Boeing Reports First-Quarter Results

CHICAGO, April 24, 2019 /PRNewswire/ —


  • 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 date








Table 1. Summary Financial Results



First Quarter





(Dollars in Millions, except per share data)



2019




2018




Change









Revenues



$22,917




$23,382




(2)%










GAAP








Earnings From Operations



$2,350




$2,875




(18)%



Operating Margin



10.3%




12.3%




(2.0) Pts



Net Earnings



$2,149




$2,477




(13)%



Earnings Per Share



$3.75




$4.15




(10)%



Operating Cash Flow



$2,788




$3,136




(11)%




Non-GAAP*








Core Operating Earnings



$1,986




$2,510




(21)%



Core Operating Margin



8.7%




10.7%




(2.0) Pts



Core Earnings Per Share



$3.16




$3.64




(13)%




*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
$22.9 billion, GAAP earnings per share of $3.75 and core earnings per
share (non-GAAP)* of $3.16, reflecting lower 737 deliveries partially
offset by higher defense and services volume (Table 1). Boeing generated
operating cash flow of $2.8 billion and paid $1.2 billion of
dividends.


The previously issued 2019 financial guidance does not reflect 737 MAX
impacts. 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. Boeing is making steady progress on the path to final
certification for a software update for the 737 MAX, with over 135 test
and production flights of the software update complete. The company
continues to work closely with global regulators and our airline partners
to comprehensively test the software and finalize a robust package of
training and educational resources.


“Across the company, we are focused on safety, returning the 737 MAX to
service, and earning and re-earning the trust and confidence of customers,
regulators and the flying public,” said Boeing Chairman, President and
Chief Executive Officer Dennis Muilenburg. “As we work through this
challenging time for our customers, stakeholders and the company, our
attention remains on driving excellence in quality and performance and
running a healthy sustained growth business built on strong,
long-term fundamentals.”


The quarter’s operating performance was highlighted by key defense wins,
strong commercial widebody performance and orders, continued robust
services growth, and receiving Embraer shareholder approval for the
proposed strategic partnership.







Table 2. Cash Flow



First Quarter



(Millions)



2019




2018



Operating Cash Flow



$2,788




$3,136


Less Additions to Property, Plant & Equipment



($501)




($394)



Free Cash Flow*



$2,287




$2,742




*Non-GAAP measure; complete definitions of Boeing’s
non-GAAP measures are on page 6, “Non-GAAP Measures
Disclosures.”



Operating cash flow was $2.8 billion in the quarter, primarily reflecting
lower 737 deliveries as well as timing of receipts and expenditures (Table
2). During the quarter, the company paid $1.2 billion in dividends,
reflecting a 20 percent increase in dividends per share compared to the
same period of the prior year. The company repurchased 6.1 million shares
for $2.3 billion in the quarter, all of which occurred prior to
mid-March.







Table 3. Cash, Marketable Securities and Debt Balances



Quarter-End



(Billions)



Q1 19




Q4 18



Cash



$6.8




$7.7



Marketable Securities

1



$0.9




$0.9



Total



$7.7




$8.6



Debt Balances:





The Boeing Company, net of intercompany loans to BCC



$12.6




$11.3


Boeing Capital, including intercompany loans



$2.1




$2.5



Total Consolidated Debt



$14.7




$13.8




1Marketable securities consists primarily of time deposits
due within one year classified as “short-term
investments.”


Cash and investments in marketable securities totaled $7.7 billion,
compared to $8.6 billion at the beginning of the quarter (Table 3). Debt
was $14.7 billion, up from $13.8 billion at the beginning of the quarter
primarily due to the issuance of new debt.

Total company backlog at quarter-end remained robust at $487 billion.



