Boeing Reports Third Quarter Results

ARLINGTON, Va., Oct. 23, 2024 /PRNewswire/ --

Third Quarter 2024

  • Financials reflect impacts of the International Association of Machinists and Aerospace Workers (IAM) work stoppage and previously announced charges on commercial and defense programs
  • Revenue of $17.8 billion, GAAP loss per share of ($9.97) and core (non-GAAP)* loss per share of ($10.44)
  • Operating cash flow of ($1.3) billion and free cash flow of ($2.0) billion (non-GAAP)*
  • Total company backlog of $511 billion, including over 5,400 commercial airplanes







































Table 1. Summary Financial Results


Third Quarter




Nine Months



(Dollars in Millions, except per share data)


2024


2023


Change


2024


2023


Change














Revenues


$17,840



$18,104



(1) %


$51,275



$55,776



(8) %














GAAP













Loss from operations


($5,761)



($808)



NM


($6,937)



($1,056)



NM

Operating margins


(32.3)

%


(4.5)

%


NM


(13.5)

%


(1.9)

%


NM

Net loss


($6,174)



($1,638)



NM


($7,968)



($2,212)



NM

Basic loss per share


($9.97)



($2.70)



NM


($12.91)



($3.64)



NM

Operating cash flow


($1,345)



$22



NM


($8,630)



$2,579



NM

Non-GAAP*













Core operating loss


($5,989)



($1,089)



NM


($7,769)



($1,919)



NM

Core operating margins


(33.6)

%


(6.0)

%


NM


(15.2)

%


(3.4)

%


NM

Core loss per share


($10.44)



($3.26)



NM


($14.52)



($5.35)



NM

*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." 

The Boeing Company [NYSE: BA] recorded third quarter revenue of $17.8 billion, GAAP loss per share of ($9.97) and core loss per share (non-GAAP)* of ($10.44) (Table 1) primarily reflecting impacts of the IAM work stoppage and previously announced charges on commercial and defense programs. Boeing reported operating cash flow of ($1.3) billion and free cash flow of ($2.0) billion (non-GAAP)*.

"It will take time to return Boeing to its former legacy, but with the right focus and culture, we can be an iconic company and aerospace leader once again," said Kelly Ortberg, Boeing President and Chief Executive Officer. "Going forward, we will be focused on fundamentally changing the culture, stabilizing the business, and improving program execution, while setting the foundation for the future of Boeing." 
































Table 2. Cash Flow


Third Quarter


Nine Months





(Millions)


2024


2023


2024


2023





Operating cash flow


($1,345)



$22



($8,630)



$2,579






Less additions to property, plant & equipment


($611)



($332)



($1,582)



($1,096)






Free cash flow*


($1,956)



($310)



($10,212)



$1,483






*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." 

Operating cash flow was ($1.3) billion in the quarter reflecting lower commercial widebody deliveries, as well as unfavorable working capital timing, including the impact of the IAM work stoppage (Table 2).
















Table 3. Cash, Marketable Securities and Debt Balances


Quarter End

(Billions)


3Q 2024


2Q 2024

Cash


$10.0



$10.9


Marketable securities 1


$0.5


$1.7

Total


$10.5


$12.6






Consolidated debt


$57.7


$57.9


1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."

Cash and investments in marketable securities totaled $10.5 billion, compared to $12.6 billion at the beginning of the quarter driven by free cash flow usage in the quarter (Table 3). In October, the company entered into a new $10.0 billion short-term credit facility and now has access to total credit facilities of $20.0 billion, which remain undrawn.

Total company backlog at quarter end was $511 billion.

Segment Results

Commercial Airplanes








































Table 4. Commercial Airplanes


Third Quarter




Nine Months



(Dollars in Millions)


2024


2023


Change


2024


2023


Change














Deliveries


116



105



10 %


291



371



(22) %














Revenues


$7,443



$7,876



(5) %


$18,099



$23,420



(23) %

Loss from operations


($4,021)



($678)



NM


($5,879)



($1,676)



NM

Operating margins


(54.0)

%


(8.6)

%


NM


(32.5)

%


(7.2)

%


NM

Commercial Airplanes third quarter revenue of $7.4 billion and operating margin of (54.0) percent reflect previously announced pre-tax charges of $3.0 billion on the 777X and 767 programs as well as the IAM work stoppage and higher period expense, including research and development (Table 4).

The 787 program is currently producing at 4 per month and maintains plans to return to 5 per month by year end. In the quarter, Commercial Airplanes booked 49 net orders and delivered 116 airplanes, with backlog of over 5,400 airplanes valued at $428 billion.

