TIDMBOE
Boeing Reports Strong Third-Quarter Results; Raises Revenue, EPS and Cash Flow
Guidance
=- Core EPS (non-GAAP)* rose 18 percent to $2.52 on strong operating
performance; GAAP EPS of $2.47
=- Revenue increased 9 percent to $25.8 billion reflecting record commercial
deliveries
=- Strong operating cash flow of $2.9 billion on higher volume
=- Backlog remains strong at $485 billion with nearly 5,700 commercial airplane
orders
=- Repurchased 11 million shares for $1.5 billion in the quarter and 41 million
shares for $6 billion YTD
=- 2015 Core EPS (non-GAAP)* guidance increased $0.25 to between $7.95 and
$8.15
CHICAGO, Oct. 21, 2015 --
Table 1. Summary Financial Third Quarter Nine months
Results
(Dollars in Millions, 2015 2014 Change 2015 2014 Change
except per share data)
Revenues $25,849 $23,784 9% $72,541 $66,294 9%
Non-GAAP*
Core Operating Earnings $2,637 $2,430 9% $6,482 $6,516 (1)%
Core Operating Margin 10.2% 10.2% 0.0 Pts 8.9% 9.8% (0.9) Pts
Core Earnings Per Share $2.52 $2.14 18% $6.11 $6.30 (3)%
Operating Cash Flow Before $2,899 $1,689 72% $6,284 $4,610 36%
Pension Contributions
GAAP
Earnings From Operations $2,580 $2,119 22% $6,282 $5,448 15%
Operating Margin 10.0% 8.9% 1.1 Pts 8.7% 8.2% 0.5 Pts
Net Earnings $1,704 $1,362 25% $4,150 $3,980 4%
Earnings Per Share $2.47 $1.86 33% $5.92 $5.36 10%
Operating Cash Flow $2,859 $939 204% $6,244 $3,860 62%
* Non-GAAP measures. Complete definitions of Boeing's non-GAAP measures are on
page 6, "Non-GAAP Measures Disclosures."
The Boeing Company [NYSE: BA] reported third-quarter revenue increased 9
percent to $25.8 billion on record commercial deliveries (Table 1). Core
earnings per share (non-GAAP) for the quarter increased 18 percent* to $2.52,
reflecting strong performance across the company, and GAAP earnings per share
was $2.47.
Core earnings per share (non-GAAP)* guidance for 2015 increased to between
$7.95 and $8.15, from $7.70 and $7.90 on continued strong operating
performance. GAAP earnings per share guidance for 2015 increased to between
$7.65 and $7.85, from $7.60 and $7.80. Operating cash flow guidance increased
to approximately $9.5 billion. Revenue guidance increased $0.5 billion to
between $95.0 billion and $97.0 billion on higher commercial airplane
deliveries. Defense, Space & Security operating margin guidance increased to
approximately 10 percent.
"By continuing to profitably deliver on our large and diverse backlog, we are
driving strong growth in revenue, earnings and cash flow," said Boeing
President and Chief Executive Officer Dennis Muilenburg. "Solid operating
performance across our commercial and defense businesses during the quarter
also supported our continued investment in innovation and our people, and our
commitment to return cash to shareholders."
"Three quarters of solid results and confidence in our continued operating
performance enabled us to raise our revenue, earnings per share and operating
cash flow guidance for the year. Looking ahead, our teams remain focused on
improving productivity and quality and delivering improved capabilities to meet
our customers' expectations."
