REG-Boeing Co: 3rd Quarter Results
26/10/2022 12:45
Boeing Reports Third-Quarter Results
ARLINGTON, Va., Oct. 26, 2022 /PRNewswire/ --
Third Quarter 2022
* Operating cash flow of $3.2 billion; continue to expect positive free cash
flow for 2022
* Resumed 787 deliveries and delivered 9 airplanes
* Recorded losses on fixed-price defense development programs
* Revenue of $16.0 billion; GAAP loss per share of ($5.49) and core
(non-GAAP)* loss per share of ($6.18)
* Total backlog of $381 billion; including over 4,300 commercial airplanes
Table 1. Summary Financial Results Third Quarter Nine Months
(Dollars in Millions, except per share data) 2022 2021 Change 2022 2021 Change
Revenues $15,956 $15,278 4 % $46,628 $47,493 (2) %
GAAP
(Loss)/Earnings From Operations ($2,799) $329 NM ($3,194) $1,269 NM
Operating Margin (17.5) % 2.2 % NM (6.8) % 2.7 % NM
Net Loss ($3,308) ($132) NM ($4,390) ($126) NM
Loss Per Share ($5.49) ($0.19) NM ($7.24) ($0.10) NM
Operating Cash Flow $3,190 ($262) NM $55 ($4,132) NM
Non-GAAP*
Core Operating (Loss)/Earnings ($3,078) $59 NM ($4,040) $461 NM
Core Operating Margin (19.3) % 0.4 % NM (8.7) % 1.0 % NM
Core Loss Per Share ($6.18) ($0.60) NM ($9.31) ($1.72) 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] reported third-quarter revenue of $16.0 billion,
GAAP loss per share of ($5.49) and core loss per share (non-GAAP)* of ($6.18).
Third-quarter results reflect higher commercial volume and losses on
fixed-price defense development programs (Table 1). Boeing generated operating
cash flow of $3.2 billion.
"We continue to make important strides in our turnaround and remain focused on
our performance," said Dave Calhoun, Boeing President and Chief Executive
Officer. "We generated strong cash in the quarter and are on a solid path to
achieving positive free cash flow for 2022. At the same time, revenue and
earnings were significantly impacted by losses on our fixed-price defense
development programs. We're squarely focused on maturing these programs,
mitigating risks and delivering for our customers and their important
missions. We remain in a challenging environment and have more work ahead to
drive stability, improve our performance and ensure we're consistently
delivering on our commitments. Despite the challenges, I'm proud of our team
and the progress we've made to strengthen our company."
Table 2. Cash Flow Third Quarter Nine Months
(Millions) 2022 2021 2022 2021
Operating Cash Flow $3,190 ($262) $55 ($4,132)
Less Additions to Property, Plant & Equipment ($284) ($245) ($896) ($758)
Free Cash Flow* $2,906 ($507) ($841) ($4,890)
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."
Operating cash flow improved to $3.2 billion in the quarter, reflecting higher
commercial deliveries, favorable receipt timing, and a tax refund (Table 2).
Table 3. Cash, Marketable Securities and Debt Balances Quarter-End
(Billions) Q3 22 Q2 22
Cash $13.5 $10.0
Marketable Securities (1) $0.8 $1.4
Total $14.3 $11.4
Debt Balances:
The Boeing Company, net of intercompany loans to BCC $55.7 $55.7
Boeing Capital, including intercompany loans $1.5 $1.5
Total Consolidated Debt $57.2 $57.2
(1 ) Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."
Cash and investments in marketable securities increased to $14.3 billion,
compared to $11.4 billion at the beginning of the quarter, primarily driven by
cash from operations (Table 3). The company has access to credit facilities
of $12.0 billion, which remain undrawn.
