REG-Boeing Company: Third Quarter Financial Results
25/10/2023 12:45
Boeing Reports Third Quarter Results
ARLINGTON, Va., Oct. 25, 2023 --
Third Quarter 2023
* Reaffirm guidance: $4.5-$6.5 billion of operating cash flow and $3.0-$5.0
billion of free cash flow (non-GAAP)
* Still expect to deliver 70-80 787 and now expect to deliver 375-400 737
airplanes
* Now transitioning 787 to five per month; plan to complete 737 production
transition to 38 per month by year-end
* Revenue of $18.1 billion reflecting 105 commercial deliveries
* Total company backlog of $469 billion, including over 5,100 commercial
airplanes
Table 1. Summary Financial Results Third Quarter Nine Months
(Dollars in Millions, except per share data) 2023 2022 Change 2023 2022 Change
Revenues $18,104 $15,956 13 % $55,776 $46,628 20 %
GAAP
Loss from operations ($808) ($2,792) NM ($1,056) ($3,174) NM
Operating margins (4.5) % (17.5) % NM (1.9) % (6.8) % NM
Net loss ($1,638) ($3,308) NM ($2,212) ($4,390) NM
Loss per share ($2.70) ($5.49) NM ($3.64) ($7.24) NM
Operating cash flow $22 $3,190 NM $2,579 $55 NM
Non-GAAP*
Core operating loss ($1,089) ($3,071) NM ($1,919) ($4,020) NM
Core operating margins (6.0) % (19.2) % NM (3.4) % (8.6) % NM
Core loss per share ($3.26) ($6.18) NM ($5.35) ($9.31) 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
$18.1 billion, GAAP loss per share of ($2.70) and core loss per share
(non-GAAP)* of ($3.26) (Table 1). Third quarter results were impacted by
unfavorable defense performance and lower 737 deliveries. Boeing reported
operating cash flow of $0.0 billion and free cash flow of ($0.3) billion
(non-GAAP).
"We continue to progress in our recovery and despite near-term challenges, we
remain on track to meet the financial goals we set for this year and for the
long term," said Dave Calhoun, Boeing president and chief executive officer.
"We are focused on driving stability in our supply chain and improving
operational performance as we steadily increase production rates to meet
strong demand. The important work we're doing to add rigor around our quality
systems and build a culture of transparently bringing forward any issue, no
matter the size, can bring short-term challenges – but it is how we set
ourselves on the right course for our long-term future. Leading with safety,
quality and transparency, we will continue to restore our operational and
financial strength."
Table 2. Cash Flow Third Quarter Nine Months
(Millions) 2023 2022 2023 2022
Operating cash flow $22 $3,190 $2,579 $55
Less additions to property, plant & equipment ($332) ($284) ($1,096) ($896)
Free cash flow* ($310) $2,906 $1,483 ($841)
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."
Operating cash flow was $0.0 billion in the quarter reflecting less favorable
receipt timing, including the absence of a prior year tax refund (Table 2).
Table 3. Cash, Marketable Securities and Debt Balances Quarter End
(Billions) Q3 23 Q2 23
Cash $6.8 $7.3
Marketable securities 1 $6.6 $6.5
Total $13.4 $13.8
Consolidated debt $52.3 $52.3
1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."
Cash and investments in marketable securities totaled $13.4 billion, compared
to $13.8 billion at the beginning of the quarter (Table 3). The company has
access to credit facilities of $10.0 billion, which remain undrawn.
Total company backlog at quarter end was $469 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes Third Quarter Nine Months
(Dollars in Millions) 2023 2022 Change 2023 2022 Change
Deliveries 105 112 (6) % 371 328 13 %
Revenues $7,876 $6,303 25 % $23,420 $16,755 40 %
Loss from operations ($678) ($622) NM ($1,676) ($1,738) NM
Operating margins (8.6) % (9.9) % NM (7.2) % (10.4) % NM
Commercial Airplanes third quarter revenue increased to $7.9 billion driven
by higher 787 deliveries (Table 4). Operating margin of (8.6) percent also
reflects lower 737 deliveries as well as abnormal costs and period expenses,
including research and development.
