($5.21	)		$3.73		NM		($1.40	)		$7.88		NM
Operating Cash Flow		($590	)		$4,680		NM		$2,198			$7,816		NM
Non-GAAP*
Core Operating (Loss)/Earnings		($3,745	)		$2,393		NM		($1,759	)		$4,903		NM
Core Operating Margin	(23.8		)%	9.9		%	NM	(4.5		)%	10.3		%	NM
Core (Loss)/Earnings Per Share		($5.82	)		$3.33		NM		($2.60	)		$6.97		NM

*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 6, “Non-GAAP Measures Disclosures."

CHICAGO, July 24, 2019 – The Boeing Company [NYSE: BA] reported second-quarter revenue of $15.8 billion, GAAP loss per share of ($5.21) and core loss per share (non-GAAP)* of ($5.82), reflecting the previously announced 737 MAX charge (which reduced revenue by $5.6 billion and earnings by $8.74 per share) as well as lower 737 deliveries partially offset by higher defense and services volume (Table 1). Boeing recorded operating cash flow of ($0.6) billion and paid $1.2 billion of dividends.

The previously issued 2019 financial guidance does not reflect 737 MAX impacts. Due to the uncertainty of the timing and conditions surrounding return to service of the 737 MAX fleet, new guidance will be issued at a future date. Boeing is working very closely with the FAA on the process they have laid out to certify the 737 MAX software update and safely return the MAX to service. Disciplined development and testing is underway and we will submit the final software package to the FAA once we have satisfied all of their certification requirements. Regulatory authorities will determine the process for certifying the MAX software and training updates as well as the timing for lifting the grounding order.

The following information was filed by Boeing Co (BA) on Wednesday, July 24, 2019 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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