Boeing Reports Second Quarter Results

ARLINGTON, Va., July 26, 2023 /PRNewswire/ —

Second Quarter 2023

Transitioning 737 production to 38 per month; increased 787 production to four per month
Revenue increased to $19.8 billion primarily reflecting 136 commercial deliveries
Operating cash flow of $2.9 billion and free cash flow of $2.6 billion (non-GAAP); cash and marketable securities of $13.8 billion
Total company backlog of $440 billion, including over 4,800 commercial airplanes
Reaffirm guidance: $4.5-$6.5 billion of operating cash flow and $3.0-$5.0 billion of free cash flow (non-GAAP)

Table 1. Summary Financial Results

Second Quarter

First Half

(Dollars in Millions, except per share data)

2023

2022

Change

2023

2022

Change

Revenues

$19,751

$16,681

18 %

$37,672

$30,672

23 %

GAAP

(Loss)/earnings from operations

($99)

$780

NM

($248)

($382)

NM

Operating margins

(0.5)

%

4.7

%

NM

(0.7)

%

(1.2)

%

NM

Net (loss)/earnings

($149)

$160

NM

($574)

($1,082)

NM

(Loss)/earnings per share

($0.25)

$0.32

NM

($0.93)

($1.73)

NM

Operating cash flow

$2,875

$81

NM

$2,557

($3,135)

NM

Non-GAAP*

Core operating (loss)/earnings

($390)

$496

NM

($830)

($949)

NM

Core operating margins

(2.0)

%

3.0

%

NM

(2.2)

%

(3.1)

%

NM

Core loss per share

($0.82)

($0.37)

NM

($2.08)

($3.11)

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 second quarter revenue of $19.8 billion, GAAP loss per share of ($0.25) and core loss per share (non-GAAP)* of ($0.82) (Table 1). Second quarter results reflect higher commercial volume and lower defense margins. Boeing generated operating cash flow of $2.9 billion and free cash flow of $2.6 billion (non-GAAP).

“We had a solid second quarter with improved deliveries and strong free cash flow generation. We are well positioned to meet the operational and financial goals we set for this year and for the long term,” said Dave Calhoun, Boeing president and chief executive officer. “While we have more work ahead, we are making progress in our recovery and driving stability in our factories and the supply chain to meet our customer commitments. With demand strong, we’re steadily increasing our production rates across key programs and growing investments in our people, products and technologies.”

Table 2. Cash Flow

Second Quarter

First Half

(Millions)

2023

2022

2023

2022

Operating cash flow

$2,875

$81

$2,557

($3,135)

Less additions to property, plant & equipment

($296)

($263)

($764)

($612)

Free cash flow*

$2,579

($182)

$1,793

($3,747)

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

Operating cash flow was $2.9 billion in the quarter reflecting higher commercial deliveries and favorable receipt timing (Table 2).

Table 3. Cash, Marketable Securities and Debt Balances

Quarter End

(Billions)

Q2 23

Q1 23

Cash

$7.3

$10.8

Marketable securities1

$6.5

$4.0

Total

$13.8

$14.8

Consolidated debt

$52.3

$55.4

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

Cash and investments in marketable securities totaled $13.8 billion, compared to $14.8 billion at the beginning of the quarter (Table 3). Debt was $52.3 billion, down from $55.4 billion at the beginning of the quarter due to the pay down of maturing debt. The company maintains access to credit facilities of $12.0 billion, which remain undrawn.

Total company backlog at quarter end was $440 billion.

Segment Results

Commercial Airplanes

Table 4. Commercial Airplanes

Second Quarter

First Half

(Dollars in Millions)

2023

2022

Change

2023

2022

Change

Deliveries

136

121

12 %

266

216

23 %

Revenues

$8,840

$6,258

41 %

$15,544

$10,452

49 %

Loss from operations

($383)

($219)

NM

($998)

($1,116)

NM

Operating margins

(4.3)

%

(3.5)

%

NM

(6.4)

%

(10.7)

%

NM

Commercial Airplanes second quarter revenue increased to $8.8 billion driven by higher 787 deliveries (Table 4). Operating margin of (4.3) percent also reflects abnormal costs and period expenses, including research and development.

The 737 program is transitioning production to 38 per month and plans to reach 50 per month in the 2025/2026 timeframe. The program still expects to deliver 400-450 airplanes this year.