Defense, Space & Security








































Table 5. Defense, Space & Security


Third Quarter




Nine Months



(Dollars in Millions)


2024


2023


Change


2024


2023


Change














Revenues


$5,536



$5,481



1 %


$18,507



$18,187



2 %

Loss from operations


($2,384)



($924)



NM


($3,146)



($1,663)



NM

Operating margins


(43.1)

%


(16.9)

%


NM


(17.0)

%


(9.1)

%


NM

Defense, Space & Security third quarter revenue of $5.5 billion and operating margin of (43.1) percent reflect the previously announced pre-tax charges of $2.0 billion on the T-7A, KC-46A Tanker, Commercial Crew, and MQ-25 programs. Results also reflect unfavorable performance on other programs.

During the quarter, Defense, Space & Security delivered the first production MH-139A to the U.S. Air Force and definitized a contract for two E-7A Wedgetails from the U.S. Air Force. Backlog at Defense, Space & Security was $62 billion, of which 28 percent represents orders from customers outside the U.S.

Global Services








































Table 6. Global Services


Third Quarter




Nine Months



(Dollars in Millions)


2024


2023


Change


2024


2023


Change














Revenues


$4,901



$4,812



2 %


$14,835



$14,278



4 %

Earnings from operations


$834



$784



6 %


$2,620



$2,487



5 %

Operating margins


17.0

%


16.3

%


0.7 pts


17.7

%


17.4

%


0.3 pts

Global Services third quarter revenue of $4.9 billion and operating margin of 17.0 percent reflect higher commercial volume and mix. 

During the quarter, Global Services secured agreements for Landing Gear Exchange Program and Integrated Material Management with All Nippon Airways and a KC-135 spares contract from the U.S. Air Force.

Additional Financial Information




























Table 7. Additional Financial Information


Third Quarter


Nine Months

(Dollars in Millions)


2024


2023


2024


2023

Revenues









Unallocated items, eliminations and other


($40)



($65)



($166)



($109)


Loss from operations









Other unallocated items and eliminations


($418)



($271)



($1,364)



($1,067)


FAS/CAS service cost adjustment


$228



$281



$832



$863


Other income, net


$265



$297



$790



$919


Interest and debt expense


($728)



($589)



($1,970)



($1,859)


Effective tax rate


0.8

%


(48.9)

%


1.8

%


(10.8)

%

Other unallocated items and eliminations primarily reflects timing of allocations.

Non-GAAP Measures Disclosures

We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided: 

Core Operating Earnings/(loss), Core Operating Margin and Core Earnings/(loss) Per Share

Core operating earnings/(loss) is defined as GAAP Earnings/(loss) from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margin is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share excluding the net earnings/(loss) per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings/(loss), core operating margin and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12 and 13.

Free Cash Flow

Free cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. See Table 2 on page 2 for reconciliation of free cash flow to GAAP operating cash flow.

Boeing President and CEO Kelly Ortberg's prepared remarks for the third quarter results webcast can be accessed here:

https://investors.boeing.com/investors/events-presentations/event-details/2024/Q3-2024-The-Boeing-Company-Earnings-Conference-Call/default.aspx

Caution Concerning Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) our pending acquisition of Spirit AeroSystems Holdings, Inc. (Spirit), including the satisfaction of closing conditions in the expected timeframe or at all, (5) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (6) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (7) work stoppages or other labor disruptions; (8) competition within our markets; (9) our non-U.S. operations and sales to non-U.S. customers; (10) changes in accounting estimates; (11) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our pending acquisition of Spirit; (12) our dependence on U.S. government contracts; (13) our reliance on fixed-price contracts; (14) our reliance on cost-type contracts; (15) contracts that include in-orbit incentive payments; (16) unauthorized access to our, our customers' and/or our suppliers' information and systems; (17) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (18) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (19) potential environmental liabilities; (20) effects of climate change and legal, regulatory or market responses to such change; (21) credit rating agency actions and changes in our ability to obtain debt financing on commercially reasonable terms, at competitive rates and in sufficient amounts; (22) substantial pension and other postretirement benefit obligations; (23) the adequacy of our insurance coverage; and (24) customer and aircraft concentration in our customer financing portfolio.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Contact:




Investor Relations:


Matt Welch or David DufaultBoeingInvestorRelations@boeing.com

Communications:


Michael Friedman media@boeing.com

 

The Boeing Company and Subsidiaries

Consolidated Statements of Operations

(Unaudited)



