Boeing Reports Third Quarter Results

ARLINGTON, Va., Oct. 23, 2024 /PRNewswire/ --

Third Quarter 2024

    --  Financials reflect impacts of the International Association of
        Machinists and Aerospace Workers (IAM) work stoppage and previously
        announced charges on commercial and defense programs
    --  Revenue of $17.8 billion, GAAP loss per share of ($9.97) and core
        (non-GAAP)* loss per share of ($10.44)
    --  Operating cash flow of ($1.3) billion and free cash flow of ($2.0)
        billion (non-GAAP)*
    --  Total company backlog of $511 billion, including over 5,400 commercial
        airplanes




       
     
     Table 1. Summary Financial Results           Third Quarter                Nine Months



       
     
     (Dollars in Millions, except per share data)          2024 2023             Change     2024        2023 Change





       
     
     Revenues                                           $17,840        $18,104             (1) %    $51,275             $55,776  (8) %





       
     
     
                  GAAP

    ---


       
     
     Loss from operations                              ($5,761)        ($808)               NM   ($6,937)           ($1,056)    NM



       
     
     Operating margins                                   (32.3)         (4.5)               NM     (13.5)              (1.9)

                                                                     %             %                           %                  %    NM



       
     
     Net loss                                          ($6,174)      ($1,638)               NM   ($7,968)           ($2,212)    NM



       
     
     Basic loss per share                               ($9.97)       ($2.70)               NM   ($12.91)            ($3.64)    NM



       
     
     Operating cash flow                               ($1,345)           $22                NM   ($8,630)             $2,579     NM



       
     
     
                  Non-GAAP*

    ---


       
     
     Core operating loss                               ($5,989)      ($1,089)               NM   ($7,769)           ($1,919)    NM



       
     
     Core operating margins                              (33.6)         (6.0)               NM     (15.2)              (3.4)

                                                                     %             %                           %                  %    NM



       
     
     Core loss per share                               ($10.44)       ($3.26)               NM   ($14.52)            ($5.35)    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 $17.8 billion, GAAP loss per share of ($9.97) and core loss per share (non-GAAP)* of ($10.44) (Table 1) primarily reflecting impacts of the IAM work stoppage and previously announced charges on commercial and defense programs. Boeing reported operating cash flow of ($1.3) billion and free cash flow of ($2.0) billion (non-GAAP)*.

"It will take time to return Boeing to its former legacy, but with the right focus and culture, we can be an iconic company and aerospace leader once again," said Kelly Ortberg, Boeing President and Chief Executive Officer. "Going forward, we will be focused on fundamentally changing the culture, stabilizing the business, and improving program execution, while setting the foundation for the future of Boeing."





     
                
                  Table 2. Cash Flow  Third Quarter Nine Months



     
                
                  (Millions)                   2024         2023        2024        2023



     
                
                  Operating cash flow      ($1,345)                 $22       ($8,630)     $2,579



     Less additions to property, plant & equipment          ($611)              ($332)       ($1,582)   ($1,096)



     
                
                  Free cash flow*          ($1,956)              ($310)      ($10,212)     $1,483


     
     *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."

Operating cash flow was ($1.3) billion in the quarter reflecting lower commercial widebody deliveries, as well as unfavorable working capital timing, including the impact of the IAM work stoppage (Table 2).





     
     
     Table 3. Cash, Marketable Securities and Debt Balances     Quarter End



     
     
     (Billions)                                                 3Q 2024     2Q 2024



     
     
     Cash                                                             $10.0          $10.9


          Marketable securities
                
                
           
     1        $0.5     $1.7



     
     
     Total                                                            $10.5    $12.6





     
     
     Consolidated debt                                                $57.7    $57.9




     
     (1) Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."

Cash and investments in marketable securities totaled $10.5 billion, compared to $12.6 billion at the beginning of the quarter driven by free cash flow usage in the quarter (Table 3). In October, the company entered into a new $10.0 billion short-term credit facility and now has access to total credit facilities of $20.0 billion, which remain undrawn.

Total company backlog at quarter end was $511 billion.

