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

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

Exhibit 99.1

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.”

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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