Boeing Co (BA) 10-Q Quarterly Report Wed Apr 28 2021


Table 1. Summary Financial Results	First Quarter
(Dollars in Millions, except per share data)	2021		2020		Change

Revenues	$15,217		$16,908		(10)%

GAAP
Loss From Operations	($83)		($1,353)		NM
Operating Margin	(0.5)	%	(8.0)	%	NM
Net Loss	($561)		($641)		NM
Loss Per Share	($0.92)		($1.11)		NM
Operating Cash Flow	($3,387)		($4,302)		NM
Non-GAAP*
Core Operating Loss	($353)		($1,700)		NM
Core Operating Margin	(2.3)	%	(10.1)	%	NM
Core Loss Per Share	($1.53)		($1.70)		NM

*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 6, “Non-GAAP Measures Disclosures."

CHICAGO, April 28, 2021

– The Boeing Company [NYSE: BA] reported first-quarter revenue of $15.2 billion, primarily driven by lower 787 deliveries and commercial services volume, partially offset by higher 737 deliveries and higher KC-46A Tanker revenue (Table 1). GAAP loss per share of ($0.92) and core loss per share (non-GAAP)* of ($1.53) reflect year-over-year KC-46A Tanker improvement, higher 737 deliveries, and lower commercial airplanes period costs, partially offset by lower tax benefits and higher interest expense. Boeing recorded operating cash flow of ($3.4) billion.

"I am proud of the progress our global team made across our business in the first quarter as we continued to transform our enterprise, strengthen our safety processes, and sustain critical investments for our future,” said Boeing President and Chief Executive Officer Dave Calhoun. “While the global pandemic continues to challenge the overall market environment, we view 2021 as a key inflection point for our industry as vaccine distribution accelerates and we work together across government and industry to help enable a robust recovery. Our balanced commercial, defense, space and services portfolio continues to provide critical stability for our business – and we remain focused on safety, quality and integrity as we deliver on our customer commitments.”

The following information was filed by Boeing Co (BA) on Wednesday, April 28, 2021 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.

Revenue - Product Highlight
Consolidated Results of Operations and Financial Condition Overview The global outbreak of COVID-19 and the residual impacts of the 737 MAX grounding in 2019 continue to have significant adverse impacts on our business and are expected to continue to negatively impact revenue, earnings and operating cash flow in future quarters.
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
40 Table of Contents Research and Development The following table summarizes our Research and development expense: Research and development expense decreased by $173 million during the three months ended March 31, 2021 compared to the same period in 2020, primarily due to lower spending at BCA on 777X and product development.
Financial - Earnings Highlight
If we are required to further reduce the accounting quantity and/or production rates, experience further delivery delays, or experience other factors that could result in lower margins, the program could record a reach-forward loss in future periods.
Other - Other
Investing Activities Cash provided by...Read more
Financial - Shares
38 Table of Contents Unallocated...Read more
Other - Other
These non-GAAP measures should not...Read more
Financial - Expense
The timing of the certification...Read more
Financial - Expense
While we believe the cost...Read more
Financial - Expense
Unallocated research and development expense...Read more
Financial - Expense
Cost of sales as a...Read more
Financial - Cash Flow
The impacts of lower commercial...Read more
Financial - Earnings
52 Table of Contents Reconciliation...Read more
Other - Other
Lower research and development spending...Read more
Financial - Earnings
48 Table of Contents Earnings...Read more
Other - Other
We have implemented procedures to...Read more
Other - Other
The changes in working capital...Read more
Other - Other
One or more of these...Read more
Financial - Debt
Higher Interest and debt expense...Read more
Financial - Earnings
BGS earnings from operations decreased...Read more
Other - Other
35 Table of Contents The...Read more
Financial - Expense
We expect that successful execution...Read more
Revenue - Product
Deliveries of units for new-build...Read more
Financial - Earnings
Earnings for the three months...Read more
Revenue - Product
BDS revenues increased by $1,143...Read more
Other - Other
See pages 52-53 for important...Read more
Revenue - Product
Revenues will continue to be...Read more
Revenue - Product
Revenues will continue to be...Read more
Financial - Earnings
Management believes these core earnings...Read more
Financial - Earnings
BDS earnings from operations includes...Read more
Financial - Expense
These factors resulted in adjustments...Read more
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The net favorable impact of...Read more
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The net favorable impact of...Read more
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Pension costs allocated to BDS...Read more
Financial - Earnings
39 Table of Contents Other...Read more
Other - Other
Demand for dedicated freighters continues...Read more
Financial - Expense
The following table summarizes cost...Read more
Financial - Expense
(1) FAS/CAS service cost adjustment...Read more
Financial - Expense
Other postretirement benefit costs are...Read more
Other - Other
Based on long-term global economic...Read more
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According to IATA, net losses...Read more
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The increase during the three...Read more
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Core operating loss for the...Read more
Financial - Expense
We continue to monitor the...Read more
Financial - Expense
CAS costs are allocable to...Read more
Other - Other
The COVID-19 pandemic has caused...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: Form Of U.S. Notice Of Terms Of Non-Qualified Stock Option

Exhibit 10.2: Form Of International Notice Of Terms Of Non-Qualified Stock Option

Exhibit 10.3: Form Of U.S. Notice Of Terms Of Non-Qualified Stock Option For Ceo

Exhibit 10.4: Form Of U.S. Notice Of Terms Of Restricted Stock Units

Exhibit 10.5: Form Of International Notice Of Terms Of Restricted Stock Units

Exhibit 10.6: Form Of U.S. Notice Of Terms Of Restricted Stock Units For Ceo

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 Financial Officer Pursuant To Section 302

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

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

Ticker: BA
CIK: 12927
Form Type: 10-Q Quarterly Report
Accession Number: 0000012927-21-000040
Submitted to the SEC: Wed Apr 28 2021 12:51:04 PM EST
Accepted by the SEC: Wed Apr 28 2021
Period: Wednesday, March 31, 2021
Industry: Aircraft