Segment Results

Commercial Airplanes




          Table 4. Commercial Airplanes Third Quarter              Nine Months


          (Dollars in Millions)                  2024 2023           Change     2024        2023 Change





     
     
     Deliveries                              116          105              10 %        291                 371 (22) %





     
     
     Revenues                             $7,443       $7,876             (5) %    $18,099             $23,420 (23) %


          Loss from operations               ($4,021)      ($678)               NM   ($5,879)           ($1,676)    NM


          Operating margins                    (54.0)       (8.6)

                                                                                            %                  %
                                                    %           %               NM     (32.5)              (7.2)    NM

Commercial Airplanes third quarter revenue of $7.4 billion and operating margin of (54.0) percent reflect previously announced pre-tax charges of $3.0 billion on the 777X and 767 programs as well as the IAM work stoppage and higher period expense, including research and development (Table 4).

The 787 program is currently producing at 4 per month and maintains plans to return to 5 per month by year end. In the quarter, Commercial Airplanes booked 49 net orders and delivered 116 airplanes, with backlog of over 5,400 airplanes valued at $428 billion.

Defense, Space & Security




          Table 5. Defense, Space & Security Third Quarter              Nine Months



     
     
     (Dollars in Millions)                       2024 2023           Change    2024        2023 Change





     
     
     Revenues                                  $5,536       $5,481              1 %    $18,507             $18,187    2 %



     
     
     Loss from operations                    ($2,384)      ($924)              NM   ($3,146)           ($1,663)    NM



     
     
     Operating margins                         (43.1)      (16.9)

                                                                                                %                  %
                                                         %           %              NM     (17.0)              (9.1)    NM

Defense, Space & Security third quarter revenue of $5.5 billion and operating margin of (43.1) percent reflect the previously announced pre-tax charges of $2.0 billion on the T-7A, KC-46A Tanker, Commercial Crew, and MQ-25 programs. Results also reflect unfavorable performance on other programs.

During the quarter, Defense, Space & Security delivered the first production MH-139A to the U.S. Air Force and definitized a contract for two E-7A Wedgetails from the U.S. Air Force. Backlog at Defense, Space & Security was $62 billion, of which 28 percent represents orders from customers outside the U.S.

Global Services




     Table 6. Global Services                       Third Quarter                                                    Nine Months


     (Dollars in Millions)           2024         2023                Change             2024              2023                     Change




     Revenues                 $4,901       $4,812                 2 %            $14,835           $14,278                       4 %


     Earnings from operations   $834         $784                 6 %             $2,620            $2,487                       5 %


     Operating margins          17.0         16.3

                                                                                                 %                           %
                                         %           %                    0.7 pts           17.7                17.4                       0.3 pts

Global Services third quarter revenue of $4.9 billion and operating margin of 17.0 percent reflect higher commercial volume and mix.

During the quarter, Global Services secured agreements for Landing Gear Exchange Program and Integrated Material Management with All Nippon Airways and a KC-135 spares contract from the U.S. Air Force.

Additional Financial Information




                                  Table 7. Additional Financial Information     Third Quarter Nine Months



     
                
                  (Dollars in Millions)                                  2024         2023         2024        2023



     
                
                  Revenues



     Unallocated items, eliminations and other                                         ($40)               ($65)         ($166)      ($109)



     
                
                  Loss from operations



     Other unallocated items and eliminations                                         ($418)              ($271)       ($1,364)    ($1,067)



     FAS/CAS service cost adjustment                                                    $228                 $281            $832         $863



     
                
                  Other income, net                                      $265                 $297            $790         $919



     
                
                  Interest and debt expense                            ($728)              ($589)       ($1,970)    ($1,859)


                                                                            0.8       (48.9)


                                                                                            %                                  %           %

     
                
                  Effective tax rate                                                            %            1.8       (10.8)

Other unallocated items and eliminations primarily reflects timing of allocations.

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/(loss), Core Operating Margin and Core Earnings/(loss) Per Share

Core operating earnings/(loss) is defined as GAAP Earnings/(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 earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share excluding the net earnings/(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 earnings/(loss), core operating margin and core earnings/(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 of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12 and 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 for reconciliation of free cash flow to GAAP operating cash flow.