The 787 program increased production to four per month with plans to ramp to five per month in late 2023 and 10 per month in the 2025/2026 timeframe. The program still expects to deliver 70-80 airplanes this year.

During the quarter, Commercial Airplanes booked 460 net orders, including 220 for Air India and 39 for Riyadh Air, and secured a commitment from Ryanair for up to 300 737 MAX airplanes. Commercial Airplanes delivered 136 airplanes during the quarter and backlog included over 4,800 airplanes valued at $363 billion.

Defense, Space & Security

Table 5. Defense, Space & Security

Second Quarter

First Half

(Dollars in Millions)

2023

2022

Change

2023

2022

Change

Revenues

$6,167

$6,191

— %

$12,706

$11,674

9 %

(Loss)/earnings from operations

($527)

$71

NM

($739)

($858)

NM

Operating margins

(8.5)

%

1.1

%

NM

(5.8)

%

(7.3)

%

NM

Defense, Space & Security second quarter revenue was $6.2 billion. Second quarter operating margin was (8.5) percent, primarily driven by losses on certain fixed-price development programs, as well as continued operational impacts of labor instability and supply chain disruption on other programs. The Commercial Crew program recorded a $257 million loss primarily due to the impacts of the previously announced launch delay. The T-7A program recorded a $189 million loss primarily due to higher estimated costs on production contracts. The MQ-25 program also recorded a $68 million loss primarily due to schedule delays on the Engineering and Manufacturing Development contract.

During the quarter, Defense, Space & Security completed the U.S. Air Force first flight of the T-7A Red Hawk, began construction on the Advanced Coatings Center in St. Louis and captured an award from the U.S. Army for 19 CH-47 Chinooks. Backlog at Defense, Space & Security was $58 billion, of which 31 percent represents orders from customers outside the U.S.

Global Services

Table 6. Global Services

Second Quarter

First Half

(Dollars in Millions)

2023

2022

Change

2023

2022

Change

Revenues

$4,746

$4,298

10 %

$9,466

$8,612

10 %

Earnings from operations

$856

$728

18 %

$1,703

$1,360

25 %

Operating margins

18.0

%

16.9

%

1.1 pts

18.0

%

15.8

%

2.2 pts

Global Services second quarter revenue of $4.7 billion and operating margin of 18.0 percent reflect higher commercial volume and favorable mix.

During the quarter, Global Services announced expansion in Poland with a new parts distribution site, collaboration with CAE to enhance and expand training solutions and Japan Airlines adopted Boeing Insight Accelerator for its 787 fleet. 

Additional Financial Information

Table 7. Additional Financial Information

Second Quarter

First Half

(Dollars in Millions)

2023

2022

2023

2022

Revenues

Unallocated items, eliminations and other

($2)

($66)

($44)

($66)

Earnings/(loss) from operations

FAS/CAS service cost adjustment

$291

$284

$582

$567

Other unallocated items and eliminations

($336)

($84)

($796)

($335)

Other income, net

$320

$253

$622

$434

Interest and debt expense

($621)

($656)

($1,270)

($1,293)

Effective tax rate

62.8

%

57.6

%

35.9

%

12.8

%

The increase in loss from Other unallocated items and eliminations was primarily driven by deferred compensation expense. Other income primarily reflects an increase in investment income due to higher interest rates. The second quarter effective tax rate primarily reflects the tax benefit on pre-tax losses including cumulative adjustments related to a projected increase in the valuation allowance.

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 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 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 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 between the non-GAAP and GAAP measures is provided on page 12 and page 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 and page 14 for reconciliations of free cash flow to GAAP operating 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) 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, planned commercial aircraft production rate changes, 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) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as the potential impact of a government shutdown; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) competition within our markets; (7) our non-U.S. operations and sales to non-U.S. customers; (8) changes in accounting estimates; (9) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures; (10) our dependence on U.S. government contracts; (11) our reliance on fixed-price contracts; (12) our reliance on cost-type contracts; (13) contracts that include in-orbit incentive payments; (14) unauthorized access to our, our customers’ and/or our suppliers’ information and systems; (15) 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; (16) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (17) potential environmental liabilities; (18) effects of climate change and legal, regulatory or market responses to such change; (19) changes in our ability to obtain debt financing on commercially reasonable terms, at competitive rates and in sufficient amounts; (20) substantial pension and other postretirement benefit obligations; (21) the adequacy of our insurance coverage; (22) customer and aircraft concentration in our customer financing portfolio; and (23) work stoppages or other labor disruptions.

