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
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