Table 2. Cash Flow Third Quarter Nine months
(Millions) 2015 2014 2015 2014
Operating Cash Flow Before Pension $2,899 $1,689 $6,284 $4,610
Contributions*
Pension Contributions ($40) ($750) ($40) ($750)
Operating Cash Flow $2,859 $939 $6,244 $3,860
Less Additions to Property, Plant & ($561) ($622) ($1,827) ($1,568)
Equipment
Free Cash Flow* $2,298 $317 $4,417 $2,292
Operating cash flow in the quarter was $2.9 billion, reflecting commercial
airplane production rates and strong operating performance (Table 2). During
the quarter, the company repurchased 11 million shares for $1.5 billion,
leaving $6.0 billion remaining under the current repurchase authorization. Year
to date, the company repurchased 41 million shares for $6.0 billion. The
company also paid $0.6 billion in dividends in the quarter, reflecting an
approximately 25 percent increase in dividends per share compared to the same
period of the prior year.
Table 3. Cash, Quarter-End
Marketable Securities
and Debt Balances
(Billions) Q3 15 Q2 15
Cash $9.4 $9.1
Marketable Securities1 $0.5 $0.5
Total $9.9 $9.6
Debt Balances:
The Boeing Company, net $6.6 $6.6
of intercompany loans to
BCC
Boeing Capital, $2.4 $2.4
including intercompany
loans
Total Consolidated Debt $9.0 $9.0
1 Marketable securities consists primarily of time
deposits due within one year classified as
"short-term investments."
Cash and investments in marketable securities totaled $9.9 billion, up from
$9.6 billion at the beginning of the quarter. Debt was $9.0 billion, unchanged
from the beginning of the quarter (Table 3).
Total company backlog at quarter-end was $485 billion, down from $489 billion
at the beginning of the quarter, and included net orders for the quarter of $22
billion.
Segment Results
Commercial Airplanes
Table 4. Third Quarter Nine months
Commercial
Airplanes
(Dollars in 2015 2014 Change 2015 2014 Change
Millions)
Commercial 199 186 7% 580 528 10%
Airplanes
Deliveries
Revenues $17,692 $16,110 10% $49,950 $43,151 16%
Earnings from $1,768 $1,797 (2)% $4,591 $4,849 (5) %
Operations
Operating Margin 10.0% 11.2% (1.2) Pts 9.2% 11.2% (2.0) Pts
Commercial Airplanes third-quarter revenue increased 10 percent to $17.7
billion on higher delivery volume and mix (Table 4). Third-quarter operating
margin was 10 percent, reflecting higher R&D and the dilutive impact of higher
787 deliveries partially offset by strong performance on production programs.
During the quarter, the company began final assembly and achieved power-on of
the first 737 MAX airplane. In total, the 737 program has won nearly 2,900 firm
orders for the 737 MAX since launch. Also during the quarter, the company
completed firm configuration for the 777X. The 777X program is on schedule for
first delivery in 2020.
Commercial Airplanes booked 166 net orders during the quarter. Backlog remains
strong with nearly 5,700 airplanes valued at $426 billion.
Defense, Space & Security
Table 5. Defense, Space & Third Quarter Nine months
Security
(Dollars in Millions) 2015 2014 Change 2015 2014 Change
Revenues1
Boeing Military Aircraft $4,051 $3,534 15% $10,283 $10,509 (2)%
Network & Space Systems $2,127 $2,027 5% $5,797 $5,823 0%
Global Services & Support $2,172 $2,352 (8)% $6,523 $6,961 (6)%
Total BDS Revenues $8,350 $7,913 6% $22,603 $23,293 (3)%
Earnings from Operations1
Boeing Military Aircraft $496 $439 13% $880 $935 (6)%
Network & Space Systems $245 $189 30% $563 $507 11%
Global Services & Support $281 $228 23% $868 $774 12%
Total BDS Earnings from $1,022 $856 19% $2,311 $2,216 4%
Operations
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Operating Margin 12.2% 10.8% 1.4 Pts 10.2% 9.5% 0.7 Pts
1 During the first quarter of 2015, certain programs were realigned between
Boeing Military Aircraft and Global Services & Support.
Defense, Space & Security's third-quarter revenue was $8.4 billion with an
operating margin of 12.2 percent (Table 5).