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 (312) 544-2140

Communications:

Michael Friedman [email protected]com

The Boeing Company and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

Six months ended
June 30

Three months ended
June 30

(Dollars in millions, except per share data)

2023

2022

2023

2022

Sales of products

$31,601

$25,436

$16,687

$14,009

Sales of services

6,071

5,236

3,064

2,672

Total revenues

37,672

30,672

19,751

16,681

Cost of products

(28,676)

(23,696)

(15,123)

(12,284)

Cost of services

(5,134)

(4,495)

(2,689)

(2,269)

Total costs and expenses

(33,810)

(28,191)

(17,812)

(14,553)

3,862

2,481

1,939

2,128

Income/(loss) from operating investments, net

17

(3)

44

17

General and administrative expense

(2,590)

(1,531)

(1,286)

(668)

Research and development expense, net

(1,538)

(1,331)

(797)

(698)

Gain on dispositions, net

1

2

1

1

(Loss)/earnings from operations

(248)

(382)

(99)

780

Other income, net

622

434

320

253

Interest and debt expense

(1,270)

(1,293)

(621)

(656)

(Loss)/earnings before income taxes

(896)

(1,241)

(400)

377

Income tax benefit/(expense)

322

159

251

(217)

Net (loss)/earnings

(574)

(1,082)

(149)

160

Less: net loss attributable to noncontrolling interest

(11)

(56)

(33)

Net (loss)/earnings attributable to Boeing Shareholders

($563)

($1,026)

($149)

$193

Basic (loss)/earnings per share

($0.93)

($1.73)

($0.25)

$0.32

Diluted (loss)/earnings per share

($0.93)

($1.73)

($0.25)

$0.32

Weighted average diluted shares (millions)

603.9

592.8

605.5

596.4

The Boeing Company and Subsidiaries

Consolidated Statements of Financial Position

(Unaudited) 

(Dollars in millions, except per share data)

June 30
2023

December 31
2022

Assets

Cash and cash equivalents

$7,254

$14,614

Short-term and other investments

6,508

2,606

Accounts receivable, net

2,945

2,517

Unbilled receivables, net

9,357

8,634

Current portion of customer financing, net

85

154

Inventories

78,322

78,151

Other current assets, net

2,941

2,847

Total current assets

107,412

109,523

Customer financing, net

1,105

1,450

Property, plant and equipment, net of accumulated depreciation of $21,895
     and $21,442

10,455

10,550

Goodwill

8,061

8,057

Acquired intangible assets, net

2,194

2,311

Deferred income taxes

66

63

Investments

1,025

983

Other assets, net of accumulated amortization of of $935 and $949

4,456

4,163

Total assets

$134,774

$137,100

Liabilities and equity

Accounts payable

$10,936

$10,200

Accrued liabilities

21,221

21,581

Advances and progress billings

55,310

53,081

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

4,609

5,190

Total current liabilities

92,076

90,052

Deferred income taxes

95

230

Accrued retiree health care

2,424

2,503

Accrued pension plan liability, net

5,855

6,141

Other long-term liabilities

2,158

2,211

Long-term debt

47,659

51,811

Total liabilities

150,267

152,948

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

10,310

9,947

     Treasury stock, at cost – 409,375,415 and 414,671,383 shares

(50,181)

(50,814)

Retained earnings

28,910

29,473

Accumulated other comprehensive loss

(9,617)

(9,550)

Total shareholders’ deficit

(15,517)

(15,883)

Noncontrolling interests

24

35

Total equity

(15,493)

(15,848)

Total liabilities and equity

$134,774

$137,100

The Boeing Company and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

Six months ended
June 30

(Dollars in millions)

2023

2022

Cash flows – operating activities:

Net loss

($574)

($1,082)

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

Non-cash items – 

Share-based plans expense

381

352

Treasury shares issued for 401(k) contribution

862

612

Depreciation and amortization

913

984

Investment/asset impairment charges, net

12

72

Customer financing valuation adjustments

(3)