Segment Results


Commercial Airplanes









Table 4. Commercial Airplanes



First Quarter





(Dollars in Millions)



2019




2018




Change









Commercial Airplanes Deliveries



149




184




(19%)









Revenues



$11,822




$12,945




(9%)



Earnings from Operations



$1,173




$1,412




(17%)



Operating Margin



9.9%




10.9%




(1.0) Pts


Commercial Airplanes first-quarter revenue was $11.8 billion reflecting
lower 737 deliveries partially offset by favorable mix (Table 4).
First-quarter operating margin was 9.9 percent reflecting lower 737
deliveries partially offset by a higher margin on the 787 program. The
reported margin also reflects increased costs associated with the recent
737 production rate adjustment.


During the quarter, Commercial Airplanes delivered 149 airplanes and the
production rate for the 787 increased to 14 airplanes per month.
Commercial Airplanes captured several widebody orders during the quarter,
including orders for 18 777X airplanes for British Airways parent company
IAG, 20 787 airplanes for Lufthansa, and 10 787 airplanes for Bamboo
Airways. The first 777X flight test airplane rolled out of the factory,
and the program remains on track for flight testing this year and first
delivery in 2020.


Commercial Airplanes backlog remains healthy with over 5,600 airplanes
valued at $399 billion.


Defense, Space & Security









Table 5. Defense, Space & Security



First Quarter





(Dollars in Millions)



2019




2018




Change









Revenues



$6,611




$6,481




2%



Earnings from Operations



$847




$757




12%



Operating Margin



12.8%




11.7%




1.1 Pts


Defense, Space & Security first-quarter revenue increased to $6.6
billion primarily driven by higher volume across satellites, weapons and
surveillance aircraft partially offset by lower C-17 volume (Table 5).
First-quarter operating margin increased to 12.8 percent reflecting a gain
on sale of property partially offset by unfavorable mix.


During the quarter, Defense, Space & Security was awarded a multi-year
contract for 78 F/A-18 Super Hornets for the U.S. Navy as well as
contracts for 5 Extra Large Unmanned Undersea Vehicles for the U.S. Navy,
5 E-7 AEW&C aircraft for the U.K. Royal Air Force, and 19 P-8 Poseidon
aircraft for the U.S. Navy, Royal Norwegian Air Force* and U.K. Royal Air
Force*. Key milestones achieved during the quarter included completion of
the first Ground-based Midcourse Defense test with two interceptors,
successful environmental testing of the Commercial Crew spacecraft, and
the first flight of the SB>1 DEFIANT(TM) helicopter. Defense,
Space & Security also delivered the first 7 KC-46 Tankers to the U.S.
Air Force.


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.


*A previously issued version of this press release indicated that the
customers for this contract were the Royal Norwegian Navy and U.K Royal Navy.


Global Services









Table 6. Global Services



First Quarter





(Dollars in Millions)



2019




2018




Change









Revenues



$4,619




$3,950




17%



Earnings from Operations



$653




$647




1%



Operating Margin



14.1%




16.4%




(2.3) Pts


Global Services first-quarter revenue increased to $4.6 billion, primarily
driven by higher volume across the portfolio including the acquisition of
KLX (Table 6). First-quarter operating margin was 14.1 percent reflecting
mix of products and services and less favorable performance.


During the quarter, Global Services was awarded contracts for Performance
Based Logistics for V-22 for the U.S. Navy and P-8A training for the U.K.
Royal Air Force. Global Services captured an order for 10 737-800
converted freighters for GECAS, secured an agreement to optimize crew
operations for Royal Air Maroc, and expanded global distribution of
hardware and chemical products to Joramco. In addition, Global Services
completed the acquisition of ForeFlight, a leading provider of innovative
mobile and web-based aviation applications.


Additional Financial Information







Table 7. Additional Financial Information



First Quarter



(Dollars in Millions)



2019




2018



Revenues





Boeing Capital



$66




$65


Unallocated items, eliminations and other



($201)




($59)



Earnings from Operations





Boeing Capital



$20




$20


FAS/CAS service cost adjustment



$364




$365


Other unallocated items and eliminations



($707)




($326)



Other income, net



$106




$66



Interest and debt expense



($123)




($102)



Effective tax rate



7.9%




12.8%


At quarter-end, Boeing Capital’s net portfolio balance was $2.5 billion.
Revenue in other unallocated items and eliminations decreased 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 a customer financing impairment, higher deferred
compensation expense and increased enterprise research and development
investment. The effective tax rate for the first quarter decreased from
the same period in the prior year primarily due to a higher
foreign-derived intangible income benefit and higher excess tax benefits
related to share-based payments.