Boeing Military Aircraft (BMA) third-quarter revenue increased 15 percent to
$4.1 billion primarily as a result of F-15 contract negotiations and BMA
operating margin was 12.2 percent. During the quarter, BMA was awarded
contracts for 13 P-8A Poseidon aircraft, 22 Apache helicopters, and 15 Chinook
helicopters. Also during the quarter, the company and the U.S. Air Force team
completed the first flight of a KC-46A tanker aircraft.
Network & Space Systems (N&SS) third-quarter revenue was $2.1 billion,
reflecting higher volume on the Commercial Crew program. Operating margin
increased to 11.5 percent, reflecting favorable program mix. During the
quarter, NASA extended Boeing's international space station contract.
Global Services & Support (GS&S) third-quarter revenue decreased to $2.2
billion, reflecting the timing of Airborne Early Warning and Control
deliveries. Operating margin increased to 12.9 percent on strong performance.
During the quarter, GS&S was awarded a contract to develop and provide the
next-generation communications system for the Australian Defence Force.
Backlog at Defense, Space & Security was $59 billion, of which 40 percent
represents orders from international customers.
Additional Financial Information
Table 6. Additional Financial Third Quarter Nine months
Information
(Dollars in Millions) 2015 2014 2015 2014
Revenues
Boeing Capital $114 $91 $315 $263
Unallocated items, eliminations ($307) ($330) ($327) ($413)
and other
Earnings from Operations
Boeing Capital $10 ($11) $41 $66
Unallocated pension/ ($57) ($311) ($200) ($1,068)
postretirement
Other unallocated items and ($163) ($212) ($461) ($615)
eliminations
Other (loss)/income, net ($26) ($9) ($23) $11
Interest and debt expense ($67) ($79) ($203) ($252)
Effective tax rate 31.5% 32.9% 31.5% 23.6%
At quarter-end, Boeing Capital's net portfolio balance was $3.4 billion, up
from $3.3 billion at the beginning of the quarter. Total pension expense for
the third quarter was $529 million, down from $715 million in the same period
of the prior year.
Outlook
The company's updated 2015 financial and delivery guidance (Table 7) reflects
continued strong performance across the company.
Table 7. 2015 Current Prior
Financial Outlook
(Dollars in Billions, Guidance Guidance
except per share data)
The Boeing Company
Revenue $95.0 - 97.0 $94.5 - 96.5
Core Earnings Per $7.95 - 8.15 $7.70 - 7.90
Share*
GAAP Earnings Per $7.65 - 7.85 $7.60 - 7.80
Share
Operating Cash Flow $9.5 > $9
Commercial Airplanes
Deliveries 755 - 760 750 - 755
Revenue $65.0 - 66.0 $64.5 - 65.5
Operating Margin 9.0% 9.0%
Defense, Space &
Security
Revenue
Boeing Military $13.0 $12.5
Aircraft
Network & Space $7.5 $8.0
Systems
Global Services & $9.5 $9.5
Support
Total BDS Revenue $29.5 - 30.5 $29.5 - 30.5
Operating Margin
Boeing Military 8.5% 8%
Aircraft
Network & Space 9.5% 9.0%
Systems
Global Services & 12.0% 11.5%
Support
Total BDS Operating 10% 9.5%
Margin
Boeing Capital
Portfolio Size Stable Stable
Revenue $0.3 $0.3
Pre-Tax Earnings $0.05 $0.05
Research & Development $3.4 $3.5
Capital Expenditures $2.8 $2.8
Pension Expense 1 $2.4 $2.1
Effective Tax Rate 2 29.0% 29.0%
1 Approximately $0.5 billion is expected to be recorded in
unallocated items and eliminations
2 Assumes the extension of the research and development
tax credit
* Non-GAAP measures. Complete definitions of Boeing's
non-GAAP measures are on page 6, "Non-GAAP Measures
Disclosures."
