Boeing Reports Third Quarter Results
ARLINGTON, Va.,
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
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Table 1. Summary Financial Results |
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Third Quarter |
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Nine Months |
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(Dollars in Millions, except per share data) |
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2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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Revenues |
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(1) % |
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(8) % |
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GAAP |
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Loss from operations |
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( |
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( |
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NM |
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( |
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( |
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NM |
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Operating margins |
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(32.3) |
% |
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(4.5) |
% |
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NM |
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(13.5) |
% |
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(1.9) |
% |
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NM |
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Net loss |
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( |
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( |
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NM |
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( |
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( |
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NM |
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Basic loss per share |
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( |
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( |
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NM |
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( |
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( |
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NM |
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Operating cash flow |
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( |
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NM |
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( |
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NM |
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Non-GAAP* |
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Core operating loss |
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( |
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( |
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NM |
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( |
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( |
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NM |
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Core operating margins |
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(33.6) |
% |
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(6.0) |
% |
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NM |
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(15.2) |
% |
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(3.4) |
% |
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NM |
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Core loss per share |
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( |
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( |
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NM |
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( |
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( |
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NM |
*Non-GAAP measure; complete definitions of |
"It will take time to return
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Table 2. Cash Flow |
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Third Quarter |
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Nine Months |
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(Millions) |
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2024 |
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2023 |
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2024 |
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2023 |
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Operating cash flow |
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( |
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( |
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Less additions to property, plant & equipment |
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( |
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( |
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( |
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( |
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Free cash flow* |
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( |
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( |
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( |
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*Non-GAAP measure; complete definitions of |
Operating cash flow was
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Table 3. Cash, |
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Quarter End |
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(Billions) |
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3Q 2024 |
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2Q 2024 |
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Cash |
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Marketable securities 1 |
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Total |
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Consolidated debt |
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1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments." |
Cash and investments in marketable securities totaled
Total company backlog at quarter end was
Segment Results
Commercial Airplanes
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Table 4. Commercial Airplanes |
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Third Quarter |
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Nine Months |
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(Dollars in Millions) |
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2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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Deliveries |
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116 |
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105 |
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10 % |
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291 |
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371 |
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(22) % |
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Revenues |
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(5) % |
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(23) % |
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Loss from operations |
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( |
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( |
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NM |
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( |
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( |
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NM |
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Operating margins |
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(54.0) |
% |
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(8.6) |
% |
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NM |
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(32.5) |
% |
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(7.2) |
% |
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NM |
Commercial Airplanes third quarter revenue of
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
Defense, Space & Security
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Table 5. Defense, Space & Security |
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Third Quarter |
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Nine Months |
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(Dollars in Millions) |
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2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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Revenues |
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1 % |
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2 % |
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Loss from operations |
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( |
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( |
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NM |
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( |
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( |
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NM |
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Operating margins |
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(43.1) |
% |
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(16.9) |
% |
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NM |
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(17.0) |
% |
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(9.1) |
% |
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NM |
Defense, Space & Security third quarter revenue of
During the quarter, Defense, Space & Security delivered the first production MH-139A to the
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Table 6. |
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Third Quarter |
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Nine Months |
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(Dollars in Millions) |
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2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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Revenues |
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2 % |
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4 % |
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Earnings from operations |
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6 % |
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5 % |
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Operating margins |
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17.0 |
% |
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16.3 |
% |
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0.7 pts |
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17.7 |
% |
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17.4 |
% |
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0.3 pts |
During the quarter,
Additional Financial Information
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Table 7. Additional Financial Information |
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Third Quarter |
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Nine Months |
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(Dollars in Millions) |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenues |
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Unallocated items, eliminations and other |
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( |
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( |
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( |
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( |
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Loss from operations |
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Other unallocated items and eliminations |
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( |
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( |
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( |
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( |
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FAS/CAS service cost adjustment |
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Other income, net |
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Interest and debt expense |
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( |
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( |
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( |
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( |
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Effective tax rate |
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0.8 |
% |
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(48.9) |
% |
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1.8 |
% |
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(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
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
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.