Nine months ended
September 30


Three months ended
September 30

(Dollars in millions, except per share data)

2024


2023


2024


2023

Sales of products

$41,326



$46,661



$14,534



$15,060


Sales of services

9,949



9,115



3,306



3,044


Total revenues

51,275



55,776



17,840



18,104










Cost of products

(43,384)



(43,140)



(18,413)



(14,464)


Cost of services

(8,293)



(7,609)



(2,934)



(2,475)


Total costs and expenses

(51,677)



(50,749)



(21,347)



(16,939)



(402)



5,027



(3,507)



1,165


Income/(loss) from operating investments, net

59



45



(15)



28


General and administrative expense

(3,623)



(3,633)



(1,085)



(1,043)


Research and development expense, net

(2,976)



(2,496)



(1,154)



(958)


Gain on dispositions, net

5



1







Loss from operations

(6,937)



(1,056)



(5,761)



(808)


Other income, net

790



919



265



297


Interest and debt expense

(1,970)



(1,859)



(728)



(589)


Loss before income taxes

(8,117)



(1,996)



(6,224)



(1,100)


Income tax benefit/(expense)

149



(216)



50



(538)


Net loss

(7,968)



(2,212)



(6,174)



(1,638)


Less: net loss attributable to noncontrolling interest

(16)



(13)



(4)



(2)


Net loss attributable to Boeing Shareholders

($7,952)



($2,199)



($6,170)



($1,636)


Basic loss per share

($12.91)



($3.64)



($9.97)



($2.70)


Diluted loss per share

($12.91)



($3.64)



($9.97)



($2.70)


Weighted average diluted shares (millions)

616.1



605.0



618.8



607.2


 

The Boeing Company and Subsidiaries

Consolidated Statements of Financial Position

(Unaudited) 


(Dollars in millions, except per share data)

September 30
2024



December 31
2023


Assets




Cash and cash equivalents

$9,961



$12,691


Short-term and other investments

509



3,274


Accounts receivable, net

2,894



2,649


Unbilled receivables, net

9,356



8,317


Current portion of financing receivables, net

457



99


Inventories

83,341



79,741


Other current assets, net

2,918



2,504


Total current assets

109,436



109,275


Financing receivables and operating lease equipment, net

321



860


Property, plant and equipment, net of accumulated depreciation of $22,923 and $22,245

11,236



10,661


Goodwill

8,112



8,093


Acquired intangible assets, net

2,011



2,094


Deferred income taxes

44



59


Investments

1,030



1,035


Other assets, net of accumulated amortization of $1,054 and $1,046

5,505



4,935


Total assets

$137,695



$137,012


Liabilities and equity




Accounts payable

$12,267



$11,964


Accrued liabilities

22,628



22,331


Advances and progress billings

57,931



56,328


Short-term debt and current portion of long-term debt

4,474



5,204


Total current liabilities

97,300



95,827


Deferred income taxes

249



229


Accrued retiree health care

2,121



2,233


Accrued pension plan liability, net

6,097



6,516


Other long-term liabilities

2,314



2,332


Long-term debt

53,176



47,103


Total liabilities

161,257



154,240


Shareholders' equity:




     Common stock, par value $5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued

5,061



5,061


Additional paid-in capital

10,925



10,309


     Treasury stock, at cost - 394,465,404 and 402,746,136 shares

(48,564)



(49,549)


Retained earnings

19,299



27,251


Accumulated other comprehensive loss

(10,273)



(10,305)


Total shareholders' deficit

(23,552)



(17,233)


Noncontrolling interests

(10)



5


Total equity

(23,562)



(17,228)


Total liabilities and equity

$137,695



$137,012


 

The Boeing Company and Subsidiaries

Consolidated Statements of Cash Flows
(Unaudited)



Nine months ended
September 30

(Dollars in millions)

2024


2023

Cash flows – operating activities:




Net loss

($7,968)



($2,212)


Adjustments to reconcile net loss to net cash (used)/provided by operating activities:




Non-cash items – 




Share-based plans expense

310



548


Treasury shares issued for 401(k) contribution

1,315



1,204


Depreciation and amortization

1,327



1,380


Investment/asset impairment charges, net

48



12


Gain on dispositions, net

(5)



(1)


777X and 767 reach-forward losses

3,006




Other charges and credits, net

270



(25)


Changes in assets and liabilities – 




Accounts receivable

(275)



(523)


Unbilled receivables

(1,042)



(547)


Advances and progress billings

1,666



2,963


Inventories

(6,854)



