Exhibit 99.1
 


pressreleaseheadera02.jpg
Boeing Reports Third-Quarter Results
Continue to engage global regulators and customers on safe return to service of the 737 MAX
Revenue of $20.0 billion reflecting lower 737 deliveries and higher defense and services volume
GAAP EPS of $2.05 and core EPS (non-GAAP)* of $1.45 per share
Operating cash flow of ($2.4) billion; paid $1.2 billion of dividends
Total backlog of $470 billion, including nearly 5,500 commercial airplanes
Cash and marketable securities of $10.9 billion provide strong liquidity
Table 1. Summary Financial Results
 
Third Quarter
 
 
 
Nine Months
 
 
(Dollars in Millions, except per share data)
 
2019
 
2018
 
Change
 
2019
 
2018
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 

$19,980

 

$25,146

 
(21)%
 

$58,648

 

$72,786

 
(19)%
 
 
 
 
 
 

 
 
 
 
 

GAAP
 
 
 
 
 

 
 
 
 
 

Earnings From Operations
 

$1,259

 

$2,227

 
(43)%
 

$229

 

$7,812

 
(97)%
Operating Margin
 
6.3
%
 
8.9
%
 
(2.6) Pts
 
0.4
 %
 
10.7
%
 
(10.3) Pts
Net Earnings
 

$1,167

 

$2,363

 
(51)%
 

$374

 

$7,036

 
(95)%
Earnings Per Share
 

$2.05

 

$4.07

 
(50)%
 

$0.66

 

$11.95

 
(94)%
Operating Cash Flow
 

($2,424
)
 

$4,559

 
NM
 

($226
)
 

$12,375

 
NM
Non-GAAP*
 
 
 
 
 

 
 
 
 
 

Core Operating Earnings/(Loss)
 

$895

 

$1,890

 
(53)%
 

($864
)
 

$6,793

 
NM
Core Operating Margin
 
4.5
%
 
7.5
%
 
(3.0) Pts
 
(1.5
)%
 
9.3
%
 
(10.8) Pts
Core Earnings/(Loss) Per Share
 

$1.45

 

$3.58

 
(59)%
 

($1.13
)
 

$10.55

 
NM
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 6, “Non-GAAP Measures Disclosures."    
CHICAGO, October 23, 2019 – The Boeing Company [NYSE: BA] reported third-quarter revenue of $20.0 billion, GAAP earnings per share of $2.05 and core earnings per share (non-GAAP)* of $1.45, reflecting lower 737 deliveries partially offset by higher defense and services volume (Table 1). Boeing recorded operating cash flow of ($2.4) billion and paid $1.2 billion of dividends.
Boeing has developed software and training updates for the 737 MAX and continues to work with the FAA and global civil aviation authorities to complete remaining steps toward certification and readiness for return to service. These regulatory authorities will determine the timing and conditions of return to service in each relevant jurisdiction. For purposes of the third-quarter results, the company has assumed that regulatory approval of the 737 MAX return to service begins in the fourth quarter of 2019 and that it will gradually increase the 737 production rate from 42 per month to 57 per month by late 2020.
“Our top priority remains the safe return to service of the 737 MAX, and we’re making steady progress,” said Boeing President and Chief Executive Officer Dennis Muilenburg. “We’ve also taken action to further sharpen our company’s focus on product and services safety, and we continue to deliver on customer commitments and capture new opportunities with our values of safety, quality and integrity always at the forefront.”        

1

The following information was filed by Boeing Co (BA) on Wednesday, October 23, 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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