REG-Boeing Co: 1st Quarter Results
29/04/2020 12:35
Boeing Reports First-Quarter Results
CHICAGO, April 29, 2020 /PRNewswire/ --
* Financial results significantly impacted by COVID-19 and the 737 MAX
grounding
* Revenue of $16.9 billion, GAAP loss per share of ($1.11) and core
(non-GAAP)* loss per share of ($1.70)
* Operating cash flow of ($4.3) billion; cash and marketable securities of
$15.5 billion
* Total backlog of $439 billion, including over 5,000 commercial airplanes
Table 1. Summary Financial Results First Quarter
(Dollars in Millions, except per share data) 2020 2019 Change
Revenues $16,908 $22,917 (26)%
GAAP
(Loss)/Earnings From Operations ($1,353) $2,350 NM
Operating Margin (8.0)% 10.3% NM
Net (Loss)/Earnings (641) $2,149 NM
(Loss)/Earnings Per Share ($1.11) $3.75 NM
Operating Cash Flow ($4,302) $2,788 NM
Non-GAAP*
Core Operating (Loss)/Earnings ($1,700) $1,986 NM
Core Operating Margin (10.1)% 8.7% NM
Core (Loss)/Earnings Per Share ($1.70) $3.16 NM
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 6, "Non-GAAP Measures Disclosures."
The Boeing Company [NYSE: BA] reported first-quarter revenue of
$16.9 billion, GAAP loss per share of ($1.11) and core loss per share
(non-GAAP)* of ($1.70), primarily reflecting the impacts of COVID-19 and the
737 MAX grounding (Table 1). Boeing recorded operating cash flow of ($4.3)
billion.
"The COVID-19 pandemic is affecting every aspect of our business, including
airline customer demand, production continuity and supply chain stability,"
said Boeing President and CEO David Calhoun. "Our primary focus is the health
and safety of our people and communities while we take tough but necessary
action to navigate this unprecedented health crisis and adapt for a changed
marketplace."
As the pandemic continues to reduce airline passenger traffic, Boeing sees
significant impact on the demand for new commercial airplanes and services,
with airlines delaying purchases for new jets, slowing delivery schedules and
deferring elective maintenance. To align the business for the new market
reality, Boeing is taking several actions that include reducing commercial
airplane production rates. The company also announced a leadership and
organizational restructuring to streamline roles and responsibilities, and
plans to reduce overall staffing levels with a voluntary layoff program and
additional workforce actions as necessary.
Boeing has also taken action to manage near-term liquidity, as it has drawn on
a term loan facility; reduced operating costs and discretionary spending;
extended the existing pause on share repurchases and suspended dividends until
further notice; reduced or deferred research and development and capital
expenditures; and eliminated CEO and Chairman pay for the year. Access to
additional liquidity will be critical for Boeing and the aerospace
manufacturing sector to bridge to recovery, and the company is actively
exploring all of the available options. Boeing believes it will be able to
obtain sufficient liquidity to fund its operations.
"While COVID-19 is adding unprecedented pressure to our business, we remain
confident in our long term future," said Calhoun. "We continue to support
our defense customers in their critical national security missions. We are
progressing toward the safe return to service of the 737 MAX, and we are
driving safety, quality and operational excellence into all that we do every
day. Air travel has always been resilient, our portfolio of products and
technology is well positioned, and we are confident we will emerge from the
crisis and thrive again as a leader of our industry."
Table 2. Cash Flow First Quarter
(Millions) 2020 2019
Operating Cash Flow ($4,302) $2,788
Less Additions to Property, Plant & Equipment ($428) ($501)
Free Cash Flow* ($4,730) $2,287
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 6, "Non-GAAP Measures Disclosures."
Operating cash flow was ($4.3) billion in the quarter, primarily reflecting
the impact of the 737 MAX grounding and COVID-19, as well as timing of
receipts and expenditures (Table 2).
