Exhibit 99.1
 


pressreleaseheadera02.jpg
Boeing Reports Second-Quarter Results
Financial results continue to be significantly impacted by COVID-19 and the 737 MAX grounding
Revenue of $11.8 billion, GAAP loss per share of ($4.20) and core (non-GAAP)* loss per share of ($4.79)
Operating cash flow of ($5.3) billion; cash and marketable securities of $32.4 billion
Total backlog of $409 billion, including more than 4,500 commercial airplanes
Table 1. Summary Financial Results
 
Second Quarter
 
 
 
First Half
 
 
(Dollars in Millions, except per share data)
 
2020
 
2019
 
Change
 
2020
 
2019
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 

$11,807

 

$15,751

 
(25)%
 

$28,715

 

$38,668

 
(26)%
 
 
 
 
 
 

 
 
 
 
 

GAAP
 
 
 
 
 

 
 
 
 
 

Loss From Operations
 

($2,964
)
 

($3,380
)
 
NM
 

($4,317
)
 

($1,030
)
 
NM
Operating Margin
 
(25.1
)%
 
(21.5
)%
 
NM
 
(15.0
)%
 
(2.7
)%
 
NM
Net Loss
 

($2,395
)
 

($2,942
)
 
NM
 

($3,036
)
 

($793
)
 
NM
Loss Per Share
 

($4.20
)
 

($5.21
)
 
NM
 

($5.31
)
 

($1.40
)
 
NM
Operating Cash Flow
 

($5,280
)
 

($590
)
 
NM
 

($9,582
)
 

$2,198

 
NM
Non-GAAP*
 
 
 
 
 

 
 
 
 
 

Core Operating Loss
 

($3,319
)
 

($3,745
)
 
NM
 

($5,019
)
 

($1,759
)
 
NM
Core Operating Margin
 
(28.1
)%
 
(23.8
)%
 
NM
 
(17.5
)%
 
(4.5
)%
 
NM
Core Loss Per Share
 

($4.79
)
 

($5.82
)
 
NM
 

($6.49
)
 

($2.60
)
 
NM
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 6, “Non-GAAP Measures Disclosures."    
CHICAGO, July 29, 2020 – The Boeing Company [NYSE: BA] reported second-quarter revenue of $11.8 billion, GAAP loss per share of ($4.20) and core loss per share (non-GAAP)* of ($4.79), primarily reflecting the impacts of COVID-19 and the 737 MAX grounding (Table 1). Boeing recorded operating cash flow of ($5.3) billion.
“We remained focused on the health of our employees and communities while proactively taking action to navigate the unprecedented commercial market impacts from the COVID-19 pandemic,” said Boeing President and Chief Executive Officer Dave Calhoun. “We’re working closely with our customers, suppliers and global partners to manage the challenges to our industry, bridge to recovery and rebuild to be stronger on the other side.”
In the second quarter, Boeing restarted production operations across key sites following temporary pauses to protect its workforce and introduce rigorous new health and safety procedures. Despite the challenges, Boeing continued to deliver across key commercial, defense, space and services programs. The company also resumed early stages of production on the 737 program with a focus on safety, quality and operational excellence. Following the lead of global regulators, Boeing made steady progress toward the safe return to service of the 737, including completion of FAA certification flight tests.
To align to the sharp reduction in commercial market demand in light of COVID-19, the company is taking several actions including further adjusting commercial airplane production rates and reducing employment levels.

1

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