Total company backlog at quarter-end was $381 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes Third Quarter Nine Months
(Dollars in Millions) 2022 2021 Change 2022 2021 Change
Commercial Airplanes Deliveries 112 85 32 % 328 241 36 %
Revenues $6,263 $4,459 40 % $16,643 $14,743 13 %
Loss from Operations ($643) ($693) NM ($1,744) ($2,021) NM
Operating Margin (10.3) % (15.5) % NM (10.5) % (13.7) % NM
Commercial Airplanes third-quarter revenue increased to $6.3 billion, driven
by the resumption of 787 deliveries and higher 737 deliveries (Table 4).
Operating margin of (10.3) percent also reflects lower abnormal costs as
compared to the third quarter of 2021, partially offset by higher period
expenses, including R&D expense.
The company also resumed 787 deliveries in late August, following
comprehensive reviews to ensure each airplane meets the company's highest
standards. The program is producing at a low rate with an expected gradual
return to five per month over time.
Since late 2020, the 737 MAX fleet has completed nearly 1 million revenue
flights. During the quarter, the company secured net orders for 227 aircraft,
including 167 737 airplanes, 27 767 airplanes, 18 777 airplanes, and 15 787
airplanes. Commercial Airplanes delivered 112 airplanes during the quarter and
backlog included over 4,300 airplanes valued at $307 billion.
Defense, Space & Security
Table 5. Defense, Space & Security Third Quarter Nine Months
(Dollars in Millions) 2022 2021 Change 2022 2021 Change
Revenues $5,307 $6,617 (20) % $16,981 $20,678 (18) %
(Loss)/earnings from Operations ($2,798) $436 NM ($3,656) $1,799 NM
Operating Margin (52.7) % 6.6 % NM (21.5) % 8.7 % NM
Defense, Space & Security third-quarter revenue decreased to $5.3 billion and
third-quarter operating margin decreased to (52.7) percent, primarily due to
$2.8 billion of losses on certain fixed-price development programs, driven by
higher estimated manufacturing and supply chain costs, as well as technical
challenges. These losses were recorded on the KC-46A, VC-25B, MQ-25, T-7A and
Commercial Crew programs. Results were also impacted by unfavorable
performance on other programs.
During the quarter, Defense, Space & Security captured KC-46A Tanker awards
from the U.S. Air Force for 15 aircraft and the Israeli Air Force for four
aircraft, and Poland selected the AH-64E Apache as its future attack
helicopter. Defense, Space & Security delivered 34 aircraft and two
satellites, including the first four MH-139A Grey Wolf helicopters to the U.S.
Air Force. Also during the quarter, Defense, Space and Security opened the
Advanced Composite Fabrication Center in Mesa, Arizona.
Backlog at Defense, Space & Security was $55 billion, of which 31 percent
represents orders from customers outside the U.S.
Global Services
Table 6. Global Services Third Quarter Nine Months
(Dollars in Millions) 2022 2021 Change 2022 2021 Change
Revenues $4,432 $4,221 5 % $13,044 $12,037 8 %
Earnings from Operations $733 $644 14 % $2,093 $1,616 30 %
Operating Margin 16.5 % 15.3 % 8 % 16.0 % 13.4 % 19 %
Global Services third-quarter revenue increased to $4.4 billion and
third-quarter operating margin increased to 16.5 percent primarily driven by
higher commercial services volume and favorable mix, partially offset by lower
government services volume.
During the quarter, Global Services was awarded a follow-on KC-767A
Performance Based Logistics support contract for the Italian Air Force and
received an F/A-18 depot support order for the U.S. Navy. Global Services also
signed a Landing Gear Exchange and Airplane Health Management agreement with
Ethiopian Airlines. Also in the quarter, Global Services delivered the 100th
contracted 737-800BCF to AerCap.