Boeing President and CEO Kelly Ortberg's prepared remarks for the third quarter results webcast can be accessed here:

https://investors.boeing.com/investors/events-presentations/event-details/2024/Q3-2024-The-Boeing-Company-Earnings-Conference-Call/default.aspx

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 other similar words or expressions, or the negative thereof, generally can be used to help 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, production quality issues, commercial airplane production rates, 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) our pending acquisition of Spirit AeroSystems Holdings, Inc. (Spirit), including the satisfaction of closing conditions in the expected timeframe or at all, (5) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (6) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (7) work stoppages or other labor disruptions; (8) competition within our markets; (9) our non-U.S. operations and sales to non-U.S. customers; (10) changes in accounting estimates; (11) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our pending acquisition of Spirit; (12) our dependence on U.S. government contracts; (13) our reliance on fixed-price contracts; (14) our reliance on cost-type contracts; (15) contracts that include in-orbit incentive payments; (16) unauthorized access to our, our customers' and/or our suppliers' information and systems; (17) 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; (18) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (19) potential environmental liabilities; (20) effects of climate change and legal, regulatory or market responses to such change; (21) credit rating agency actions and changes in our ability to obtain debt financing on commercially reasonable terms, at competitive rates and in sufficient amounts; (22) substantial pension and other postretirement benefit obligations; (23) the adequacy of our insurance coverage; and (24) customer and aircraft concentration in our customer financing portfolio.

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
                             BoeingInvestorRelations@boeing.com




     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)                 2024       2023             2024             2023



     Sales of products                                                                   $41,326      $46,661            $14,534            $15,060



     Sales of services                                                                     9,949        9,115              3,306              3,044



     
                
                  Total revenues                                           51,275       55,776             17,840             18,104





     Cost of products                                                                   (43,384)     (43,140)           (18,413)           (14,464)



     Cost of services                                                                    (8,293)     (7,609)           (2,934)           (2,475)



     
                
                  Total costs and expenses                               (51,677)     (50,749)           (21,347)           (16,939)


                                                                                            (402)       5,027            (3,507)             1,165



     Income/(loss) from operating investments, net                                            59           45               (15)                28



     General and administrative expense                                                  (3,623)     (3,633)           (1,085)           (1,043)



     Research and development expense, net                                               (2,976)     (2,496)           (1,154)             (958)



     Gain on dispositions, net                                                                 5            1



     
                
                  Loss from operations                                    (6,937)     (1,056)           (5,761)             (808)



     Other income, net                                                                       790          919                265                297



     Interest and debt expense                                                           (1,970)     (1,859)             (728)             (589)



     
                
                  Loss before income taxes                                (8,117)     (1,996)           (6,224)           (1,100)



     Income tax benefit/(expense)                                                            149        (216)                50              (538)



     
                
                  Net loss                                                (7,968)     (2,212)           (6,174)           (1,638)



     
                
                  Less: net loss attributable to noncontrolling interest     (16)        (13)               (4)               (2)



     
                
                  Net loss attributable to Boeing Shareholders           ($7,952)     ($2,199)           ($6,170)           ($1,636)



     
                
                  Basic loss per share                                   ($12.91)      ($3.64)           ($9.97)           ($2.70)



     
                
                  Diluted loss per share                                 ($12.91)      ($3.64)           ($9.97)           ($2.70)



     
                
                  Weighted average diluted shares (millions)                616.1        605.0              618.8              607.2



     
                The Boeing Company and Subsidiaries


     
                Consolidated Statements of Financial Position


     (Unaudited)





     
                
                  (Dollars in millions, except per share data)                          September 30 December 31
                                                                                                                2024         2023



     
                
                  Assets



     Cash and cash equivalents                                                                               $9,961      $12,691



     Short-term and other investments                                                                           509        3,274



     Accounts receivable, net                                                                                 2,894        2,649



     Unbilled receivables, net                                                                                9,356        8,317



     Current portion of financing receivables, net                                                              457           99



     Inventories                                                                                             83,341       79,741



     Other current assets, net                                                                                2,918        2,504



     
                
                  Total current assets                                                       109,436      109,275



     Financing receivables and operating lease equipment, net                                                   321          860



     Property, plant and equipment, net of accumulated depreciation of $22,923 and $22,245                   11,236       10,661



     Goodwill                                                                                                 8,112        8,093



     Acquired intangible assets, net                                                                          2,011        2,094



     Deferred income taxes                                                                                       44           59



     Investments                                                                                              1,030        1,035



     Other assets, net of accumulated amortization of $1,054 and $1,046                                       5,505        4,935



     
                
                  Total assets                                                              $137,695     $137,012



     
                
                  Liabilities and equity



     Accounts payable                                                                                       $12,267      $11,964



     Accrued liabilities                                                                                     22,628       22,331



     Advances and progress billings                                                                          57,931       56,328



     Short-term debt and current portion of long-term debt                                                    4,474        5,204



     
                
                  Total current liabilities                                                   97,300       95,827



     Deferred income taxes                                                                                      249          229