Non-GAAP Measures Disclosures
We supplement the reporting of our financial information determined under U.S.
generally accepted accounting principles (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, Core Operating Margin and Core Earnings Per Share
Core operating earnings is defined as GAAP earnings from operations excluding
unallocated pension and post-retirement expense. Core operating margin is
defined as core operating earnings expressed as a percentage of revenue. Core
earnings per share is defined as GAAP diluted earnings per share excluding the
net earnings per share impact of unallocated pension and post-retirement
expense. Unallocated pension and post-retirement expense represents the portion
of pension and other post-retirement costs that are not recognized by business
segments for segment reporting purposes. Management uses core operating
earnings, core operating margin and core earnings per share for purposes of
evaluating and forecasting underlying business performance. Management believes
these core earnings measures provide investors additional insights into
operational performance as they exclude unallocated 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.
Operating Cash Flow Before Pension Contributions
Operating cash flow before pension contributions is defined as GAAP operating
cash flow without pension contributions. Management believes operating cash
flow before pension contributions provides additional insights into underlying
business performance. Management uses operating cash flow before pension
contributions as a measure to assess both business performance and overall
liquidity. Table 2 provides a reconciliation between GAAP operating cash flow
and operating cash flow before pension contributions.
Free Cash Flow
Free cash flow is defined as GAAP operating cash flow without capital
expenditures for property, plant and equipment additions. 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 between GAAP operating cash flow and free 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 are used to 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 our current expectations
and assumptions, which 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
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aircraft production system, planned production rate increases across multiple
commercial airline programs, our commercial development and derivative aircraft
programs, and our aircraft being subject to stringent performance and
reliability standards; (4) changing budget and appropriation levels and
acquisition priorities of the U.S. government; (5) our dependence on U.S.
government contracts; (6) our reliance on fixed-price contracts; (7) our
reliance on cost-type contracts; (8) uncertainties concerning contracts that
include in-orbit incentive payments; (9) our dependence on our subcontractors
and suppliers, as well as the availability of raw materials, (10) changes in
accounting estimates; (11) changes in the competitive landscape in our markets;
(12) our non-U.S. operations, including sales to non-U.S. customers; (13)
potential adverse developments in new or pending litigation and/or government
investigations; (14) customer and aircraft concentration in Boeing Capital's
customer financing portfolio; (15) changes in our ability to obtain debt on
commercially reasonable terms and at competitive rates in order to fund our
operations and contractual commitments; (16) realizing the anticipated benefits
of mergers, acquisitions, joint ventures/strategic alliances or divestitures;
(17) the adequacy of our insurance coverage to cover significant risk
exposures; (18) potential business disruptions, including those related to
physical security threats, information technology or cyber-attacks, epidemics,
sanctions or natural disasters; (19) work stoppages or other labor disruptions;
(20) significant changes in discount rates and actual investment return on
pension assets; (21) potential environmental liabilities; and (22) threats to
the security of our or our customers' information.
