Boeing Reports Second-Quarter Results

The Boeing Company [NYSE: BA] reported second-quarter revenue of $15.8 billion, GAAP loss per share of ($5.21) and core loss per share (non-GAAP)* of ($5.82), reflecting the previously announced 737 MAX charge (which reduced revenue by $5.6 billion and earnings by $8.74 per share) as well as lower 737 deliveries partially offset by higher defense and services volume (Table 1). Boeing recorded operating cash flow of ($0.6) billion and paid $1.2 billion of dividends.

The previously issued 2019 financial guidance does not reflect 737 MAX impacts. Due to the uncertainty of the timing and conditions surrounding return to service of the 737 MAX fleet, new guidance will be issued at a future date. Boeing is working very closely with the FAA on the process they have laid out to certify the 737 MAX software update and safely return the MAX to service. Disciplined development and testing is underway and we will submit the final software package to the FAA once we have satisfied all of their certification requirements. Regulatory authorities will determine the process for certifying the MAX software and training updates as well as the timing for lifting the grounding order.

"This is a defining moment for Boeing and we remain focused on our enduring values of safety, quality, and integrity in all that we do, as we work to safely return the 737 MAX to service," said Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg. "During these challenging times, teams across our enterprise continue to perform at a high level while delivering on commitments and capturing new opportunities driven by strong, long-term fundamentals."          









Table 2. Cash Flow

Second Quarter


First Half

(Millions)

2019


2018


2019


2018

Operating Cash Flow

($590)


$4,680


$2,198


$7,816

Less Additions to Property, Plant & Equipment

($421)


($376)


($922)


($770)

Free Cash Flow*

($1,011)


$4,304


$1,276


$7,046


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

Operating cash flow was ($0.6) billion in the quarter, primarily reflecting lower 737 deliveries and production rate as well as timing of receipts and expenditures (Table 2). During the quarter, the company paid $1.2 billion of dividends, reflecting a 20 percent increase in dividends per share compared to the same period of the prior year.





Table 3. Cash, Marketable Securities and Debt Balances

Quarter-End

(Billions)

Q2 19


Q1 19

Cash

$9.2


$6.8

Marketable Securities1

$0.4


$0.9

Total

$9.6


$7.7

Debt Balances:




The Boeing Company, net of intercompany loans to BCC

$17.3


$12.6

Boeing Capital, including intercompany loans

$1.9


$2.1

Total Consolidated Debt

$19.2


$14.7


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

Cash and investments in marketable securities totaled $9.6 billion, compared to $7.7 billion at the beginning of the quarter (Table 3). Debt was $19.2 billion , up from $14.7 billion at the beginning of the quarter primarily due to the issuance of new debt.

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