Boeing Reports Third-Quarter Results
ARLINGTON, Va. , Oct. 26, 2022 /PRNewswire/ --
Third Quarter 2022
* Operating cash flow of $3.2 billion ; continue to expect positive free cash
flow for 2022
* Resumed 787 deliveries and delivered 9 airplanes
* Recorded losses on fixed-price defense development programs
* Revenue of $16.0 billion ; GAAP loss per share of ($5.49 ) and core
(non-GAAP)* loss per share of ($6.18 )
* Total backlog of $381 billion ; including over 4,300 commercial airplanes
Table 1. Third Quarter Nine Months
Summary
Financial
Results
(Dollars in 2022 2021 Change 2022 2021 Change
Millions,
except per
share data)
Revenues $15,956 $15,278 4 % $46,628 $47,493 (2) %
GAAP
(Loss)/ ($2,799 ) $329 NM ($3,194 ) $1,269 NM
Earnings From
Operations
Operating (17.5) % 2.2 % NM (6.8) % 2.7 % NM
Margin
Net Loss ($3,308 ) ($132 ) NM ($4,390 ) ($126 ) NM
Loss Per Share ($5.49 ) ($0.19 ) NM ($7.24 ) ($0.10 ) NM
Operating Cash $3,190 ($262 ) NM $55 ($4,132 ) NM
Flow
Non-GAAP*
Core Operating ($3,078 ) $59 NM ($4,040 ) $461 NM
(Loss)/
Earnings
Core Operating (19.3) % 0.4 % NM (8.7) % 1.0 % NM
Margin
Core Loss Per ($6.18 ) ($0.60 ) NM ($9.31 ) ($1.72 ) NM
Share
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on
page 5, "Non-GAAP Measures Disclosures."
The Boeing Company [NYSE: BA] reported third-quarter revenue of $16.0 billion ,
GAAP loss per share of ($5.49 ) and core loss per share (non-GAAP)* of ($6.18 ).
Third-quarter results reflect higher commercial volume and losses on
fixed-price defense development programs (Table 1). Boeing generated operating
cash flow of $3.2 billion .
"We continue to make important strides in our turnaround and remain focused on
our performance," said Dave Calhoun, Boeing President and Chief Executive
Officer. "We generated strong cash in the quarter and are on a solid path to
achieving positive free cash flow for 2022. At the same time, revenue and
earnings were significantly impacted by losses on our fixed-price defense
development programs. We're squarely focused on maturing these programs,
mitigating risks and delivering for our customers and their important missions.
We remain in a challenging environment and have more work ahead to drive
stability, improve our performance and ensure we're consistently delivering on
our commitments. Despite the challenges, I'm proud of our team and the progress
we've made to strengthen our company."
Table 2. Third Quarter Nine Months
Cash Flow
(Millions) 2022 2021 2022 2021
Operating $3,190 ($262 ) $55 ($4,132 )
Cash Flow
Less ($284 ) ($245 ) ($896 ) ($758 )
Additions
to
Property,
Plant &
Equipment
Free Cash $2,906 ($507 ) ($841 ) ($4,890 )
Flow*
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on
page 5, "Non-GAAP Measures Disclosures."
Operating cash flow improved to $3.2 billion in the quarter, reflecting higher
commercial deliveries, favorable receipt timing, and a tax refund (Table 2).
Table 3. Quarter-End
Cash,
Marketable
Securities
and Debt
Balances
(Billions) Q3 22 Q2 22
Cash $13.5 $10.0
Marketable $0.8 $1.4
Securities1
Total $14.3 $11.4
Debt
Balances:
The Boeing $55.7 $55.7
Company, net
of
intercompany
loans to BCC
Boeing $1.5 $1.5
Capital,
including
intercompany
loans
Total $57.2 $57.2
Consolidated
Debt
1 Marketable securities consist primarily of time deposits due within one year
classified as "short-term investments."
Cash and investments in marketable securities increased to $14.3 billion ,
compared to $11.4 billion at the beginning of the quarter, primarily driven by
cash from operations (Table 3). The company has access to credit facilities of
$12.0 billion , which remain undrawn.
Total company backlog at quarter-end was $381 billion .
Segment Results
Commercial Airplanes
Table 4. Third Quarter Nine Months
Commercial
Airplanes
(Dollars in 2022 2021 Change 2022 2021 Change
Millions)
Commercial 112 85 32 % 328 241 36 %
Airplanes
Deliveries
Revenues $6,263 $4,459 40 % $16,643 $14,743 13 %
Loss from ($643 ) ($693 ) NM ($1,744 ) ($2,021 ) NM
Operations
Operating (10.3) % (15.5) % NM (10.5) % (13.7) % NM
Margin
Commercial Airplanes third-quarter revenue increased to $6.3 billion , driven by
the resumption of 787 deliveries and higher 737 deliveries (Table 4). Operating
margin of (10.3) percent also reflects lower abnormal costs as compared to the
third quarter of 2021, partially offset by higher period expenses, including R&
D expense.
