Boeing Q1 2019 Earnings Highlights

by hyousef333


  • Engaging global regulators and customers on safe return to service of the 737 MAX
  • Revenue of $22.9 billion reflecting 149 commercial deliveries and higher defense and services volume
  • GAAP EPS of $3.75 and core EPS (non-GAAP)* of $3.16
  • Operating cash flow of $2.8 billion; paid $1.2 billion of dividends
  • Total backlog of $487 billion, including more than 5,600 commercial airplanes
  • Cash and marketable securities of $7.7 billion provide strong liquidity
  • Previously issued 2019 guidance does not reflect 737 MAX impacts; new guidance to be issued at a future dat

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

Commercial Airplanes

  • Q1 revenue was $11.8 billion reflecting lower 737 deliveries
  • Q1 operating margin was 9.9% reflecting lower 737 deliveries partially offset by a higher margin on the 787 program
  • Commercial Airplanes delivered 149 airplanes and the production rate for the 787 increased to 14 airplanes per month
  • Commercial Airplanes backlog remains healthy with over 5,600 airplanes valued at $399 billion.

Defense, Space & Security

  • Q1 revenue increased to $6.6 billion primarily driven by higher volume across satellites, weapons and surveillance aircraft partially offset by lower C-17 volume
  • Q1 operating margin increased to 12.8% reflecting a gain on sale of property partially offset by unfavorable mix
  • Defense, Space & Security booked orders valued at $12 billion during the quarter and backlog grew to $67 billion, of which 31% percent represents orders from customers outside the U.S.

Global Services

  • Global Services first-quarter revenue increased to $4.6 billion, primarily driven by higher volume across the portfolio including the acquisition of KLX
  • Q1 operating margin was 14.1% reflecting mix of products and services and less favorable performance