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: Troy Lahr or Rob Martin
(312) 544-2140
Communications: Bernard Choi (312)
544-2002
The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Nine months ended Three months ended
September 30 September 30
(Dollars in millions, except 2015 2014 2015 2014
per share data)
Sales of products $64,408 $58,920 $23,000 $21,378
Sales of services 8,133 7,374 2,849 2,406
Total revenues 72,541 66,294 25,849 23,784
Cost of products (55,020) (50,023) (19,393) (18,091)
Cost of services (6,377) (5,965) (2,191) (1,966)
Boeing Capital interest (49) (53) (16) (18)
expense
Total costs and expenses (61,446) (56,041) (21,600) (20,075)
11,095 10,253 4,249 3,709
Income from operating 207 212 78 92
investments, net
General and administrative (2,594) (2,727) (889) (932)
expense
Research and development (2,426) (2,292) (857) (750)
expense, net
Gain/(loss) on dispositions, 2 (1)
net
Earnings from operations 6,282 5,448 2,580 2,119
Other (loss)/income, net (23) 11 (26) (9)
Interest and debt expense (203) (252) (67) (79)
Earnings before income taxes 6,056 5,207 2,487 2,031
Income tax expense (1,906) (1,227) (783) (669)
Net earnings $4,150 $3,980 $1,704 $1,362
Basic earnings per share $5.99 $5.43 $2.50 $1.88
Diluted earnings per share $5.92 $5.36 $2.47 $1.86
Cash dividends paid per share $2.73 $2.19 $0.91 $0.73
Weighted average diluted 700.9 742.3 689.0 731.9
shares (millions)
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data) September 30 December 31
2015 2014
Assets
Cash and cash equivalents $9,383 $11,733
Short-term and other investments 474 1,359
Accounts receivable, net 8,854 7,729
Current portion of customer financing, net 227 190
Deferred income taxes 14 18
Inventories, net of advances and progress 48,624 46,756
billings
Total current assets 67,576 67,785
Customer financing, net 3,231 3,371
Property, plant and equipment, net of 11,614 11,007
accumulated depreciation of $16,188 and $15,689
Goodwill 5,122 5,119
Acquired intangible assets, net 2,706 2,869
Deferred income taxes 6,146 6,576
Investments 1,277 1,154
Other assets, net of accumulated amortization 1,326 1,317
of $441 and $479
Total assets $98,998 $99,198
Liabilities and equity
Accounts payable $11,777 $10,667
Accrued liabilities 12,770 13,343
Advances and billings in excess of related 23,442 23,175
costs
Deferred income taxes and income taxes payable 9,205 8,603
Short-term debt and current portion of 614 929
long-term debt
Total current liabilities 57,808 56,717
Accrued retiree health care 6,746 6,802
Accrued pension plan liability, net 17,795 17,182
Non-current income taxes payable 378 358
Other long-term liabilities 1,083 1,208
Long-term debt 8,402 8,141
Shareholders' equity:
Common stock, par value $5.00 - 1,200,000,000 5,061 5,061
shares authorized; 1,012,261,159 shares issued
Additional paid-in capital 4,771 4,625
Treasury stock, at cost - 341,300,206 and (28,898) (23,298)
305,533,606 shares
Retained earnings 39,069 36,180
Accumulated other comprehensive loss (13,263) (13,903)
Total shareholders' equity 6,740 8,665
Noncontrolling interests 46 125
Total equity 6,786 8,790
Total liabilities and equity $98,998 $99,198
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Nine months ended
September 30
(Dollars in millions) 2015 2014
Cash flows - operating activities:
Net earnings $4,150 $3,980
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Non-cash items -
Share-based plans expense 141 152
Depreciation and amortization 1,349 1,378
Investment/asset impairment charges, net 124 140
Customer financing valuation benefit (3) (26)
Gain on dispositions, net (2)
Other charges and credits, net 230 145
Excess tax benefits from share-based payment (139) (104)
arrangements
Changes in assets and liabilities -
Accounts receivable (1,202) (1,385)
Inventories, net of advances and progress (2,186) (4,425)
billings
Accounts payable 1,058 1,819
Accrued liabilities (196) (1,054)
Advances and billings in excess of related 270 1,100
costs
Income taxes receivable, payable and deferred 824 887
Other long-term liabilities 40 (42)
Pension and other postretirement plans 1,837 746