42

Gain on dispositions, net

(1)

(2)

Other charges and credits, net

33

260

Changes in assets and liabilities – 

Accounts receivable

(433)

(350)

Unbilled receivables

(721)

(758)

Advances and progress billings

2,228

(907)

Inventories

(241)

(1,260)

Other current assets

313

144

Accounts payable

852

395

Accrued liabilities

(399)

(835)

Income taxes receivable, payable and deferred

(424)

(238)

Other long-term liabilities

(180)

(64)

Pension and other postretirement plans

(520)

(695)

Customer financing, net

419

50

Other

40

145

Net cash provided/(used) by operating activities

2,557

(3,135)

Cash flows – investing activities:

Payments to acquire property, plant and equipment

(764)

(612)

Proceeds from disposals of property, plant and equipment

13

16

Contributions to investments

(9,496)

(2,471)

Proceeds from investments

5,567

9,296

Other

(158)

2

Net cash (used)/provided by investing activities

(4,838)

6,231

Cash flows – financing activities:

New borrowings

38

15

Debt repayments

(5,123)

(1,013)

Stock options exercised

44

34

Employee taxes on certain share-based payment arrangements

(48)

(34)

Other

(4)

Net cash used by financing activities

(5,093)

(998)

Effect of exchange rate changes on cash and cash equivalents

2

(71)

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

(7,372)

2,027

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

14,647

8,104

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

7,275

10,131

Less restricted cash & cash equivalents, included in Investments

21

41

Cash & cash equivalents at end of period

$7,254

$10,090

The Boeing Company and Subsidiaries

Summary of Business Segment Data

(Unaudited)

Six months ended
June 30

Three months ended
June 30

(Dollars in millions)

2023

2022

2023

2022

Revenues:

Commercial Airplanes

$15,544

$10,452

$8,840

$6,258

Defense, Space & Security

12,706

11,674

6,167

6,191

Global Services

9,466

8,612

4,746

4,298

Unallocated items, eliminations and other

(44)

(66)

(2)

(66)

Total revenues

$37,672

$30,672

$19,751

$16,681

(Loss)/earnings from operations:

Commercial Airplanes

($998)

($1,116)

($383)

($219)

Defense, Space & Security

(739)

(858)

(527)

71

Global Services

1,703

1,360

856

728

Segment operating earnings/(loss)

(34)

(614)

(54)

580

Unallocated items, eliminations and other

(796)

(335)

(336)

(84)

FAS/CAS service cost adjustment

582

567

291

284

(Loss)/earnings from operations

(248)

(382)

(99)

780

Other income, net

622

434

320

253

Interest and debt expense

(1,270)

(1,293)

(621)

(656)

(Loss)/earnings before income taxes

(896)

(1,241)

(400)

377

Income tax benefit/(expense)

322

159

251

(217)

Net (loss)/earnings

(574)

(1,082)

(149)

160

Less: net loss attributable to noncontrolling interest

(11)

(56)

(33)

Net (loss)/earnings attributable to Boeing Shareholders

($563)

($1,026)

($149)

$193

Research and development expense, net:

Commercial Airplanes

$915

$693

$471

$372

Defense, Space & Security

420

466

225

233

Global Services

54

54

28

27

Other

149

118

73

66

Total research and development expense, net

$1,538

$1,331

$797

$698

Unallocated items, eliminations and other:

Share-based plans

($38)

($108)

$14

($25)

Deferred compensation

(96)

166

(42)

124

Amortization of previously capitalized interest

(47)

(47)

(24)

(24)

Research and development expense, net

(149)

(118)

(73)

(66)

Eliminations and other unallocated items

(466)

(228)

(211)

(93)

Sub-total (included in core operating (loss)/earnings

(796)

(335)

(336)

(84)

Pension FAS/CAS service cost adjustment

445

413

222

205

Postretirement FAS/CAS service cost adjustment

137

154

69

79

FAS/CAS service cost adjustment

582

567

$291

$284

Total

($214)

$232

($45)

$200

The Boeing Company and Subsidiaries

Operating and Financial Data

(Unaudited)