Additional Financial Information
Table 7. Additional Financial Information Third Quarter Nine Months
(Dollars in Millions) 2022 2021 2022 2021
Revenues
Boeing Capital $52 $71 $150 $209
Unallocated items, eliminations and other ($98) ($90) ($190) ($174)
(Loss)/Earnings from Operations
Boeing Capital $23 $42 $14 $99
FAS/CAS service cost adjustment $279 $270 $846 $808
Other unallocated items and eliminations ($393) ($370) ($747) ($1,032)
Other income, net $288 $30 $722 $419
Interest and debt expense ($621) ($669) ($1,901) ($2,021)
Effective tax rate (5.6) % 57.4 % (0.4) % 62.2 %
At quarter-end, Boeing Capital's net portfolio balance was $1.6 billion. The
change in other income was driven by the absence of a pension settlement
charge recorded in the third quarter of 2021. Interest and debt expense
decreased due to lower debt balance. The third quarter effective tax rate
primarily reflects tax expense due to an increase in the valuation allowance.
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, Core Operating Margin and Core Loss Per Share
Core operating earnings is defined as GAAP earnings 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 expressed as a percentage of revenue.
Core (loss)/earnings per share is defined as GAAP diluted earnings per
share excluding the net earnings 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, comprising
service and prior service costs computed in accordance with GAAP are allocated
to Commercial Airplanes and BGS businesses supporting commercial customers.
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, core operating margin and core earnings per share for purposes of
evaluating and forecasting underlying business performance. Management
believes these core earnings 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
between the GAAP and non-GAAP measures is provided on pages 12 & 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.
Table 2 provides a 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 similar expressions generally 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) the COVID-19 pandemic and related industry impacts, including with
respect to our operations, our liquidity, the health of our customers and
suppliers, and future demand for our products and services; (2) the 737 MAX,
including the timing and conditions of remaining 737 MAX regulatory approvals,
lower than planned production rates and/or delivery rates, and additional
considerations to customers and suppliers; (3) general conditions in the
economy and our industry, including those due to regulatory changes; (4) our
reliance on our commercial airline customers; (5) the overall health of our
aircraft production system, planned commercial aircraft production rate
changes, our commercial development and derivative aircraft programs, and our
aircraft being subject to stringent performance and reliability standards; (6)
changing budget and appropriation levels and acquisition priorities of the
U.S. government; (7) our dependence on U.S. government contracts; (8) our
reliance on fixed-price contracts; (9) our reliance on cost-type contracts;
(10) uncertainties concerning contracts that include in-orbit incentive
payments; (11) our dependence on our subcontractors and suppliers, as well as
the availability of raw materials; (12) changes in accounting estimates; (13)
changes in the competitive landscape in our markets; (14) our non-U.S.
operations, including sales to non-U.S. customers; (15) threats to the
security of our, our customers' and/or our suppliers' information; (16)
potential adverse developments in new or pending litigation and/or government
investigations; (17) customer and aircraft concentration in our customer
financing portfolio; (18) changes in our ability to obtain debt financing on
commercially reasonable terms and at competitive rates; (19) realizing the
anticipated benefits of mergers, acquisitions, joint ventures/strategic
alliances or divestitures; (20) the adequacy of our insurance coverage to
cover significant risk exposures; (21) potential business disruptions,
including those related to physical security threats, information technology
or cyber-attacks, epidemics, sanctions or natural disasters; (22) work
stoppages or other labor disruptions; (23) substantial pension and other
postretirement benefit obligations; (24) potential environmental liabilities;
and (25) effects of climate change and legal, regulatory or market responses
to such change.
