Exhibit 99.1
 


pressreleaseheadera02.jpg
Boeing Reports First-Quarter Results
Financial results significantly impacted by COVID-19 and the 737 MAX grounding
Revenue of $16.9 billion, GAAP loss per share of ($1.11) and core (non-GAAP)* loss per share of ($1.70)
Operating cash flow of ($4.3) billion; cash and marketable securities of $15.5 billion
Total backlog of $439 billion, including over 5,000 commercial airplanes
Table 1. Summary Financial Results
 
First Quarter
 
 
(Dollars in Millions, except per share data)
 
2020
 
2019
 
Change
 
 
 
 
 
 
 
Revenues
 
$16,908
 
$22,917
 
(26)%
 
 
 
 
 
 

GAAP
 
 
 
 
 

(Loss)/Earnings From Operations
 
($1,353)
 
$2,350
 
NM
Operating Margin
 
(8.0)%
 
10.3%
 
NM
Net (Loss)/Earnings
 
(641)
 
$2,149
 
NM
(Loss)/Earnings Per Share
 
($1.11)
 
$3.75
 
NM
Operating Cash Flow
 
($4,302)
 
$2,788
 
NM
Non-GAAP*
 
 
 
 
 

Core Operating (Loss)/Earnings
 
($1,700)
 
$1,986
 
NM
Core Operating Margin
 
(10.1)%
 
8.7%
 
NM
Core (Loss)/Earnings Per Share
 
($1.70)
 
$3.16
 
NM
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 6, “Non-GAAP Measures Disclosures."    
CHICAGO, April 29, 2020 – The Boeing Company [NYSE: BA] reported first-quarter revenue of $16.9 billion, GAAP loss per share of ($1.11) and core loss per share (non-GAAP)* of ($1.70), primarily reflecting the impacts of COVID-19 and the 737 MAX grounding (Table 1). Boeing recorded operating cash flow of ($4.3) billion.
The COVID-19 pandemic is affecting every aspect of our business, including airline customer demand, production continuity and supply chain stability,” said Boeing President and CEO David Calhoun. “Our primary focus is the health and safety of our people and communities while we take tough but necessary action to navigate this unprecedented health crisis and adapt for a changed marketplace.”
As the pandemic continues to reduce airline passenger traffic, Boeing sees significant impact on the demand for new commercial airplanes and services, with airlines delaying purchases for new jets, slowing delivery schedules and deferring elective maintenance. To align the business for the new market reality, Boeing is taking several actions that include reducing commercial airplane production rates. The company also announced a leadership and organizational restructuring to streamline roles and responsibilities, and plans to reduce overall staffing levels with a voluntary layoff program and additional workforce actions as necessary.
    


1

The following information was filed by Boeing Co (BA) on Wednesday, April 29, 2020 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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