Outlook


The previously issued 2019 financial guidance does not reflect 737 MAX
impacts. 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.



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, Core Operating Margin and Core Earnings Per
Share


Core operating earnings is defined as GAAP
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
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 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 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 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 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
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 timing and conditions surrounding the return to
service of the 737 MAX fleet; (2) general conditions in the economy and
our industry, including those due to regulatory changes; (3) our reliance
on our commercial airline customers; (4) 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; (5) changing budget and appropriation levels and acquisition
priorities of the U.S. government; (6) our dependence on U.S. government
contracts; (7) our reliance on fixed-price contracts; (8) our reliance on
cost-type contracts; (9) uncertainties concerning contracts that include
in-orbit incentive payments; (10) our dependence on our subcontractors and
suppliers, as well as the availability of raw materials; (11) changes in
accounting estimates; (12) changes in the competitive landscape in our
markets; (13) our non-U.S. operations, including sales to non-U.S.
customers; (14) threats to the security of our or our customers’
information; (15) potential adverse developments in new or pending
litigation and/or government investigations; (16) customer and aircraft
concentration in our customer financing portfolio; (17) changes in our
ability to obtain debt on commercially reasonable terms and at competitive
rates; (18) realizing the anticipated benefits of mergers, acquisitions,
joint ventures/strategic alliances or divestitures; (19) the adequacy of
our insurance coverage to cover significant risk exposures; (20) potential
business disruptions, including those related to physical security
threats, information technology or cyber-attacks, epidemics, sanctions or
natural disasters; (21) work stoppages or other labor disruptions; (22)
substantial pension and other postretirement benefit obligations; and (23)
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:



Caroline Hutcheson (312) 544-2002



The Boeing Company and Subsidiaries



Consolidated Statements of Operations


(Unaudited)





Three months ended
March 31



(Dollars in millions, except per share data)



2019



2018


Sales of products




$20,225




$20,820


Sales of services



2,692



2,562



Total revenues



22,917



23,382






Cost of products



(16,238)



(16,816)


Cost of services



(2,389)



(1,992)


Boeing Capital interest expense



(18)



(16)



Total costs and expenses



(18,645)



(18,824)




4,272



4,558


Income from operating investments, net



20



74


General and administrative expense



(1,184)



(997)


Research and development expense, net



(866)



(764)


Gain on dispositions, net



108



4



Earnings from operations



2,350



2,875


Other income, net



106



66


Interest and debt expense



(123)



(102)



Earnings before income taxes



2,333



2,839


Income tax expense



(184)



(362)



Net earnings




$2,149




$2,477







Basic earnings per share




$3.79




$4.19







Diluted earnings per share




$3.75




$4.15







Weighted average diluted shares (millions)



572.4



597.2



The Boeing Company and Subsidiaries



Consolidated Statements of Financial Position


(Unaudited)




(Dollars in millions, except per share data)



March 31

2019



December 31

2018



Assets





Cash and cash equivalents




$6,836




$7,637


Short-term and other investments



893



927


Accounts receivable, net



3,669



3,879


Unbilled receivables, net



10,208



10,025


Current portion of customer financing, net



340



460


Inventories



65,369



62,567


Other current assets



2,194



2,335



Total current assets



89,509



87,830


Customer financing, net



2,236



2,418


Property, plant and equipment, net of accumulated
depreciation of $18,821 and $18,568