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 Keely Moos (312) 544-2140
Communications: Michael Friedman media@boeing.com
The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Nine months ended Three months ended
September 30 September 30
(Dollars in millions, except per share data) 2022 2021 2022 2021
Sales of products $38,767 $39,224 $13,331 $12,552
Sales of services 7,861 8,269 2,625 2,726
Total revenues 46,628 47,493 15,956 15,278
Cost of products (38,237) (35,166) (14,541) (11,271)
Cost of services (6,725) (6,771) (2,230) (2,288)
Boeing Capital interest expense (20) (25) (7) (7)
Total costs and expenses (44,982) (41,962) (16,778) (13,566)
1,646 5,531 (822) 1,712
(Loss)/income from operating investments, net (27) 195 (24) 120
General and administrative expense (2,757) (3,169) (1,226) (1,097)
Research and development expense, net (2,058) (1,571) (727) (575)
Gain on dispositions, net 2 283 0 169
(Loss)/earnings from operations (3,194) 1,269 (2,799) 329
Other income, net 722 419 288 30
Interest and debt expense (1,901) (2,021) (621) (669)
Loss before income taxes (4,373) (333) (3,132) (310)
Income tax (expense)/benefit (17) 207 (176) 178
Net loss (4,390) (126) (3,308) (132)
Less: net loss attributable to noncontrolling interest (89) (67) (33) (23)
Net loss attributable to Boeing Shareholders ($4,301) ($59) ($3,275) ($109)
Basic loss per share ($7.24) ($0.10) ($5.49) ($0.19)
Diluted loss per share ($7.24) ($0.10) ($5.49) ($0.19)
Weighted average diluted shares (millions) 594.0 587.3 596.3 589.0
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data) September 30 December 31 2021
2022
Assets
Cash and cash equivalents $13,494 $8,052
Short-term and other investments 763 8,192
Accounts receivable, net 2,673 2,641
Unbilled receivables, net 9,316 8,620
Current portion of customer financing, net 155 117
Inventories 79,777 78,823
Other current assets, net 3,073 2,221
Total current assets 109,251 108,666
Customer financing, net 1,513 1,695
Property, plant and equipment, net of accumulated depreciation of $21,208 and $20,538 10,508 10,918
Goodwill 8,045 8,068
Acquired intangible assets, net 2,371 2,562
Deferred income taxes 77 77
Investments 979 975
Other assets, net of accumulated amortization of of $897 and $975 4,814 5,591
Total assets $137,558 $138,552
Liabilities and equity
Accounts payable $9,793 $9,261
Accrued liabilities 21,217 18,455
Advances and progress billings 53,177 52,980
Short-term debt and current portion of long-term debt 5,431 1,296
Total current liabilities 89,618 81,992
Deferred income taxes 230 218
Accrued retiree health care 3,356 3,528
Accrued pension plan liability, net 7,951 9,104
Other long-term liabilities 2,250 1,750
Long-term debt 51,788 56,806
Total liabilities 155,193 153,398
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 9,705 9,052
Treasury stock, at cost - 416,639,182 and 423,343,707 shares (51,054) (51,861)
Retained earnings 30,107 34,408
Accumulated other comprehensive loss (11,518) (11,659)
Total shareholders' deficit (17,699) (14,999)
Noncontrolling interests 64 153
Total equity (17,635) (14,846)
Total liabilities and equity $137,558 $138,552
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Nine months ended
September 30
(Dollars in millions) 2022 2021
Cash flows – operating activities:
Net loss ($4,390) ($126)
Adjustments to reconcile net loss to net cash provided/(used) by operating activities:
Non-cash items –
Share-based plans expense 528 677
Treasury shares issued for 401(k) contribution 928 951
Depreciation and amortization 1,477 1,610
Investment/asset impairment charges, net 78 72
Customer financing valuation adjustments 39 (3)
Gain on dispositions, net (2) (283)
Other charges and credits, net 388 (82)
Changes in assets and liabilities –