Customer financing, net 45 494
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Other (98) 57
Net cash provided by operating activities 6,244 3,860
Cash flows - investing activities:
Property, plant and equipment additions (1,827) (1,568)
Property, plant and equipment reductions 24 27
Acquisitions, net of cash acquired (23) (163)
Contributions to investments (1,341) (7,874)
Proceeds from investments 2,169 10,608
Other 33 4
Net cash (used)/provided by investing (965) 1,034
activities
Cash flows - financing activities:
New borrowings 761 105
Debt repayments (864) (910)
Repayments of distribution rights and other (184)
asset financing
Stock options exercised 331 293
Excess tax benefits from share-based payment 139 104
arrangements
Employee taxes on certain share-based payment (93) (94)
arrangements
Common shares repurchased (6,001) (5,000)
Dividends paid (1,882) (1,596)
Other (12)
Net cash used by financing activities (7,609) (7,294)
Effect of exchange rate changes on cash and (20) (33)
cash equivalents
Net decrease in cash and cash equivalents (2,350) (2,433)
Cash and cash equivalents at beginning of year 11,733 9,088
Cash and cash equivalents at end of period $9,383 $6,655
The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Nine months ended Three months ended
September 30 September 30
(Dollars in millions) 2015 2014 2015 2014
Revenues:
Commercial Airplanes $49,950 $43,151 $17,692 $16,110
Defense, Space & Security:
Boeing Military Aircraft 10,283 10,509 4,051 3,534
Network & Space Systems 5,797 5,823 2,127 2,027
Global Services & Support 6,523 6,961 2,172 2,352
Total Defense, Space & 22,603 23,293 8,350 7,913
Security
Boeing Capital 315 263 114 91
Unallocated items, (327) (413) (307) (330)
eliminations and other
Total revenues $72,541 $66,294 $25,849 $23,784
Earnings from operations:
Commercial Airplanes $4,591 $4,849 $1,768 $1,797
Defense, Space & Security:
Boeing Military Aircraft 880 935 496 439
Network & Space Systems 563 507 245 189
Global Services & Support 868 774 281 228
Total Defense, Space & 2,311 2,216 1,022 856
Security
Boeing Capital 41 66 10 (11)
Unallocated items, (661) (1,683) (220) (523)
eliminations and other
Earnings from operations 6,282 5,448 2,580 2,119
Other (loss)/income, net (23) 11 (26) (9)
Interest and debt expense (203) (252) (67) (79)
Earnings before income 6,056 5,207 2,487 2,031
taxes
Income tax expense (1,906) (1,227) (783) (669)
Net earnings $4,150 $3,980 $1,704 $1,362
Research and development
expense, net:
Commercial Airplanes $1,713 $1,422 $616 $452
Defense, Space & Security 715 866 241 289
Other (2) 4 9
Total research and $2,426 $2,292 $857 $750
development expense, net
Unallocated items,
eliminations and other:
Share-based plans ($57) ($66) ($20) ($22)
Deferred compensation (10) (22) 38 (3)
Amortization of previously (70) (55) (21) (19)
capitalized interest
Total Other and (324) (472) (160) (168)
Eliminations
Sub-total (included in core (461) (615) (163) (212)
operating earnings)
Pension (293) (1,135) (84) (331)
Postretirement 93 67 27 20
Total unallocated items, ($661) ($1,683) ($220) ($523)
eliminations and other
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Deliveries Nine months ended Three months
September 30 ended
September 30
Commercial Airplanes 2015 2014 2015 2014
737 375 359 126 120
747 13 (1) 12 (2) 4 (1) 6 (2)
767 14 3 5 2
777 77 75 27 27
787 101 79 37 31
Total 580 528 199 186
Note: Deliveries under operating lease are identified by
parentheses.
Defense, Space & Security
Boeing Military Aircraft
AH-64 Apache (New) 18 30 6 11
AH-64 Apache 33 33 10 8
(Remanufactured)
C-17 Globemaster III 5 7 2 2
CH-47 Chinook (New) 35 46 14 14
CH-47 Chinook (Renewed) 6 1
F-15 Models 8 10 3 2
F/A-18 Models 28 36 8 13
P-8 Models 10 6 4 4
Global Services & Support
AEW&C 3 1
C-40A 1
Network & Space Systems
Commercial and Civil 1 3 1
Satellites
Military Satellites 1
Contractual backlog September 30 June 30 March 31 December 31
(Dollars in billions) 2015 2015 2015 2014
Commercial Airplanes $426.0 $430.8 $435.0 $440.1
Defense, Space &
Security:
Boeing Military 21.2 22.8 21.3 21.1
Aircraft
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