Boeing Co (BA) 10-Q Quarterly Report Wed Apr 29 2020



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.

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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Inside Boeing Co's 10-Q Quarterly Report:

Financial - Expense Highlight
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.

Financial - Expense Highlight
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.
Financial - Expense Highlight
Research and development expense decreased by $24 million for the three months ended March 31, 2020 compared with the same periods in 2019 primarily due to reduced spending by Boeing NeXt product development.
Financial - Earnings Highlight
BGS earnings from operations for the three months ended March 31, 2020 increased by $55 million compared with the same period in 2019 primarily due to favorable government services performance.
Financial - Earnings Highlight
Lower 787 margins reflecting a reduction in the accounting quantity and lower production rates also contributed to lower earnings.
Financial - Earnings
Lower 787 margins reflecting a...Read more
Financial - Cash Flow
We are taking a number...Read more
Financial - Expense
37 Table of Contents Research...Read more
Other - Other
These non-GAAP measures should not...Read more
Financial - Earnings
Factors that could result in...Read more
Financial - Expense
While we believe the cost...Read more
Other - Other
The favorable impact of cumulative...Read more
Other - Other
The favorable impact of cumulative...Read more
Financial - Expense
The decrease in net periodic...Read more
Financial - Cash Flow
The decrease in operating cash...Read more
Other - Other
For operations that remain open,...Read more
Financial - Debt
Higher interest and debt expense...Read more
Financial - Shares
Financing Activities Cash provided by...Read more
Financial - Earnings
48 Table of Contents The...Read more
Other - Other
See page 48 for important...Read more
Financial - Earnings
Management believes these core earnings...Read more
Revenue - Product
BDS revenues decreased by $545...Read more
Financial - Expense
The KC-46A Tanker reach-forward loss...Read more
Financial - Earnings
BCA earnings from operations decreased...Read more
Financial - Expense
The following table summarizes cost...Read more
Financial - Earnings
The decrease of $3,703 million...Read more
Revenue - Product
The following table summarizes Revenues:...Read more
Financial - Expense
Pension costs allocated to BDS...Read more
Other - Other
The unfavorable impact of cumulative...Read more
Financial - Earnings
34 Table of Contents The...Read more
Financial - Expense
The FAS/CAS service cost adjustment...Read more
Financial - Expense
FAS/CAS service cost adjustment represents...Read more
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Other postretirement benefit costs are...Read more
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35 Table of Contents Unallocated...Read more
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Additionally, we may experience fewer...Read more
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Additionally, we may experience fewer...Read more
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47 Table of Contents Our...Read more
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We continue to monitor the...Read more
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CAS costs are allocable to...Read more
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39 Table of Contents Commercial...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Boeing Co provided additional information to their SEC Filing as exhibits

Exhibit 10.1: The Boeing Company 2003 Incentive Stock Plan

Exhibit 10.2: Incentive Compensation Plan For Employees Of The Boeing Company And Subsidiaries

Exhibit 10.3: U.S. Notice Of Terms - Performance-Based Restricted Stock Units

Exhibit 10.4: U.S. Notice Of Terms - Performance Awards

Exhibit 10.5: U.S. Notice Of Terms - Restricted Stock Units

Exhibit 10.6: International Notice Of Terms - Performance-Based Restricted Stock Units

Exhibit 10.7: International Notice Of Terms - Performance Awards

Exhibit 10.8: International Notice Of Terms - Restricted Stock Units

Exhibit 15: Consent Of Independent Registered Public Accounting Firm

Exhibit 31.1: Certification Of Chief Executive Officer Pursuant To Section 302

Exhibit 31.2: Certification Of Chief Executive Officer Pursuant To Section 302

Exhibit 32.1: Certification Of Chief Executive Officer Pursuant To Section 906

Exhibit 32.2: Certification Of Chief Executive Officer Pursuant To Section 906

Ticker: BA
CIK: 12927
Form Type: 10-Q Quarterly Report
Accession Number: 0000012927-20-000045
Submitted to the SEC: Wed Apr 29 2020 12:54:55 PM EST
Accepted by the SEC: Wed Apr 29 2020
Period: Tuesday, March 31, 2020
Industry: Aircraft