     Accrued retiree health care                                                                              2,121        2,233



     Accrued pension plan liability, net                                                                      6,097        6,516



     Other long-term liabilities                                                                              2,314        2,332



     Long-term debt                                                                                          53,176       47,103



     
                
                  Total liabilities                                                          161,257      154,240



     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                                                                              10,925       10,309



          Treasury stock, at cost - 394,465,404 and 402,746,136 shares                                     (48,564)    (49,549)



     Retained earnings                                                                                       19,299       27,251



     Accumulated other comprehensive loss                                                                  (10,273)    (10,305)



     
                
                  Total shareholders' deficit                                               (23,552)    (17,233)



     Noncontrolling interests                                                                                  (10)           5



     
                
                  Total equity                                                              (23,562)    (17,228)



     
                
                  Total liabilities and equity                                              $137,695     $137,012



              
                The Boeing Company and Subsidiaries


              
                Consolidated Statements of Cash Flows
    (Unaudited)




                                                                                                                                  Nine months ended
                                                                                                           September 30



              
                
                  (Dollars in millions)                                                  2024       2023



              
                
                  Cash flows - operating activities:



              Net loss                                                                                     ($7,968)    ($2,212)



              Adjustments to reconcile net loss to net cash (used)/provided by operating activities:



              Non-cash items -



              Share-based plans expense                                                                         310          548



              Treasury shares issued for 401(k) contribution                                                  1,315        1,204



              Depreciation and amortization                                                                   1,327        1,380



              Investment/asset impairment charges, net                                                           48           12



              Gain on dispositions, net                                                                         (5)         (1)



              777X and 767 reach-forward losses                                                               3,006



              Other charges and credits, net                                                                    270         (25)



              Changes in assets and liabilities -



              Accounts receivable                                                                             (275)       (523)



              Unbilled receivables                                                                          (1,042)       (547)



              Advances and progress billings                                                                  1,666        2,963



              Inventories                                                                                   (6,854)       (940)



              Other current assets                                                                             (26)         707



              Accounts payable                                                                                  122          982



              Accrued liabilities                                                                               327        (574)



              Income taxes receivable, payable and deferred                                                   (282)          73



              Other long-term liabilities                                                                     (228)       (254)



              Pension and other postretirement plans                                                          (736)       (785)



              Financing receivables and operating lease equipment, net                                          258          472



              Other                                                                                             137           99



              
                
                  Net cash (used)/provided by operating activities                  (8,630)       2,579



              
                
                  Cash flows - investing activities:



              Payments to acquire property, plant and equipment                                             (1,582)     (1,096)



              Proceeds from disposals of property, plant and equipment                                           46           19



              Acquisitions, net of cash acquired                                                               (50)        (19)



              Contributions to investments                                                                  (1,751)    (14,485)



              Proceeds from investments                                                                       4,546       10,497



              Supplier notes receivable                                                                       (494)       (162)



              Repayments on supplier notes receivable                                                            40



              Purchase of distribution rights                                                                  (88)



              Other                                                                                            (14)           5



              
                
                  Net cash provided/(used) by investing activities                      653      (5,241)



              
                
                  Cash flows - financing activities:



              New borrowings                                                                                 10,120           55



              Debt repayments                                                                               (4,824)     (5,181)



              Stock options exercised                                                                                      45



              Employee taxes on certain share-based payment arrangements                                       (73)        (52)



              Other                                                                                              15            2



              
                
                  Net cash provided/(used) by financing activities                    5,238      (5,131)



              Effect of exchange rate changes on cash and cash equivalents                                        8         (22)



              
                
                  Net decrease in cash & cash equivalents, including restricted     (2,731)     (7,815)



              Cash & cash equivalents, including restricted, at beginning of year                            12,713       14,647



              
                
                  Cash & cash equivalents, including restricted, at end of period     9,982        6,832



              Less restricted cash & cash equivalents, included in Investments                                   21           21



              
                
                  Cash & cash equivalents at end of period                           $9,961       $6,811



     
                The Boeing Company and Subsidiaries


     
                Summary of Business Segment Data


     (Unaudited)




                                                                                            Nine months ended              Three months ended
                                                                               September 30                   September 30



     
                
                  (Dollars in millions)                                                  2024                             2023           2024       2023



     Revenues:



     Commercial Airplanes                                                                            $18,099                                    $23,420         $7,443      $7,876



     Defense, Space & Security                                                                        18,507                                     18,187          5,536       5,481