Accounts receivable (22) (280)
Unbilled receivables (678) (2,010)
Advances and progress billings 204 781
Inventories (1,164) 508
Other current assets (860) 279
Accounts payable 590 (3,565)
Accrued liabilities 2,416 (3,168)
Income taxes receivable, payable and deferred 1,382 1,011
Other long-term liabilities (114) (168)
Pension and other postretirement plans (1,053) (731)
Customer financing, net 76 170
Other 232 225
Net cash provided/(used) by operating activities 55 (4,132)
Cash flows – investing activities:
Payments to acquire property, plant and equipment (896) (758)
Proceeds from disposals of property, plant and equipment 19 385
Acquisitions, net of cash acquired (6)
Contributions to investments (2,773) (27,902)
Proceeds from investments 10,182 35,664
Other (11) 6
Net cash provided by investing activities 6,521 7,389
Cash flows – financing activities:
New borrowings 19 9,822
Debt repayments (1,038) (11,049)
Stock options exercised 39 36
Employee taxes on certain share-based payment arrangements (36) (47)
Net cash used by financing activities (1,016) (1,238)
Effect of exchange rate changes on cash and cash equivalents (134) (34)
Net increase in cash & cash equivalents, including restricted 5,426 1,985
Cash & cash equivalents, including restricted, at beginning of year 8,104 7,835
Cash & cash equivalents, including restricted, at end of period 13,530 9,820
Less restricted cash & cash equivalents, included in Investments 36 56
Cash & cash equivalents at end of period $13,494 $9,764
The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Nine months ended Three months ended
September 30 September 30
(Dollars in millions) 2022 2021 2022 2021
Revenues:
Commercial Airplanes $16,643 $14,743 $6,263 $4,459
Defense, Space & Security 16,981 20,678 5,307 6,617
Global Services 13,044 12,037 4,432 4,221
Boeing Capital 150 209 52 71
Unallocated items, eliminations and other (190) (174) (98) (90)
Total revenues $46,628 $47,493 $15,956 $15,278
(Loss)/earnings from operations:
Commercial Airplanes ($1,744) ($2,021) ($643) ($693)
Defense, Space & Security (3,656) 1,799 (2,798) 436
Global Services 2,093 1,616 733 644
Boeing Capital 14 99 23 42
Segment operating (loss)/earnings (3,293) 1,493 (2,685) 429
Unallocated items, eliminations and other (747) (1,032) (393) (370)
FAS/CAS service cost adjustment 846 808 279 270
(Loss)/earnings from operations (3,194) 1,269 (2,799) 329
Other income, net 722 419 288 30
Interest and debt expense (1,901) (2,021) (621) (669)
Loss before income taxes (4,373) (333) (3,132) (310)
Income tax (expense)/benefit (17) 207 (176) 178
Net loss (4,390) (126) (3,308) (132)
Less: Net loss attributable to noncontrolling interest (89) (67) (33) (23)
Net loss attributable to Boeing Shareholders ($4,301) ($59) ($3,275) ($109)
Research and development expense, net:
Commercial Airplanes $1,102 $817 $409 $293
Defense, Space & Security 706 530 240 193
Global Services 89 80 35 30
Other 161 144 43 59
Total research and development expense, net $2,058 $1,571 $727 $575
Unallocated items, eliminations and other:
Share-based plans ($64) ($171) $44 ($29)
Deferred compensation 204 (86) 38 8
Amortization of previously capitalized interest (71) (66) (24) (22)
Research and development expense, net (161) (144) (43) (59)
Eliminations and other unallocated items (655) (565) (408) (268)
Sub-total (included in core operating loss) (747) (1,032) (393) (370)
Pension FAS/CAS service cost adjustment 621 576 208 192
Postretirement FAS/CAS service cost adjustment 225 232 71 78
FAS/CAS service cost adjustment 846 808 $279 $270
Total $99 ($224) ($114) ($100)
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Deliveries Nine months ended Three months ended
September 30 September 30
Commercial Airplanes 2022 2021 2022 2021