12,594



12,645


Goodwill



7,967



7,840


Acquired intangible assets, net



3,498



3,429


Deferred income taxes



281



284


Investments



1,183



1,087


Other assets, net of accumulated amortization of $544 and
$503



2,941



1,826



Total assets




$120,209




$117,359



Liabilities and equity





Accounts payable




$14,693




$12,916


Accrued liabilities



13,007



14,808


Advances and progress billings



52,534



50,676


Short-term debt and current portion of long-term debt



3,381



3,190



Total current liabilities



83,615



81,590


Deferred income taxes



1,656



1,736


Accrued retiree health care



4,535



4,584


Accrued pension plan liability, net



15,077



15,323


Other long-term liabilities



3,731



3,059


Long-term debt



11,363



10,657


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



6,573



6,768


Treasury stock, at cost – 448,849,765 and 444,619,970
shares



(54,630)



(52,348)


Retained earnings



58,090



55,941


Accumulated other comprehensive loss



(14,969)



(15,083)


Total shareholders’ equity



125



339


Noncontrolling interests



107



71



Total equity



232



410



Total liabilities and equity




$120,209




$117,359



The Boeing Company and Subsidiaries



Consolidated Statements of Cash Flows


(Unaudited)





Three months ended
March 31



(Dollars in millions)



2019



2018



Cash flows – operating activities:





Net earnings




$2,149




$2,477


Adjustments to reconcile net earnings to net cash provided by
operating activities:





Non-cash items –





Share-based plans expense



47



45


Depreciation and amortization



521



501


Investment/asset impairment charges, net



34



20


Customer financing valuation adjustments



249



(1)


Gain on dispositions, net



(108)



(4)


Other charges and credits, net



74



60


Changes in assets and liabilities –





Accounts receivable



206



92


Unbilled receivables



(183)



(1,628)


Advances and progress billings



1,857



1,917


Inventories



(2,725)



283


Other current assets



164



(103)


Accounts payable



1,624



591


Accrued liabilities



(919)



(1,337)


Income taxes receivable, payable and deferred



116



348


Other long-term liabilities



(281)



(243)


Pension and other postretirement plans



(188)



(50)


Customer financing, net



152



44


Other



(1)



124



Net cash provided by operating activities



2,788



3,136



Cash flows – investing activities:





Property, plant and equipment additions



(501)



(394)


Property, plant and equipment reductions



110



27


Acquisitions, net of cash acquired



(276)




Contributions to investments



(457)



(249)


Proceeds from investments



366



752


Purchase of distribution rights




(20)


Other



(9)



3



Net cash (used)/provided by investing activities



(767)



119



Cash flows – financing activities:





New borrowings



5,237



2,687


Debt repayments



(4,374)



(1,371)


Contributions from noncontrolling interests



7



20


Stock options exercised



42



51


Employee taxes on certain share-based payment
arrangements



(233)



(226)


Common shares repurchased



(2,341)



(3,000)


Dividends paid



(1,161)



(1,006)



Net cash used by financing activities



(2,823)



(2,845)


Effect of exchange rate changes on cash and cash equivalents,
including restricted



1



8



Net (decrease) / increase in cash & cash equivalents,
including restricted



(801)



418


Cash & cash equivalents, including restricted, at
beginning of year



7,813



8,887



Cash & cash equivalents, including restricted, at end
of period



7,012



9,305


Less restricted cash & cash equivalents, included in
Investments



176



70



Cash and cash equivalents at end of period




$6,836




$9,235


The Boeing Company and Subsidiaries

Summary of Business Segment Data
(Unaudited)


Effective at the beginning of 2019, all revenues and costs associated with
military derivative aircraft production are reported in the Defense, Space
& Security segment. Revenues and costs associated with military
derivative aircraft production were previously reported in the Commercial
Airplanes and Defense, Space & Security segments. Business segment
data for 2018 reflects the realignment for military derivative aircraft as
well as the realignment of certain programs from Defense, Space &
Security to Global Services.