Table 3. Cash, Marketable Securities and Debt Balances Quarter-End
(Billions) Q1 20 Q4 19
Cash $15.0 $9.5
Marketable Securities (1) $0.5 $0.5
Total $15.5 $10.0
Debt Balances:
The Boeing Company, net of intercompany loans to BCC $36.9 $25.3
Boeing Capital, including intercompany loans $2.0 $2.0
Total Consolidated Debt $38.9 $27.3
(1) Marketable securities consists primarily of time deposits due within one year classified as "short-term investments."
Cash and investments in marketable securities increased to $15.5 billion,
compared to $10.0 billion at the beginning of the quarter, primarily due to
increased debt balance (Table 3). Debt was $38.9 billion, up from $27.3
billion at the beginning of the quarter primarily due to the draw down of a
term loan facility, partially offset by debt repayments.
Total company backlog at quarter-end was $439 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes First Quarter
(Dollars in Millions) 2020 2019 Change
Commercial Airplanes Deliveries 50 149 (66)%
Revenues $6,205 $11,822 (48)%
(Loss)/Earnings from Operations ($2,068) $1,173 NM
Operating Margin (33.3)% 9.9% NM
Commercial Airplanes first-quarter revenue was $6.2 billion reflecting lower
deliveries driven by the 737 MAX grounding as well as impacts of COVID-19
(Table 4). First-quarter operating margin decreased to (33.3) percent due to
lower delivery volume, $797 million of abnormal production costs from the
temporary suspension of 737 MAX production, a $336 million charge related to
737 Next Generation frame fitting component (pickle fork) repair costs, lower
787 margins primarily due to COVID-19, and $137 million of abnormal production
costs from the temporary suspension of Puget Sound operations in response to
COVID-19.
COVID-19 has adversely impacted the 737 program due to a slower than
previously planned production rate ramp-up driven by commercial airline
industry uncertainty. To reflect COVID-19 impacts on the demand environment,
737 MAX aircraft production will resume at low rates in 2020 as timing and
conditions of return to service are better understood and gradually increase
to 31 per month during 2021, with further gradual increases to correspond with
market demand. The estimated abnormal production costs from the temporary
suspension of 737 MAX production have increased by approximately $1 billion
due to updated production rate assumptions, bringing the estimated total to
approximately $5 billion. There was no material change to estimated potential
concessions and other considerations to customers related to the 737 MAX
grounding.
Commercial Airplanes has updated its production rate assumptions to reflect
impacts from COVID-19 on its operations and demand outlook, and will continue
to assess them on an ongoing basis. The 787 production rate will be reduced
from 14 per month to 10 per month in 2020, and gradually reduced to 7 per
month by 2022. The 777/777X combined production rate will be reduced to 3 per
month in 2021. At this time, production rate assumptions have not changed on
the 767 and 747 programs.
Commercial Airplanes delivered 50 airplanes during the quarter, including 29
787s. Commercial Airplanes captured an order for 12 787 aircraft for All
Nippon Airways, and produced the 1000(th) 787 at Boeing South Carolina.
Commercial Airplanes backlog included over 5,000 airplanes valued at $352
billion.
Defense, Space & Security
Table 5. Defense, Space & Security First Quarter
(Dollars in Millions) 2020 2019 Change
Revenues $6,042 $6,587 (8)%
Earnings from Operations ($191) $852 NM
Operating Margin (3.2)% 12.9% NM
Defense, Space & Security first-quarter revenue decreased to $6.0 billion
primarily driven by a charge on the KC-46A Tanker (Table 5). First-quarter
operating margin decreased to (3.2) percent primarily due to a pre-tax charge
of $827 million for the KC-46A Tanker, of which $551 million was driven by
costs associated with the agreement signed in April with the U.S. Air Force to
develop and integrate a new Remote Vision System, while the remaining costs
reflect productivity inefficiencies and COVID-19 related factory disruption. A
number of other programs were also impacted by COVID-19, further reducing
margin in the quarter.
During the quarter, Defense, Space & Security received an award for 18 P-8A
Poseidon maritime patrol aircraft, as well as a contract to develop a SB>1
DEFIANT™ prototype for the U.S. Army's Future Long Range Assault Aircraft
program. Defense, Space & Security also completed the System Design Review for
MQ-25.
Backlog at Defense, Space & Security was $64 billion, of which 28 percent
represents orders from customers outside the U.S.