On the 737 program, during the quarter a supplier non-conformance was
identified on the aft pressure bulkhead section of certain 737 airplanes. This
is not an immediate safety of flight issue and the in-service fleet can
continue operating safely. Near-term deliveries and production will be
impacted as the program performs necessary inspections and rework, and the
company now expects to deliver 375-400 airplanes this year. On production,
suppliers are continuing with planned rate increases, and the company expects
to complete the final assembly transition to 38 per month by year-end, with
plans to increase to 50 per month in the 2025/2026 timeframe. The estimated
cost associated with performing the rework is immaterial and included in third
quarter results.
The 787 program is now transitioning production to five per month and plans to
increase to 10 per month in the 2025/2026 timeframe. The program still expects
to deliver 70-80 airplanes this year.
During the quarter, Commercial Airplanes booked 398 net orders, including 150
737 MAX 10 airplanes for Ryanair, 50 787 airplanes for United Airlines, and 39
787 airplanes for Saudi Arabian Airlines. Commercial Airplanes delivered 105
airplanes during the quarter and backlog included over 5,100 airplanes valued
at $392 billion.
Defense, Space & Security
Table 5. Defense, Space & Security Third Quarter Nine Months
(Dollars in Millions) 2023 2022 Change 2023 2022 Change
Revenues $5,481 $5,307 3 % $18,187 $16,981 7 %
Loss from operations ($924) ($2,798) NM ($1,663) ($3,656) NM
Operating margins (16.9) % (52.7) % NM (9.1) % (21.5) % NM
Defense, Space & Security third quarter revenue was $5.5 billion. Third
quarter operating margin was (16.9) percent, due to a $482 million loss on the
VC-25B program driven by higher estimated manufacturing cost related to
engineering changes and labor instability, as well as resolution of supplier
negotiations. Results were also impacted by $315 million of losses on a
satellite contract due to estimated customer considerations and increased
costs to enhance the constellation and meet lifecycle commitments.
During the quarter, Defense, Space & Security delivered the first T-7A Red
Hawk to the U.S. Air Force and captured an award from the U.S. Army for 21
AH-64E Apaches. Backlog at Defense, Space & Security was $58 billion, of which
29 percent represents orders from customers outside the U.S.
Global Services
Table 6. Global Services Third Quarter Nine Months
(Dollars in Millions) 2023 2022 Change 2023 2022 Change
Revenues $4,812 $4,432 9 % $14,278 $13,044 9 %
Earnings from operations $784 $733 7 % $2,487 $2,093 19 %
Operating margins 16.3 % 16.5 % -0.2 pts 17.4 % 16.0 % 1.4 pts
Global Services third quarter revenue of $4.8 billion and operating margin of
16.3 percent reflect higher commercial volume and mix.
During the quarter, Global Services delivered the 150th 737-800 Boeing
Converted Freighter, received an order from the U.S. Navy for P-8 trainer
upgrades and signed a digital maintenance solution agreement with Philippine
Airlines for Airplane Health Management.
Additional Financial Information
Table 7. Additional Financial Information Third Quarter Nine Months
(Dollars in Millions) 2023 2022 2023 2022
Revenues
Unallocated items, eliminations and other ($65) ($86) ($109) ($152)
Earnings/(loss) from operations
FAS/CAS service cost adjustment $281 $279 $863 $846
Other unallocated items and eliminations ($271) ($384) ($1,067) ($719)
Other income, net $297 $288 $919 $722
Interest and debt expense ($589) ($628) ($1,859) ($1,921)
Effective tax rate (48.9) % (5.6) % (10.8) % (0.4) %
Other unallocated items and eliminations primarily reflects timing of
allocations. The third quarter effective tax rate primarily reflects
additional tax expense to adjust prior quarters' results to the current
estimate of the annual effective tax rate.