(940)


Other current assets

(26)



707


Accounts payable

122



982


Accrued liabilities

327



(574)


Income taxes receivable, payable and deferred

(282)



73


Other long-term liabilities

(228)



(254)


Pension and other postretirement plans

(736)



(785)


Financing receivables and operating lease equipment, net

258



472


Other

137



99


Net cash (used)/provided by operating activities

(8,630)



2,579


Cash flows – investing activities:




Payments to acquire property, plant and equipment

(1,582)



(1,096)


Proceeds from disposals of property, plant and equipment

46



19


Acquisitions, net of cash acquired

(50)



(19)


Contributions to investments

(1,751)



(14,485)


Proceeds from investments

4,546



10,497


Supplier notes receivable

(494)



(162)


Repayments on supplier notes receivable

40




Purchase of distribution rights

(88)




Other

(14)



5


Net cash provided/(used) by investing activities

653



(5,241)


Cash flows – financing activities:




New borrowings

10,120



55


Debt repayments

(4,824)



(5,181)


Stock options exercised




45


Employee taxes on certain share-based payment arrangements

(73)



(52)


Other

15



2


Net cash provided/(used) by financing activities

5,238



(5,131)


Effect of exchange rate changes on cash and cash equivalents

8



(22)


Net decrease in cash & cash equivalents, including restricted

(2,731)



(7,815)


Cash & cash equivalents, including restricted, at beginning of year

12,713



14,647


Cash & cash equivalents, including restricted, at end of period

9,982



6,832


Less restricted cash & cash equivalents, included in Investments

21



21


Cash & cash equivalents at end of period

$9,961



$6,811


 

The Boeing Company and Subsidiaries

Summary of Business Segment Data

(Unaudited)


























Nine months ended
September 30


Three months ended
September 30

(Dollars in millions)

2024


2023


2024


2023

Revenues:








Commercial Airplanes

$18,099



$23,420



$7,443



$7,876


Defense, Space & Security

18,507



18,187



5,536



5,481


Global Services

14,835



14,278



4,901



4,812


Unallocated items, eliminations and other

(166)



(109)



(40)



(65)


Total revenues

$51,275



$55,776



$17,840



$18,104


Loss from operations:








Commercial Airplanes

($5,879)



($1,676)



($4,021)



($678)


Defense, Space & Security

(3,146)



(1,663)



(2,384)



(924)


Global Services

2,620



2,487



834



784


Segment operating loss

(6,405)



(852)



(5,571)



(818)


Unallocated items, eliminations and other

(1,364)



(1,067)



(418)



(271)


FAS/CAS service cost adjustment

832



863



228



281


Loss from operations

(6,937)



(1,056)



(5,761)



(808)


Other income, net

790



919



265



297


Interest and debt expense

(1,970)



(1,859)



(728)



(589)


Loss before income taxes

(8,117)



(1,996)



(6,224)



(1,100)


Income tax benefit/(expense)

149



(216)



50



(538)


Net loss

(7,968)



(2,212)



(6,174)



(1,638)


Less: net loss attributable to noncontrolling interest

(16)



(13)



(4)



(2)


Net loss attributable to Boeing Shareholders

($7,952)



($2,199)



($6,170)



($1,636)


Research and development expense, net:








Commercial Airplanes

$1,852



$1,538



$779



$623


Defense, Space & Security

728



652



234



232


Global Services

103



84



36



30


Other

293



222



105



73


Total research and development expense, net

$2,976



$2,496



$1,154



$958


Unallocated items, eliminations and other:








Share-based plans

$118



($33)



$65



$5


Deferred compensation

(100)



(71)



(51)



25


Amortization of previously capitalized interest

(70)



(71)



(24)



(24)


Research and development expense, net

(293)



(222)



(105)



(73)


Eliminations and other unallocated items

(1,019)



(670)



(303)



(204)


Sub-total (included in Core operating loss)

(1,364)



(1,067)



(418)



(271)


Pension FAS/CAS service cost adjustment

608



663



148



218


Postretirement FAS/CAS service cost adjustment

224



200



80



63


FAS/CAS service cost adjustment

832



863



$228



$281


Total

($532)



($204)



($190)



$10


 

The Boeing Company and Subsidiaries

Operating and Financial Data

(Unaudited)


Deliveries


Nine months ended
September 30


Three months ended
September 30

Commercial Airplanes


2024



2023



2024



2023


737


229



286



92



70


747




1






767


15



17



6



8


777


11



17



4



8


787


36



50



14



19


Total


291



371



116



105












Defense, Space & Security









AH-64 Apache (New)