Global Services
Table 6. Global Services First Quarter
(Dollars in Millions) 2020 2019 Change
Revenues $4,628 $4,619 —
Earnings from Operations $708 $653 8%
Operating Margin 15.3% 14.1% 1.2 Pts
Global Services first-quarter revenue was $4.6 billion, reflecting higher
government services volume, largely offset by lower commercial services volume
due to COVID-19. (Table 6). First-quarter operating margin increased to 15.3
percent primarily due to favorable government services performance.
During the quarter, Global Services was awarded a P-8A integrated logistics
services and site activation support contract modification from the U.S. Navy
and the government of Australia and secured a logistics, components and
services contract for the U.S. Army AH-64 Apache fleet. At the Singapore
Airshow, Global Services announced several consumable and expendable services
agreements as well as digital solutions agreements with multiple Asia-Pacific
airlines.
Additional Financial Information
Table 7. Additional Financial Information First Quarter
(Dollars in Millions) 2020 2019
Revenues
Boeing Capital $65 $66
Unallocated items, eliminations and other ($32) ($177)
Earnings from Operations
Boeing Capital $24 $20
FAS/CAS service cost adjustment $347 $364
Other unallocated items and eliminations ($173) ($712)
Other income, net $112 $106
Interest and debt expense ($262) ($123)
Effective tax rate 57.4% 7.9%
At quarter-end, Boeing Capital's net portfolio balance was $2.2 billion.
Revenue from other unallocated items and eliminations increased primarily due
to the timing of eliminations for intercompany aircraft deliveries. The change
in earnings from other unallocated items and eliminations is primarily due to
lower deferred compensation expense and a customer financing impairment charge
taken in the first quarter of 2019. Interest and debt expense increased due to
higher debt balances. The first quarter effective tax rate reflects tax
benefits related to the 5 year net operating loss carryback provision in the
Coronavirus Aid, Relief, and Economic Security (CARES) Act as well as the
impact of pre-tax losses.
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)/Earnings, Core Operating Margin and Core (Loss)/Earnings
Per Share
Core operating (loss)/earnings is defined as GAAP (loss)/earnings from
operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service
cost adjustment represents the difference between the 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)/earnings expressed as a percentage of revenue. Core (loss)/earnings per
share is defined as GAAP diluted (loss)/earnings per share excluding the net
(loss)/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 (loss)/earnings, core
operating margin and core (loss)/earnings per share for purposes of evaluating
and forecasting underlying business performance. Management believes these
core (loss)/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 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.
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 government actions, including with
respect to our operations, our liquidity and access to funding, 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 737 MAX regulatory
approvals, delays in the resumption of production, lower than planned
production rates and/or delivery rates, and increased 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 or our customers' 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 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; and (24)
potential environmental liabilities.
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: Maurita Sutedja or Keely Moos (312) 544-2140
Communications: Michael Friedman media@boeing.com
The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Three months ended
March 31
(Dollars in millions, except per share data) 2020 2019
Sales of products $14,191 $20,225
Sales of services 2,717 2,692
Total revenues 16,908 22,917
Cost of products (14,713) (16,238)
Cost of services (2,043) (2,389)
Boeing Capital interest expense (12) (18)
Total costs and expenses (16,768) (18,645)
140 4,272
(Loss)/income from operating investments, net (2) 20
General and administrative expense (873) (1,184)
Research and development expense, net (672) (866)
Gain on dispositions, net 54 108
(Loss)/earnings from operations (1,353) 2,350
Other income, net 112 106
Interest and debt expense (262) (123)