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 Loss, Core Operating Margin and Core Loss Per Share
Core operating loss is defined as GAAP 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 loss expressed as a percentage of revenue. Core loss per share is
defined as GAAP Diluted loss per share excluding the net 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
loss, core operating margin and core 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 between the non-GAAP and
GAAP measures is provided on page 12 and page 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 and page 14 for reconciliations 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) 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, planned
commercial aircraft production rate changes, 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)
changing budget and appropriation levels and acquisition priorities of the
U.S. government, as well as the potential impact of a government shutdown; (5)
our dependence on our subcontractors and suppliers, as well as the
availability of highly skilled labor and raw materials; (6) competition within
our markets; (7) our non-U.S. operations and sales to non-U.S. customers; (8)
changes in accounting estimates; (9) realizing the anticipated benefits of
mergers, acquisitions, joint ventures/strategic alliances or divestitures;
(10) our dependence on U.S. government contracts; (11) our reliance on
fixed-price contracts; (12) our reliance on cost-type contracts; (13)
contracts that include in-orbit incentive payments; (14) unauthorized access
to our, our customers' and/or our suppliers' information and systems; (15)
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;
(16) potential adverse developments in new or pending litigation and/or
government inquiries or investigations; (17) potential environmental
liabilities; (18) effects of climate change and legal, regulatory or market
responses to such change; (19) changes in our ability to obtain debt financing
on commercially reasonable terms, at competitive rates and in sufficient
amounts; (20) substantial pension and other postretirement benefit
obligations; (21) the adequacy of our insurance coverage; (22) customer and
aircraft concentration in our customer financing portfolio; and (23) work
stoppages or other labor disruptions.
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 Dufault (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) 2023 2022 2023 2022
Sales of products $46,661 $38,767 $15,060 $13,331
Sales of services 9,115 7,861 3,044 2,625
Total revenues 55,776 46,628 18,104 15,956
Cost of products (43,140) (38,237) (14,464) (14,541)
Cost of services (7,609) (6,725) (2,475) (2,230)
Total costs and expenses (50,749) (44,962) (16,939) (16,771)
5,027 1,666 1,165 (815)
Income/(loss) from operating investments, net 45 (27) 28 (24)
General and administrative expense (3,633) (2,757) (1,043) (1,226)
Research and development expense, net (2,496) (2,058) (958) (727)
Gain on dispositions, net 1 2
Loss from operations (1,056) (3,174) (808) (2,792)
Other income, net 919 722 297 288
Interest and debt expense (1,859) (1,921) (589) (628)
Loss before income taxes (1,996) (4,373) (1,100) (3,132)
Income tax expense (216) (17) (538) (176)
Net loss (2,212) (4,390) (1,638) (3,308)
Less: net loss attributable to noncontrolling interest (13) (89) (2) (33)
Net loss attributable to Boeing Shareholders ($2,199) ($4,301) ($1,636) ($3,275)
Basic loss per share ($3.64) ($7.24) ($2.70) ($5.49)
Diluted loss per share ($3.64) ($7.24) ($2.70) ($5.49)
Weighted average diluted shares (millions) 605.0 594.0 607.2 596.3
The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited)
(Dollars in millions, except per share data) September 30 December 31
2023 2022
Assets
Cash and cash equivalents $6,811 $14,614
Short-term and other investments 6,561 2,606
Accounts receivable, net 3,032 2,517
Unbilled receivables, net 9,184 8,634
Current portion of customer financing, net 88 154
Inventories 78,972 78,151
Other current assets, net 2,287 2,847
Total current assets 106,935 109,523
Customer financing, net 963 1,450
Property, plant and equipment, net of accumulated depreciation of $22,085 10,484 10,550
and $21,442
Goodwill 8,069 8,057
Acquired intangible assets, net 2,143 2,311
Deferred income taxes 64 63
Investments 1,061 983
Other assets, net of accumulated amortization of of $993 and $949 4,562 4,163