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
Additional information concerning these and other factors can be found in our filings with the
Contact: |
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Investor Relations: |
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Communications: |
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Consolidated Statements of Operations (Unaudited) |
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Nine months ended |
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Three months ended |
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(Dollars in millions, except per share data) |
2024 |
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2023 |
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2024 |
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2023 |
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Sales of products |
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Sales of services |
9,949 |
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9,115 |
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3,306 |
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3,044 |
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Total revenues |
51,275 |
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55,776 |
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17,840 |
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18,104 |
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Cost of products |
(43,384) |
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(43,140) |
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(18,413) |
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(14,464) |
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Cost of services |
(8,293) |
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(7,609) |
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(2,934) |
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(2,475) |
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Total costs and expenses |
(51,677) |
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(50,749) |
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(21,347) |
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(16,939) |
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(402) |
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5,027 |
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(3,507) |
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1,165 |
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Income/(loss) from operating investments, net |
59 |
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45 |
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(15) |
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28 |
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General and administrative expense |
(3,623) |
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(3,633) |
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(1,085) |
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(1,043) |
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Research and development expense, net |
(2,976) |
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(2,496) |
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(1,154) |
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(958) |
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Gain on dispositions, net |
5 |
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1 |
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Loss from operations |
(6,937) |
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(1,056) |
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(5,761) |
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(808) |
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Other income, net |
790 |
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919 |
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265 |
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297 |
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Interest and debt expense |
(1,970) |
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(1,859) |
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(728) |
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(589) |
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Loss before income taxes |
(8,117) |
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(1,996) |
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(6,224) |
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(1,100) |
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Income tax benefit/(expense) |
149 |
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(216) |
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50 |
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(538) |
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Net loss |
(7,968) |
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(2,212) |
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(6,174) |
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(1,638) |
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Less: net loss attributable to noncontrolling interest |
(16) |
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(13) |
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(4) |
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(2) |
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Net loss attributable to |
( |
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( |
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( |
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( |
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Basic loss per share |
( |
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( |
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( |
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( |
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Diluted loss per share |
( |
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( |
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( |
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( |
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Weighted average diluted shares (millions) |
616.1 |
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605.0 |
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618.8 |
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607.2 |
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Consolidated Statements of Financial Position (Unaudited) |
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(Dollars in millions, except per share data) |
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Assets |
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Cash and cash equivalents |
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Short-term and other investments |
509 |
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|
3,274 |
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Accounts receivable, net |
2,894 |
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|
2,649 |
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Unbilled receivables, net |
9,356 |
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|
8,317 |
|
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Current portion of financing receivables, net |
457 |
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|
99 |
|
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Inventories |
83,341 |
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|
79,741 |
|
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Other current assets, net |
2,918 |
|
|
2,504 |
|
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Total current assets |
109,436 |
|
|
109,275 |
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Financing receivables and operating lease equipment, net |
321 |
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|
860 |
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Property, plant and equipment, net of accumulated depreciation of |
11,236 |
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10,661 |
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|
8,112 |
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|
8,093 |
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Acquired intangible assets, net |
2,011 |