(Loss)/earnings before income taxes (1,503) 2,333
Income tax benefit/(expense) 862 (184)
Net (loss)/earnings ($641) $2,149
Less: net loss attributable to noncontrolling interest ($13)
Net (loss)/earnings attributable to Boeing Shareholders ($628) $2,149
Basic (loss)/earnings per share ($1.11) $3.79
Diluted (loss)/earnings per share ($1.11) $3.75
Weighted average diluted shares (millions) 565.9 572.4
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data) March 31 2020 December 31 2019
Assets
Cash and cash equivalents $15,039 $9,485
Short-term and other investments 488 545
Accounts receivable, net 3,211 3,266
Unbilled receivables, net 9,365 9,043
Current portion of customer financing, net 149 162
Inventories 80,020 76,622
Other current assets, net 2,739 3,106
Total current assets 111,011 102,229
Customer financing, net 2,116 2,136
Property, plant and equipment, net of accumulated depreciation of $19,591 and $19,342 12,405 12,502
Goodwill 8,057 8,060
Acquired intangible assets, net 3,256 3,338
Deferred income taxes 678 683
Investments 1,124 1,092
Other assets, net of accumulated amortization of $611 and $580 4,428 3,585
Total assets $143,075 $133,625
Liabilities and equity
Accounts payable $14,963 $15,553
Accrued liabilities 21,483 22,868
Advances and progress billings 52,883 51,551
Short-term debt and current portion of long-term debt 5,173 7,340
Total current liabilities 94,502 97,312
Deferred income taxes 336 413
Accrued retiree health care 4,483 4,540
Accrued pension plan liability, net 15,962 16,276
Other long-term liabilities 3,398 3,422
Long-term debt 33,754 19,962
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 6,595 6,745
Treasury stock, at cost - 447,947,807 and 449,352,405 shares (54,842) (54,914)
Retained earnings 49,854 50,644
Accumulated other comprehensive loss (16,333) (16,153)
Total shareholders' equity (9,665) (8,617)
Noncontrolling interests 305 317
Total equity (9,360) (8,300)
Total liabilities and equity $143,075 $133,625
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Three months ended
March 31
(Dollars in millions) 2020 2019
Cash flows – operating activities:
Net (loss)/earnings ($641) $2,149
Adjustments to reconcile net earnings to net cash provided by operating activities:
Non-cash items –
Share-based plans expense 55 47
Depreciation and amortization 556 521
Investment/asset impairment charges, net 26 34
Customer financing valuation adjustments 249
Gain on dispositions, net (54) (108)
Other charges and credits, net 97 74
Changes in assets and liabilities –
Accounts receivable (54) 206
Unbilled receivables (402) (183)
Advances and progress billings 1,337 1,857
Inventories (2,973) (2,725)
Other current assets 328 164
Accounts payable (1,030) 1,624
Accrued liabilities (583) (919)
Income taxes receivable, payable and deferred (892) 116
Other long-term liabilities (69) (281)
Pension and other postretirement plans (179) (188)
Customer financing, net 23 152
Other 153 (1)
Net cash (used)/provided by operating activities (4,302) 2,788
Cash flows – investing activities:
Property, plant and equipment additions (428) (501)
Property, plant and equipment reductions 58 110
Acquisitions, net of cash acquired (276)
Contributions to investments (244) (457)
Proceeds from investments 227 366
Other 8 (9)
Net cash used by investing activities (379) (767)
Cash flows – financing activities:
New borrowings 17,433 5,237
Debt repayments (5,854) (4,374)
Contributions from noncontrolling interests 7
Stock options exercised 21 42
Employee taxes on certain share-based payment arrangements (162) (233)
Common shares repurchased (2,341)
Dividends paid (1,158) (1,161)
Net cash provided/(used) by financing activities 10,280 (2,823)
Effect of exchange rate changes on cash and cash equivalents, including restricted (47) 1
Net increase/(decrease) in cash & cash equivalents, including restricted 5,552 (801)
Cash & cash equivalents, including restricted, at beginning of year 9,571 7,813
Cash & cash equivalents, including restricted, at end of period 15,123 7,012
Less restricted cash & cash equivalents, included in Investments 84 176
Cash and cash equivalents at end of period $15,039 $6,836
The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Effective at the beginning of 2020, certain programs were realigned between
our Defense, Space & Security segment and Unallocated items, eliminations and
other. Business segment data for 2019 has been adjusted to reflect the
realignment.