Total assets $134,281 $137,100
Liabilities and equity
Accounts payable $11,143 $10,200
Accrued liabilities 21,104 21,581
Advances and progress billings 55,924 53,081
Short-term debt and current portion of long-term debt 4,891 5,190
Total current liabilities 93,062 90,052
Deferred income taxes 218 230
Accrued retiree health care 2,385 2,503
Accrued pension plan liability, net 5,713 6,141
Other long-term liabilities 2,239 2,211
Long-term debt 47,381 51,811
Total liabilities 150,998 152,948
Shareholders' equity:
Common stock, par value $5.00 – 1,200,000,000 shares authorized; 5,061 5,061
1,012,261,159 shares issued
Additional paid-in capital 10,616 9,947
Treasury stock, at cost - 407,648,773 and 414,671,383 shares (49,972) (50,814)
Retained earnings 27,274 29,473
Accumulated other comprehensive loss (9,708) (9,550)
Total shareholders' deficit (16,729) (15,883)
Noncontrolling interests 12 35
Total equity (16,717) (15,848)
Total liabilities and equity $134,281 $137,100
The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited)
Nine months ended
September 30
(Dollars in millions) 2023 2022
Cash flows – operating activities:
Net loss ($2,212) ($4,390)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash items –
Share-based plans expense 548 528
Treasury shares issued for 401(k) contribution 1,204 928
Depreciation and amortization 1,380 1,477
Investment/asset impairment charges, net 12 78
Customer financing valuation adjustments (4) 39
Gain on dispositions, net (1) (2)
Other charges and credits, net (21) 388
Changes in assets and liabilities –
Accounts receivable (523) (22)
Unbilled receivables (547) (678)
Advances and progress billings 2,963 204
Inventories (940) (1,164)
Other current assets 707 (860)
Accounts payable 982 590
Accrued liabilities (574) 2,416
Income taxes receivable, payable and deferred 73 1,382
Other long-term liabilities (254) (114)
Pension and other postretirement plans (785) (1,053)
Customer financing, net 472 76
Other 99 232
Net cash provided by operating activities 2,579 55
Cash flows – investing activities:
Payments to acquire property, plant and equipment (1,096) (896)
Proceeds from disposals of property, plant and equipment 19 19
Acquisitions, net of cash acquired (19)
Contributions to investments (14,485) (2,773)
Proceeds from investments 10,497 10,182
Other (157) (11)
Net cash (used)/provided by investing activities (5,241) 6,521
Cash flows – financing activities:
New borrowings 55 19
Debt repayments (5,181) (1,038)
Stock options exercised 45 39
Employee taxes on certain share-based payment arrangements (52) (36)
Other 2
Net cash used by financing activities (5,131) (1,016)
Effect of exchange rate changes on cash and cash equivalents (22) (134)
Net (decrease)/increase in cash & cash equivalents, including restricted (7,815) 5,426
Cash & cash equivalents, including restricted, at beginning of year 14,647 8,104
Cash & cash equivalents, including restricted, at end of period 6,832 13,530
Less restricted cash & cash equivalents, included in Investments 21 36
Cash & cash equivalents at end of period $6,811 $13,494
The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited)
Nine months ended Three months ended
September 30 September 30
(Dollars in millions) 2023 2022 2023 2022
Revenues:
Commercial Airplanes $23,420 $16,755 $7,876 $6,303
Defense, Space & Security 18,187 16,981 5,481 5,307
Global Services 14,278 13,044 4,812 4,432
Unallocated items, eliminations and other (109) (152) (65) (86)
Total revenues $55,776 $46,628 $18,104 $15,956
Loss from operations:
Commercial Airplanes ($1,676) ($1,738) ($678) ($622)
Defense, Space & Security (1,663) (3,656) (924) (2,798)
Global Services 2,487 2,093 784 733
Segment operating loss (852) (3,301) (818) (2,687)
Unallocated items, eliminations and other (1,067) (719) (271) (384)
FAS/CAS service cost adjustment 863 846 281 279
Loss from operations (1,056) (3,174) (808) (2,792)
Other income, net 919 722 297 288
Interest and debt expense (1,859) (1,921) (589) (628)
Loss before income taxes (1,996) (4,373) (1,100) (3,132)
Income tax expense (216) (17) (538) (176)
Net loss (2,212) (4,390) (1,638) (3,308)
Less: net loss attributable to noncontrolling interest (13) (89) (2) (33)
Net loss attributable to Boeing Shareholders ($2,199) ($4,301) ($1,636) ($3,275)
Research and development expense, net:
Commercial Airplanes $1,538 $1,102 $623 $409