Three months ended
March 31



(Dollars in millions)



2019



2018


Revenues:





Commercial Airplanes




$11,822




$12,945


Defense, Space & Security



6,611



6,481


Global Services



4,619



3,950


Boeing Capital



66



65


Unallocated items, eliminations and other



(201)



(59)



Total revenues




$22,917




$23,382


Earnings from operations:





Commercial Airplanes




$1,173




$1,412


Defense, Space & Security



847



757


Global Services



653



647


Boeing Capital



20



20



Segment operating profit



2,693



2,836


Unallocated items, eliminations and other



(707)



(326)


FAS/CAS service cost adjustment



364



365



Earnings from operations



2,350



2,875


Other income, net



106



66


Interest and debt expense



(123)



(102)



Earnings before income taxes



2,333



2,839


Income tax expense



(184)



(362)



Net earnings




$2,149




$2,477







Research and development expense, net:





Commercial Airplanes




$564




$549


Defense, Space & Security



188



183


Global Services



40



34


Other



74



(2)



Total research and development expense, net



$866




$764







Unallocated items, eliminations and other:





Share-based plans




($14)



($18)


Deferred compensation



(102)



(29)


Amortization of previously capitalized interest



(24)



(25)


Customer financing impairment



(250)




Research and development expense, net



(74)



2


Eliminations and other unallocated items



(243)



(256)



Sub-total (included in core operating earnings)



(707)



(326)


Pension FAS/CAS service cost adjustment



274



283


Postretirement FAS/CAS service cost adjustment



90



82



FAS/CAS service cost adjustment



364



365



Total




($343)




$39



The Boeing Company and Subsidiaries



Operating and Financial Data


(Unaudited)




Deliveries



Three months ended
March 31


Commercial Airplanes



2019



2018


737



89



132


747



2



2


767



12



4


777



10


(1)


12


787



36



34



Total



149



184



Note: Aircraft accounted for as revenues by BCA and as
operating leases in consolidation identified by
parentheses



Defense, Space & Security





AH-64 Apache (New)



6




AH-64 Apache (Remanufactured)



22



6


CH-47 Chinook (New)



7



4


CH-47 Chinook (Renewed)



4



4


F-15 Models



4



2


F/A-18 Models



7



5


KC-46 Tanker



7




P-8 Models



3



4


Commercial and Civil Satellites







Military Satellites










Total backlog
(Dollars in millions)




March 31

2019



December 31

2018


Commercial Airplanes



$399,371



$408,140


Defense, Space & Security



66,790



61,277


Global Services



20,688



21,064



Total backlog



$486,849



$490,481



Contractual backlog



$458,998



$462,070


Unobligated backlog



27,851



28,411



Total backlog



$486,849



$490,481


The Boeing Company and Subsidiaries

Reconciliation of Non-GAAP Measures
(Unaudited)


The tables provided below reconcile the non-GAAP financial measures core
operating earnings, core operating margin, and core earnings per share
with the most directly comparable GAAP financial measures, earnings from
operations, operating margin, and diluted 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 2019



First Quarter 2018




$ millions



Per Share



$ millions


Per Share



Revenues



22,917




23,382




Earnings from operations (GAAP)



2,350




2,875




Operating margin (GAAP)




10.3%





12.3%










FAS/CAS service cost adjustment:







Pension FAS/CAS service cost adjustment



(274)




(283)



Postretirement FAS/CAS service cost adjustment



(90)




(82)




FAS/CAS service cost adjustment



(364)




(365)




Core operating earnings (non-GAAP)




$1,986





$2,510




Core operating margin (non-GAAP)




8.7%





10.7%










Diluted earnings per share (GAAP)





$3.75





$4.15


Pension FAS/CAS service cost adjustment




($274)



(0.48)




($283)


(0.47)


Postretirement FAS/CAS service cost adjustment



(90)



(0.16)



(82)


(0.14)


Non-operating pension expense



(93)



(0.16)



(42)


(0.07)


Non-operating postretirement expense



27



0.05



24


0.04


Provision for deferred income taxes on adjustments 1



90



0.16



80


0.13



Subtotal of adjustments




($340)




($0.59)




($303)



($0.51)



Core earnings per share (non-GAAP)





$3.16





$3.64









Weighted average diluted shares (in millions)




572.4




597.2





1

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

.


Cision
View original content:http://www.prnewswire.com/news-releases/boeing-reports-first-quarter-results-300837297.html

SOURCE Boeing

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