10



17



7



5


AH-64 Apache (Remanufactured)


24



38



11



9


CH-47 Chinook (New)


2



8





1


CH-47 Chinook (Renewed)


7



7



2



3


F-15 Models


10



6



3




F/A-18 Models


5



16



1



3


KC-46 Tanker


10



4



5



3


MH-139


3



1



3



1


P-8 Models


4



7



1



2


     T-7A Red Hawk


1



1



1



1


     Commercial Satellites




3















Total 1


76



108



34



28


1 Deliveries of new-build production units, including remanufactures and modifications





























Total backlog (Dollars in millions)














September 30
2024



December 31
2023


Commercial Airplanes














$427,733



$440,507


Defense, Space & Security














61,621



59,012


Global Services














20,449



19,869


Unallocated items, eliminations and other














706



807


Total backlog














$510,509



$520,195



















Contractual backlog














$489,325



$497,094


Unobligated backlog














21,184



23,101


Total backlog














$510,509



$520,195


 

The Boeing Company and Subsidiaries 
Reconciliation of Non-GAAP Measures 
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating loss, core operating margin, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margin, and diluted loss per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.
























(Dollars in millions, except per share data)




Third Quarter 2024


Third Quarter 2023





$ millions

Per Share


$ millions

Per Share

Revenues




$17,840




$18,104



Loss from operations (GAAP)




(5,761)




(808)



Operating margins (GAAP)




(32.3)

%



(4.5)

%











FAS/CAS service cost adjustment:









  Pension FAS/CAS service cost adjustment




(148)




(218)



  Postretirement FAS/CAS service cost adjustment




(80)




(63)



FAS/CAS service cost adjustment




(228)




(281)



Core operating loss (non-GAAP)




($5,989)




($1,089)



Core operating margins (non-GAAP)




(33.6)

%



(6.0)

%











Diluted loss per share (GAAP)





($9.97)




($2.70)


  Pension FAS/CAS service cost adjustment




($148)


($0.24)



($218)


($0.36)


  Postretirement FAS/CAS service cost adjustment





(80)


(0.13)




(63)



(0.10)


     Non-operating pension income




(123)


(0.20)



(134)


(0.23)


     Non-operating postretirement income





(18)


(0.03)




(15)



(0.02)


     Provision for deferred income taxes on adjustments 1




77


0.13



90


0.15


Subtotal of adjustments




($292)


($0.47)



($340)


($0.56)


Core loss per share (non-GAAP)





($10.44)




($3.26)











Weighted average diluted shares (in millions)





618.8




607.2



1 The income tax impact is calculated using the U.S. corporate statutory tax rate .

 

The Boeing Company and Subsidiaries 
Reconciliation of Non-GAAP Measures 
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating loss, core operating margin, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margin, and diluted loss per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.
























(Dollars in millions, except per share data)




Nine Months 2024


Nine Months 2023





$ millions

Per Share


$ millions

Per Share

Revenues




$51,275




$55,776



Loss from operations (GAAP)




(6,937)




(1,056)



Operating margins (GAAP)




(13.5)

%



(1.9)

%











FAS/CAS service cost adjustment:









  Pension FAS/CAS service cost adjustment




(608)




(663)



  Postretirement FAS/CAS service cost adjustment




(224)




(200)



FAS/CAS service cost adjustment




(832)




(863)



Core operating loss (non-GAAP)




($7,769)




($1,919)



Core operating margins (non-GAAP)




(15.2)

%



(3.4)

%











Diluted loss per share (GAAP)





($12.91)




($3.64)


  Pension FAS/CAS service cost adjustment




($608)


($0.99)



($663)


($1.10)


  Postretirement FAS/CAS service cost adjustment





(224)


(0.36)




(200)


(0.33)


     Non-operating pension income




(368)


(0.60)



(402)


(0.66)


     Non-operating postretirement income





(55)


(0.09)




(44)


(0.07)


     Provision for deferred income taxes on adjustments 1




264


0.43



275


0.45


Subtotal of adjustments




($991)


($1.61)



($1,034)


($1.71)


Core loss per share (non-GAAP)





($14.52)




($5.35)











Weighted average diluted shares (in millions)





616.1




605.0



1 The income tax impact is calculated using the U.S. corporate statutory tax rate .

 

Cision View original content:https://www.prnewswire.com/news-releases/boeing-reports-third-quarter-results-302284461.html

SOURCE Boeing