Defense, Space & Security 652 706 232 240
Global Services 84 89 30 35
Other 222 161 73 43
Total research and development expense, net $2,496 $2,058 $958 $727
Unallocated items, eliminations and other:
Share-based plans ($33) ($64) $5 $44
Deferred compensation (71) 204 25 38
Amortization of previously capitalized interest (71) (71) (24) (24)
Research and development expense, net (222) (161) (73) (43)
Eliminations and other unallocated items (670) (627) (204) (399)
Sub-total (included in Core operating loss) (1,067) (719) (271) (384)
Pension FAS/CAS service cost adjustment 663 621 218 208
Postretirement FAS/CAS service cost adjustment 200 225 63 71
FAS/CAS service cost adjustment 863 846 $281 $279
Total ($204) $127 $10 ($105)
The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited)
Deliveries Nine months ended Three months ended
September 30 September 30
Commercial Airplanes 2023 2022 2023 2022
737 286 277 70 88
747 1 3 — —
767 17 21 8 9
777 17 18 8 6
787 50 9 19 9
Total 371 328 105 112
Defense, Space & Security
AH-64 Apache (New) 17 20 5 7
AH-64 Apache (Remanufactured) 38 36 9 8
CH-47 Chinook (New) 8 10 1 1
CH-47 Chinook (Renewed) 7 6 3 2
F-15 Models 6 9 — 4
F/A-18 Models 16 11 3 3
KC-46 Tanker 4 9 3 1
MH-139 1 4 1 4
P-8 Models 7 10 2 4
T-7A Red Hawk 1 — 1 —
Commercial Satellites 3 2 — 2
Total backlog (Dollars in millions) September 30 December 31
2023 2022
Commercial Airplanes $392,105 $329,824
Defense, Space & Security 57,802 54,373
Global Services 18,441 19,338
Unallocated items, eliminations and other 830 846
Total backlog $469,178 $404,381
Contractual backlog $446,199 $381,977
Unobligated backlog 22,979 22,404
Total backlog $469,178 $404,381
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, 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 2023 Third Quarter 2022
$ millions Per Share $ millions Per Share
Revenues 18,104 15,956
Loss from operations (GAAP) (808) (2,792)
Operating margin (GAAP) (4.5) % (17.5) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (218) (208)
Postretirement FAS/CAS service cost adjustment (63) (71)
FAS/CAS service cost adjustment (281) (279)
Core operating loss (non-GAAP) ($1,089) ($3,071)
Core operating margin (non-GAAP) (6.0) % (19.2) %
Diluted loss per share (GAAP) ($2.70) ($5.49)
Pension FAS/CAS service cost adjustment ($218) (0.36) ($208) (0.35)
Postretirement FAS/CAS service cost adjustment (63) (0.10) (71) (0.12)
Non-operating pension expense (134) (0.23) (225) (0.37)
Non-operating postretirement expense (15) (0.02) (15) (0.03)
Provision for deferred income taxes on adjustments 1 90 0.15 109 0.18
Subtotal of adjustments ($340) ($0.56) ($410) ($0.69)
Core loss per share (non-GAAP) ($3.26) ($6.18)
Weighted average diluted shares (in millions) 607.2 596.3
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, 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 2023 Nine Months 2022
$ millions Per Share $ millions Per Share
Revenues 55,776 46,628
Loss from operations (GAAP) (1,056) (3,174)
Operating margin (GAAP) (1.9) % (6.8) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (663) (621)
Postretirement FAS/CAS service cost adjustment (200) (225)
FAS/CAS service cost adjustment (863) (846)
Core operating loss (non-GAAP) (1,919) (4,020)
Core operating margin (non-GAAP) (3.4) % (8.6) %
Diluted loss per share (GAAP) (3.64) (7.24)
Pension FAS/CAS service cost adjustment (663) (1.10) (621) (1.04)
Postretirement FAS/CAS service cost adjustment (200) (0.33) (225) (0.38)
Non-operating pension expense (402) (0.66) (666) (1.13)
Non-operating postretirement expense (44) (0.07) (44) (0.07)
Provision for deferred income taxes on adjustments 1 275 0.45 327 0.55
Subtotal of adjustments ($1,034) ($1.71) ($1,229) ($2.07)
Core loss per share (non-GAAP) ($5.35) ($9.31)
Weighted average diluted shares (in millions) 605.0 594.0
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 table provided below reconciles the non-GAAP financial measure free cash
flow with the most directly comparable GAAP financial measure, operating cash
flow. See page 5 of this release for additional information on the use of this
non-GAAP financial measure.
Full Year 2023
(Dollars in billions) Outlook
Operating cash flow $4.5 - $6.5
Less additions to property, plant & equipment ($1.5)
Free cash flow (non-GAAP) $3.0 - $5.0
SOURCE Boeing
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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