     Global Services                                                                                  14,835                                     14,278          4,901       4,812



     Unallocated items, eliminations and other                                                         (166)                                     (109)          (40)       (65)



     
                
                  Total revenues                                                      $51,275                                    $55,776        $17,840     $18,104



     Loss from operations:



     Commercial Airplanes                                                                           ($5,879)                                  ($1,676)       ($4,021)      ($678)



     Defense, Space & Security                                                                       (3,146)                                   (1,663)       (2,384)      (924)



     Global Services                                                                                   2,620                                      2,487            834         784



     
                
                  Segment operating loss                                              (6,405)                                     (852)       (5,571)      (818)



     Unallocated items, eliminations and other                                                       (1,364)                                   (1,067)         (418)      (271)



     FAS/CAS service cost adjustment                                                                     832                                        863            228         281



     
                
                  Loss from operations                                                (6,937)                                   (1,056)       (5,761)      (808)



     Other income, net                                                                                   790                                        919            265         297



     Interest and debt expense                                                                       (1,970)                                   (1,859)         (728)      (589)



     
                
                  Loss before income taxes                                            (8,117)                                   (1,996)       (6,224)    (1,100)



     Income tax benefit/(expense)                                                                        149                                      (216)            50       (538)



     
                
                  Net loss                                                            (7,968)                                   (2,212)       (6,174)    (1,638)



     Less: net loss attributable to noncontrolling interest                                             (16)                                      (13)           (4)        (2)



     
                
                  Net loss attributable to Boeing Shareholders                       ($7,952)                                  ($2,199)       ($6,170)    ($1,636)



     
                
                  Research and development expense, net:



     Commercial Airplanes                                                                             $1,852                                     $1,538           $779        $623



     Defense, Space & Security                                                                           728                                        652            234         232



     Global Services                                                                                     103                                         84             36          30



     Other                                                                                               293                                        222            105          73



     
                
                  Total research and development expense, net                          $2,976                                     $2,496         $1,154        $958



     
                
                  Unallocated items, eliminations and other:



     Share-based plans                                                                                  $118                                      ($33)           $65          $5



     Deferred compensation                                                                             (100)                                      (71)          (51)         25



     Amortization of previously capitalized interest                                                    (70)                                      (71)          (24)       (24)



     Research and development expense, net                                                             (293)                                     (222)         (105)       (73)



     Eliminations and other unallocated items                                                        (1,019)                                     (670)         (303)      (204)



     
                
                  Sub-total (included in Core operating loss)                         (1,364)                                   (1,067)         (418)      (271)



     Pension FAS/CAS service cost adjustment                                                             608                                        663            148         218



     Postretirement FAS/CAS service cost adjustment                                                      224                                        200             80          63



     
                
                  FAS/CAS service cost adjustment                                         832                                        863           $228        $281



     
                
                  Total                                                                ($532)                                    ($204)        ($190)        $10



     
                The Boeing Company and Subsidiaries


     
                Operating and Financial Data


     (Unaudited)





     
                
                  Deliveries                                                                                                                         Nine months ended Three months ended
                                                                                                                                                  September 30 September 30



     Commercial Airplanes                                                                                  2024 2023 2024 2023



     737                                                                                                    229  286   92   70



     747                                                                                                          1



     767                                                                                                     15   17    6    8



     777                                                                                                     11   17    4    8



     787                                                                                                     36   50   14   19



     
                
                  Total                                                                      291  371  116  105








     Defense, Space & Security



     AH-64 Apache (New)                                                                                      10   17    7    5



     AH-64 Apache (Remanufactured)                                                                           24   38   11    9



     CH-47 Chinook (New)                                                                                      2    8        1



     CH-47 Chinook (Renewed)                                                                                  7    7    2    3



     F-15 Models                                                                                             10    6    3



     F/A-18 Models                                                                                            5   16    1    3



     KC-46 Tanker                                                                                            10    4    5    3



     MH-139                                                                                                   3    1    3    1



     P-8 Models                                                                                               4    7    1    2



          T-7A Red Hawk                                                                                       1    1    1    1



          Commercial Satellites                                                                                   3




                                  Total
                
                
                  
                    1            76  108   34   28



     
                (1) Deliveries of new-build production units, including remanufactures and modifications






                                  Total backlog 
                
                
                  (Dollars in
                                   millions)                                                                                    September 30 December 31
                                                                                                                                        2024         2023



     Commercial Airplanes                                                                                                          $427,733     $440,507