Deliveries

Six months ended
June 30

Three months ended
June 30

Commercial Airplanes

2023

2022

2023

2022

737

216

189

103

103

747

1

3

—

2

767

9

12

8

7

777

9

12

5

9

787

31

—

20

—

Total

266

216

136

121

Defense, Space & Security

AH-64 Apache (New)

12

13

5

6

AH-64 Apache (Remanufactured)

29

28

16

13

CH-47 Chinook (New)

7

9

2

5

CH-47 Chinook (Renewed)

4

4

3

1

F-15 Models

6

5

4

4

F/A-18 Models

13

8

6

4

KC-46 Tanker

1

8

—

4

P-8 Models

5

6

2

3

Commercial and Civil Satellites

3

—

—

—

Total backlog (Dollars in millions)

June 30
2023

December 31
2022

Commercial Airplanes

$362,866

$329,824

Defense, Space & Security

57,505

54,373

Global Services

18,455

19,338

Unallocated items, eliminations and other

738

846

Total backlog

$439,564

$404,381

Contractual backlog

$417,037

$381,977

Unobligated backlog

22,527

22,404

Total backlog

$439,564

$404,381

The Boeing Company and Subsidiaries Reconciliation of Non-GAAP Measures (Unaudited)

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

Second Quarter 2023

Second Quarter 2022

$ millions

Per Share

$ millions

Per Share

Revenues

19,751

16,681

(Loss)/earnings from operations (GAAP)

(99)

780

Operating margin (GAAP)

(0.5)

%

4.7

%

FAS/CAS service cost adjustment:

Pension FAS/CAS service cost adjustment

(222)

(205)

Postretirement FAS/CAS service cost adjustment

(69)

(79)

FAS/CAS service cost adjustment

(291)

(284)

Core operating (loss)/earnings (non-GAAP)

($390)

$496

Core operating margin (non-GAAP)

(2.0)

%

3.0

%

Diluted (loss)/earnings per share (GAAP)

($0.25)

$0.32

Pension FAS/CAS service cost adjustment

($222)

(0.37)

($205)

(0.35)

Postretirement FAS/CAS service cost adjustment

(69)

(0.11)

(79)

(0.13)

Non-operating pension expense

(134)

(0.22)

(221)

(0.37)

Non-operating postretirement expense

(14)

(0.02)

(14)

(0.02)

Provision for deferred income taxes on adjustments 1

92

0.15

109

0.18

Subtotal of adjustments

($347)

($0.57)

($410)

($0.69)

Core loss per share (non-GAAP)

($0.82)

($0.37)

Weighted average diluted shares (in millions)

605.5

596.4

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, 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)

First Half 2023

First Half 2022

$ millions

Per Share

$ millions

Per Share

Revenues

37,672

30,672

Loss from operations (GAAP)

(248)

(382)

Operating margin (GAAP)

(0.7)

%

(1.2)

%

FAS/CAS service cost adjustment:

Pension FAS/CAS service cost adjustment

(445)

(413)

Postretirement FAS/CAS service cost adjustment

(137)

(154)

FAS/CAS service cost adjustment

(582)

(567)

Core operating loss (non-GAAP)

(830)

(949)

Core operating margin (non-GAAP)

(2.2)

%

(3.1)

%

Diluted loss per share (GAAP)

(0.93)

(1.73)

Pension FAS/CAS service cost adjustment

(445)

(0.73)

(413)

(0.70)

Postretirement FAS/CAS service cost adjustment

(137)

(0.23)

(154)

(0.26)

Non-operating pension expense

(268)

(0.45)

(441)

(0.74)

Non-operating postretirement expense

(29)

(0.05)

(29)

(0.05)

Provision for deferred income taxes on adjustments 1

185

0.31

218

0.37

Subtotal of adjustments

($694)

($1.15)

($819)

($1.38)

Core loss per share (non-GAAP)

($2.08)

($3.11)

Weighted average diluted shares (in millions)

603.9

592.8

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 table provided below reconciles the non-GAAP financial measure free cash flow with the most directly comparable GAAP financial measure, operating cash flow. See page 5 of this release for additional information on the use of this non-GAAP financial measure.

Full Year 2023

(dollars in billions)

Outlook

Operating Cash Flow

$4.5 – $6.5

Less Additions to Property, Plant & Equipment

($1.5)

Free Cash Flow (non-GAAP)

$3.0 – $5.0

SOURCE Boeing


Go to Source