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▪ | 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 |
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Boeing Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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As technical or quality issues arise during development, we may experience schedule delays and cost impacts, which could increase our estimated cost to perform the work or reduce our estimated price, either of which could result in a material charge or otherwise adversely affect our financial condition.
Investing Activities Cash used by investing activities was $0.9 billion during the six months ended June 30, 2019, compared with $1.3 billion during the same period in 2018, primarily due to net proceeds from investments in 2019 as compared with net contributions to investments in 2018 and higher proceeds from property sales in 2019, partially offset by higher cash paid for acquisitions in the first half of 2019.
These programs are ongoing, and while we believe the cost and fee estimates incorporated in the financial statements are appropriate, the technical complexity of these programs creates financial risk as additional completion costs may become necessary or scheduled delivery dates could be extended, which could trigger termination provisions, the loss of satellite in-orbit incentive payments, or other financially significant exposure.
The favorable impact of cumulative contract catch-up adjustments to revenue for the three months ended June 30, 2019 was $137 million higher compared with the same period in 2018, reflecting decreased unfavorable adjustments on the KC-46A Tanker.
51 51 Reconciliation of GAAP Measures to Non-GAAP Measures The table below reconciles the non-GAAP financial measures of core operating earnings, core operating margin and core earnings per share with the most directly comparable GAAP financial measures of earnings from operations, operating margins and diluted earnings per share.
These non-GAAP measures should not...Read more
Factors that could result in...Read more
The favorable impact of cumulative...Read more
While we believe the cost...Read more
BGS earnings from operations increased...Read more
BGS earnings from operations increased...Read more
Earnings From Operations BGS earnings...Read more
For the six months ended...Read more
Financing Activities Cash provided by...Read more
Backlog Total backlog increased from...Read more
Net favorable cumulative contract catch-up...Read more
During 2018, we recorded additional...Read more
37 37 Unallocated Items, Eliminations...Read more
Higher interest and debt expense...Read more
We have further assumed a...Read more
Earnings from operations for the...Read more
Inventories increased by $5.9 billion...Read more
39 39 Research and Development...Read more
Global Services (BGS) revenues increased...Read more
The benefits in 2019 reflect...Read more
See page 51 for important...Read more
Global Services Results of Operations...Read more
If the timing and conditions...Read more
45 45 The favorable impact...Read more
At June 30, 2019, the...Read more
BGS revenues increased by $446...Read more
This is partially offset by...Read more
BDS revenues for the three...Read more
BDS revenues increased by $512...Read more
Pension costs allocated to BDS...Read more
The net periodic benefit costs...Read more
Results of Operations Revenues Revenues...Read more
Earnings From Operations The following...Read more
The FAS/CAS service cost adjustment...Read more
FAS/CAS service cost adjustment represents...Read more
Other postretirement benefit costs are...Read more
In connection with winning this...Read more
The contract is structured as...Read more
For example, requirements to furlough...Read more
We are currently producing at...Read more
BCA revenues decreased by $9,230...Read more
Net favorable cumulative contract catch-up...Read more
Revenues The following table summarizes...Read more
We continue to monitor this...Read more
CAS costs are allocable to...Read more
41 41 Commercial airplane deliveries,...Read more
Financial Statements, Disclosures and Schedules
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Boeing Co provided additional information to their SEC Filing as exhibits
Ticker: BA
CIK: 12927
Form Type: 10-Q Quarterly Report
Accession Number: 0000012927-19-000063
Submitted to the SEC: Wed Jul 24 2019 8:42:25 AM EST
Accepted by the SEC: Wed Jul 24 2019
Period: Sunday, June 30, 2019
Industry: Aircraft