737 277 179 88 66
747 3 4 — 2
767 21 24 9 11
777 18 20 6 6
787 9 14 9 —
Total 328 241 112 85
Defense, Space & Security
AH-64 Apache (New) 20 19 7 4
AH-64 Apache (Remanufactured) 36 42 8 11
CH-47 Chinook (New) 10 12 1 6
CH-47 Chinook (Renewed) 6 5 2 1
F-15 Models 9 11 4 3
F/A-18 Models 11 15 3 4
KC-46 Tanker 9 7 1 3
P-8 Models 10 11 4 5
MH-139 4 — 4 —
Commercial and Civil Satellites 2 — 2 —
Military Satellites — — — —
Total backlog (Dollars in millions) September 30 December 31 2021
2022
Commercial Airplanes $307,168 $296,882
Defense, Space & Security 54,740 59,828
Global Services 19,072 20,496
Unallocated items, eliminations and other 335 293
Total backlog $381,315 $377,499
Contractual backlog $362,926 $356,362
Unobligated backlog 18,389 21,137
Total backlog $381,315 $377,499
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core
operating (loss)/earnings, core operating margin, and core loss per share with
the most directly comparable GAAP financial measures, (loss)/earnings 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 2022 Third Quarter 2021
$ millions Per Share $ millions Per Share
Revenues 15,956 15,278
(Loss)/earnings from operations (GAAP) (2,799) 329
Operating margin (GAAP) (17.5) % 2.2 %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (208) (192)
Postretirement FAS/CAS service cost adjustment (71) (78)
FAS/CAS service cost adjustment (279) (270)
Core operating (loss)/earnings (non-GAAP) ($3,078) $59
Core operating margin (non-GAAP) (19.3) % 0.4 %
Diluted loss per share (GAAP) ($5.49) ($0.19)
Pension FAS/CAS service cost adjustment ($208) (0.35) ($192) (0.33)
Postretirement FAS/CAS service cost adjustment (71) (0.12) (78) (0.13)
Non-operating pension expense (225) (0.37) (29) (0.05)
Non-operating postretirement expense (15) (0.03) (6) (0.01)
Provision for deferred income taxes on adjustments (1) 109 0.18 64 0.11
Subtotal of adjustments ($410) ($0.69) ($241) ($0.41)
Core loss per share (non-GAAP) ($6.18) ($0.60)
Weighted average diluted shares (in millions) 596.3 589.0
(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)/earnings, core operating margin, and core loss per share with
the most directly comparable GAAP financial measures, (loss)/earnings 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 2022 Nine Months 2021
$ millions Per Share $ millions Per Share
Revenues 46,628 47,493
(Loss)/earnings from operations (GAAP) (3,194) 1,269
Operating margin (GAAP) (6.8) % 2.7 %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (621) (576)
Postretirement FAS/CAS service cost adjustment (225) (232)
FAS/CAS service cost adjustment (846) (808)
Core operating (loss)/earnings (non-GAAP) ($4,040) $461
Core operating margin (non-GAAP) (8.7) % 1.0 %
Diluted loss per share (GAAP) ($7.24) ($0.10)
Pension FAS/CAS service cost adjustment ($621) (1.04) ($576) (0.98)
Postretirement FAS/CAS service cost adjustment (225) (0.38) (232) (0.40)
Non-operating pension expense (666) (1.13) (381) (0.64)
Non-operating postretirement expense (44) (0.07) (16) (0.03)
Provision for deferred income taxes on adjustments (1) 327 0.55 253 0.43
Subtotal of adjustments ($1,229) ($2.07) ($952) ($1.62)
Core loss per share (non-GAAP) ($9.31) ($1.72)
Weighted average diluted shares (in millions) 594.0 587.3
(1)The income tax impact is calculated using the U.S. corporate statutory tax rate.
Copyright (c) 2022 PR Newswire Association,LLC. All Rights ReservedRecent news on Boeing Co
See all newsREG-Boeing Company: 1st Quarter Results
AnnouncementREG - Official List - Official List Notice
AnnouncementREG - Stock Exch Notice - Admission to Trading - 10/04/2025
AnnouncementREG - Stock Exch Notice - Admission to Trading - 17/03/2025
AnnouncementREG - Official List - Official List Notice
Announcement