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|
2,094 |
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Deferred income taxes |
44 |
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|
59 |
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Investments |
1,030 |
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|
1,035 |
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Other assets, net of accumulated amortization of |
5,505 |
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|
4,935 |
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Total assets |
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Liabilities and equity |
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Accounts payable |
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Accrued liabilities |
22,628 |
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|
22,331 |
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||||||
Advances and progress billings |
57,931 |
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|
56,328 |
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Short-term debt and current portion of long-term debt |
4,474 |
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|
5,204 |
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Total current liabilities |
97,300 |
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|
95,827 |
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Deferred income taxes |
249 |
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|
229 |
|
||||||
Accrued retiree health care |
2,121 |
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|
2,233 |
|
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Accrued pension plan liability, net |
6,097 |
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|
6,516 |
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Other long-term liabilities |
2,314 |
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|
2,332 |
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Long-term debt |
53,176 |
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|
47,103 |
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Total liabilities |
161,257 |
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|
154,240 |
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Shareholders' equity: |
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Common stock, par value |
5,061 |
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|
5,061 |
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Additional paid-in capital |
10,925 |
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|
10,309 |
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Treasury stock, at cost - 394,465,404 and 402,746,136 shares |
(48,564) |
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|
(49,549) |
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Retained earnings |
19,299 |
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|
27,251 |
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Accumulated other comprehensive loss |
(10,273) |
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|
(10,305) |
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||||||
Total shareholders' deficit |
(23,552) |
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|
(17,233) |
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Noncontrolling interests |
(10) |
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|
5 |
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||||||
Total equity |
(23,562) |
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|
(17,228) |
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Total liabilities and equity |
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Consolidated Statements of Cash Flows |
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Nine months ended |
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(Dollars in millions) |
2024 |
|
2023 |
||||||||
Cash flows – operating activities: |
|
|
|
||||||||
Net loss |
( |
|
|
( |
|
||||||
Adjustments to reconcile net loss to net cash (used)/provided by operating activities: |
|
|
|
||||||||
Non-cash items – |
|
|
|
||||||||
Share-based plans expense |
310 |
|
|
548 |
|
||||||
|
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 |
|
|
|
|
|
Summary of Business Segment Data (Unaudited) |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
Three months ended |
||||||||||||||||||||
(Dollars in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||||||||||
Commercial Airplanes |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Defense, Space & Security |
18,507 |
|
|
18,187 |
|
|
5,536 |
|
|
5,481 |
|
||||||||||||
|
14,835 |
|
|
14,278 |
|
|
4,901 |
|
|
4,812 |
|
||||||||||||
Unallocated items, eliminations and other |
(166) |
|
|
(109) |
|
|
(40) |
|
|
(65) |
|
||||||||||||
Total revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loss from operations: |
|
|
|
|
|
|
|
||||||||||||||||
Commercial Airplanes |
( |
|
|
( |
|
|
( |
|
|
( |
|
||||||||||||
Defense, Space & Security |
(3,146) |
|
|
(1,663) |
|
|
(2,384) |
|
|
(924) |
|
||||||||||||
|
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 |
( |
|
|
( |
|
|
( |
|
|
( |
|
||||||||||||
Research and development expense, net: |
|
|
|
|
|
|
|
||||||||||||||||
Commercial Airplanes |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Defense, Space & Security |
728 |
|
|
652 |
|
|
234 |
|
|
232 |
|
||||||||||||
|
103 |
|
|
84 |
|
|
36 |
|
|
30 |
|
||||||||||||
Other |
293 |
|
|
222 |
|
|
105 |
|
|
73 |
|
||||||||||||
Total research and development expense, net |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unallocated items, eliminations and other: |
|
|
|
|
|
|
|
||||||||||||||||
Share-based plans |
|
|
|
( |
|
|
|
|
|
|
|
||||||||||||
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 |
|
|
|
|
|
|
|
||||||||||||
Total |
( |
|
|
( |
|
|
( |
|
|
|
|
Operating and Financial Data (Unaudited) |
||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Deliveries |
|
Nine months ended |
|
Three months ended |
||||||||||||||||||||||||||||||||||||
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Commercial Airplanes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Defense, Space & Security |
|
|
|
|
|
|
|
|
|
|
|
|
|
61,621 |
|
|
59,012 |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,449 |
|
|
19,869 |
|
||||||||||||||||||||||
Unallocated items, eliminations and other |
|
|
|
|
|
|
|
|
|
|
|
|
|
706 |
|
|
807 |
|
||||||||||||||||||||||
Total backlog |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Contractual backlog |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Unobligated backlog |
|
|
|
|
|
|
|
|
|
|
|
|
|
21,184 |
|
|
23,101 |
|
||||||||||||||||||||||
Total backlog |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
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) |
|
|
|
( |
|
|
|
( |
|
|
||||||||||||
Core operating margins (non-GAAP) |
|
|
|
(33.6) |
% |
|
|
(6.0) |
% |
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted loss per share (GAAP) |
|
|
|
|
( |
|
|
|
( |
|
||||||||||||
Pension FAS/CAS service cost adjustment |
|
|
|
( |
|
( |
|
|
( |
|
( |
|
||||||||||
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 |
|
|
|
( |
|
( |
|
|
( |
|
( |
|
||||||||||
Core loss per share (non-GAAP) |
|
|
|
|
( |
|
|
|
( |
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Weighted average diluted shares (in millions) |
|
|
|
|
618.8 |
|
|
|
607.2 |
|
|
1
The income tax impact is calculated using the |
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 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
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) |
|
|
|
( |
|
|
|
( |
|
|
||||||||||||
Core operating margins (non-GAAP) |
|
|
|
(15.2) |
% |
|
|
(3.4) |
% |
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted loss per share (GAAP) |
|
|
|
|
( |
|
|
|
( |
|
||||||||||||
Pension FAS/CAS service cost adjustment |
|
|
|
( |
|
( |
|
|
( |
|
( |
|
||||||||||
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 |
|
|
|
( |
|
( |
|
|
( |
|
( |
|
||||||||||
Core loss per share (non-GAAP) |
|
|
|
|
( |
|
|
|
( |
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||
Weighted average diluted shares (in millions) |
|
|
|
|
616.1 |
|
|
|
605.0 |
|
|
1
The income tax impact is calculated using the |
View original content:https://www.prnewswire.com/news-releases/boeing-reports-third-quarter-results-302284461.html
SOURCE