Three months ended
March 31
(Dollars in millions) 2020 2019
Revenues:
Commercial Airplanes $6,205 $11,822
Defense, Space & Security 6,042 6,587
Global Services 4,628 4,619
Boeing Capital 65 66
Unallocated items, eliminations and other (32) (177)
Total revenues $16,908 $22,917
(Loss)/earnings from operations:
Commercial Airplanes ($2,068) $1,173
Defense, Space & Security (191) 852
Global Services 708 653
Boeing Capital 24 20
Segment operating (loss)/profit (1,527) 2,698
Unallocated items, eliminations and other (173) (712)
FAS/CAS service cost adjustment 347 364
(Loss)/earnings from operations (1,353) 2,350
Other income, net 112 106
Interest and debt expense (262) (123)
(Loss)/earnings before income taxes (1,503) 2,333
Income tax benefit/(expense) 862 (184)
Net (loss)/earnings ($641) $2,149
Less: Net loss attributable to noncontrolling interest (13)
Net (loss)/earnings attributable to Boeing Shareholders (628) 2,149
Research and development expense, net:
Commercial Airplanes $425 $564
Defense, Space & Security 163 184
Global Services 30 40
Other 54 78
Total research and development expense, net $672 $866
Unallocated items, eliminations and other:
Share-based plans ($18) ($14)
Deferred compensation 193 (102)
Amortization of previously capitalized interest (23) (24)
Customer financing impairment (250)
Research and development expense, net (54) (78)
Eliminations and other unallocated items (271) (244)
Sub-total (included in core operating earnings) (173) (712)
Pension FAS/CAS service cost adjustment 255 274
Postretirement FAS/CAS service cost adjustment 92 90
FAS/CAS service cost adjustment 347 364
Total $174 ($348)
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Deliveries Three months ended
March 31
Commercial Airplanes 2020 2019
737 5 89
747 — 2
767 10 12
777 6 10 (1)
787 29 36
Total 50 149
(Note: Aircraft accounted for as revenues by BCA and as operating leases in consolidation identified by parentheses)
Defense, Space & Security
AH-64 Apache (New) 2 6
AH-64 Apache (Remanufactured) 14 22
C-17 Globemaster III — —
C-40A — —
CH-47 Chinook (New) 9 7
CH-47 Chinook (Renewed) 1 4
F-15 Models — 4
F/A-18 Models 5 7
KC-46 Tanker 5 7
P-8 Models 3 3
Commercial and Civil Satellites — —
Military Satellites — —
Total backlog (Dollars in millions) March 31 2020 December 31 2019
Commercial Airplanes $351,778 $376,593
Defense, Space & Security 63,578 63,691
Global Services 22,747 22,902
Unallocated items, eliminations and other 491 217
Total backlog $438,594 $463,403
Contractual backlog $414,165 $436,473
Unobligated backlog 24,429 26,930
Total backlog $438,594 $463,403
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)/earnings per
share with the most directly comparable GAAP financial measures,
(loss)/earnings from operations, operating margin, and diluted (loss)/earnings
per share. See page 6 of this release for additional information on the use of
these non-GAAP financial measures.
(Dollars in millions, except per share data) First Quarter 2020 First Quarter 2019
$ millions Per Share $ millions Per Share
Revenues 16,908 22,917
(Loss)/earnings from operations (GAAP) (1,353) 2,350
Operating margin (GAAP) (8.0)% 10.3%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (255) (274)
Postretirement FAS/CAS service cost adjustment (92) (90)
FAS/CAS service cost adjustment (347) (364)
Core operating (loss)/earnings (non-GAAP) ($1,700) $1,986
Core operating margin (non-GAAP) (10.1)% 8.7%
Diluted (loss)/earnings per share (GAAP) ($1.11) $3.75
Pension FAS/CAS service cost adjustment ($255) (0.45) ($274) (0.48)
Postretirement FAS/CAS service cost adjustment (92) (0.16) (90) (0.16)
Non-operating pension expense (87) (0.16) (93) (0.16)
Non-operating postretirement expense 13 0.02 27 0.05
Provision for deferred income taxes on adjustments ( 1) 88 0.16 90 0.16
Subtotal of adjustments ($333) ($0.59) ($340) ($0.59)
Core (loss)/earnings per share (non-GAAP) ($1.70) $3.16
Weighted average diluted shares (in millions) 565.9 572.4
(1) The income tax impact is calculated using the U.S. corporate statutory tax rate.
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