     Defense, Space & Security                                                                                                       61,621       59,012



     Global Services                                                                                                                 20,449       19,869



     Unallocated items, eliminations and other                                                                                          706          807



     
                
                  Total backlog                                                                                     $510,509     $520,195





     Contractual backlog                                                                                                           $489,325     $497,094



     Unobligated backlog                                                                                                             21,184       23,101



     
                
                  Total backlog                                                                                     $510,509     $520,195

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 of 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 2024           Third Quarter 2023


                                                                                
     
          
             $ millions Per Share                     
     $ millions Per Share



     
                
                  Revenues                                                            $17,840                                               $18,104



     
                
                  Loss from operations (GAAP)                                         (5,761)                                                (808)


                                                                                    (32.3)


                                                                                                                                                                 %

     
                
                  Operating margins (GAAP)                                                  %                                                (4.5)





     
                
                  FAS/CAS service cost adjustment:



       Pension FAS/CAS service cost adjustment                                                         (148)                                                (218)



       Postretirement FAS/CAS service cost adjustment                                                   (80)                                                 (63)



     
                
                  FAS/CAS service cost adjustment                                       (228)                                                (281)



     
                
                  Core operating loss (non-GAAP)                                     ($5,989)                                             ($1,089)


                                                                                    (33.6)


                                                                                                                                                                 %

     
                
                  Core operating margins (non-GAAP)                                         %                                                (6.0)





     
                
                  Diluted loss per share (GAAP)                                                 ($9.97)                                             ($2.70)



       Pension FAS/CAS service cost adjustment                                                        ($148)                      ($0.24)                           ($218)   ($0.36)



       Postretirement FAS/CAS service cost adjustment                                                             (80)                           (0.13)                         (63)    (0.10)



          Non-operating pension income                                                                 (123)                       (0.20)                            (134)    (0.23)



          Non-operating postretirement income                                                                     (18)                           (0.03)                         (15)    (0.02)



          Provision for deferred income taxes on adjustments (1)                                          77                          0.13                                90       0.15



     
                
                  Subtotal of adjustments                                              ($292)                      ($0.47)                           ($340)   ($0.56)



     
                
                  Core loss per share (non-GAAP)                                               ($10.44)                                             ($3.26)





     
                
                  Weighted average diluted shares (in millions)                                   618.8                                                607.2



     (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 of 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 2024           Nine Months 2023


                                                                                
     
          
           $ millions Per Share                   
     $ millions Per Share



     
                
                  Revenues                                                          $51,275                                             $55,776



     
                
                  Loss from operations (GAAP)                                       (6,937)                                            (1,056)


                                                                                    (13.5)


                                                                                                                                                             %

     
                
                  Operating margins (GAAP)                                                %                                              (1.9)





     
                
                  FAS/CAS service cost adjustment:



       Pension FAS/CAS service cost adjustment                                                       (608)                                              (663)



       Postretirement FAS/CAS service cost adjustment                                                (224)                                              (200)



     
                
                  FAS/CAS service cost adjustment                                     (832)                                              (863)



     
                
                  Core operating loss (non-GAAP)                                   ($7,769)                                           ($1,919)



     
                
                  Core operating margins (non-GAAP)                                  (15.2)                                              (3.4)


                                                                                                          %                                                  %





     
                
                  Diluted loss per share (GAAP)                                              ($12.91)                                            ($3.64)



       Pension FAS/CAS service cost adjustment                                                      ($608)                    ($0.99)                            ($663)   ($1.10)



       Postretirement FAS/CAS service cost adjustment                                                          (224)                         (0.36)                         (200)    (0.33)



          Non-operating pension income                                                               (368)                     (0.60)                             (402)    (0.66)



          Non-operating postretirement income                                                                   (55)                         (0.09)                          (44)    (0.07)



          Provision for deferred income taxes on adjustments (1)                                       264                        0.43                                275       0.45



     
                
                  Subtotal of adjustments                                            ($991)                    ($1.61)                          ($1,034)    ($1.71)



     
                
                  Core loss per share (non-GAAP)                                             ($14.52)                                            ($5.35)





     
                
                  Weighted average diluted shares (in millions)                                 616.1                                               605.0



     (1)
     
     The income tax impact is calculated using the U.S. corporate statutory tax rate
     .

View original content:https://www.prnewswire.com/news-releases/boeing-reports-third-quarter-results-302284461.html

SOURCE Boeing