The company also resumed 787 deliveries in late August, following comprehensive
reviews to ensure each airplane meets the company's highest standards. The
program is producing at a low rate with an expected gradual return to five per
month over time.
Since late 2020, the 737 MAX fleet has completed nearly 1 million revenue
flights. During the quarter, the company secured net orders for 227 aircraft,
including 167 737 airplanes, 27 767 airplanes, 18 777 airplanes, and 15 787
airplanes. Commercial Airplanes delivered 112 airplanes during the quarter and
backlog included over 4,300 airplanes valued at $307 billion .
Defense, Space & Security
Table 5. Third Quarter Nine Months
Defense, Space
& Security
(Dollars in 2022 2021 Change 2022 2021 Change
Millions)
Revenues $5,307 $6,617 (20) % $16,981 $20,678 (18) %
(Loss)/ ($2,798 ) $436 NM ($3,656 ) $1,799 NM
earnings from
Operations
Operating (52.7) % 6.6 % NM (21.5) % 8.7 % NM
Margin
Defense, Space & Security third-quarter revenue decreased to $5.3 billion and
third-quarter operating margin decreased to (52.7) percent, primarily due to
$2.8 billion of losses on certain fixed-price development programs, driven by
higher estimated manufacturing and supply chain costs, as well as technical
challenges. These losses were recorded on the KC-46A, VC-25B, MQ-25, T-7A and
Commercial Crew programs. Results were also impacted by unfavorable performance
on other programs.
During the quarter, Defense, Space & Security captured KC-46A Tanker awards
from the U.S. Air Force for 15 aircraft and the Israeli Air Force for four
aircraft, and Poland selected the AH-64E Apache as its future attack
helicopter. Defense, Space & Security delivered 34 aircraft and two satellites,
including the first four MH-139A Grey Wolf helicopters to the U.S. Air Force.
Also during the quarter, Defense, Space and Security opened the Advanced
Composite Fabrication Center in Mesa, Arizona .
Backlog at Defense, Space & Security was $55 billion , of which 31 percent
represents orders from customers outside the U.S.
Global Services
Table 6. Third Quarter Nine Months
Global
Services
(Dollars in 2022 2021 Change 2022 2021 Change
Millions)
Revenues $4,432 $4,221 5 % $13,044 $12,037 8 %
Earnings from $733 $644 14 % $2,093 $1,616 30 %
Operations
Operating 16.5 % 15.3 % 8 % 16.0 % 13.4 % 19 %
Margin
Global Services third-quarter revenue increased to $4.4 billion and
third-quarter operating margin increased to 16.5 percent primarily driven by
higher commercial services volume and favorable mix, partially offset by lower
government services volume.
During the quarter, Global Services was awarded a follow-on KC-767A Performance
Based Logistics support contract for the Italian Air Force and received an F/
A-18 depot support order for the U.S. Navy. Global Services also signed a
Landing Gear Exchange and Airplane Health Management agreement with Ethiopian
Airlines. Also in the quarter, Global Services delivered the 100th contracted
737-800BCF to AerCap.
Additional Financial Information
Table 7. Additional Third Quarter Nine Months
Financial
Information
(Dollars in 2022 2021 2022 2021
Millions)
Revenues
Boeing Capital $52 $71 $150 $209
Unallocated items, ($98 ) ($90 ) ($190 ) ($174 )
eliminations and
other
(Loss)/Earnings from
Operations
Boeing Capital $23 $42 $14 $99
FAS/CAS service cost $279 $270 $846 $808
adjustment
Other unallocated ($393 ) ($370 ) ($747 ) ($1,032 )
items and
eliminations
Other income, net $288 $30 $722 $419
Interest and debt ($621 ) ($669 ) ($1,901 ) ($2,021 )
expense
Effective tax rate (5.6) % 57.4 % (0.4) % 62.2 %
At quarter-end, Boeing Capital's net portfolio balance was $1.6 billion . The
change in other income was driven by the absence of a pension settlement charge
recorded in the third quarter of 2021. Interest and debt expense decreased due
to lower debt balance. The third quarter effective tax rate primarily reflects
tax expense due to an 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, Core Operating Margin and Core Loss 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 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 expressed as a percentage of revenue. Core (loss)/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 pages 12 & 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. Table 2 provides a reconciliation
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)
the COVID-19 pandemic and related industry impacts, including with respect to
our operations, our liquidity, the health of our customers and suppliers, and
future demand for our products and services; (2) the 737 MAX, including the
timing and conditions of remaining 737 MAX regulatory approvals, lower than
planned production rates and/or delivery rates, and additional considerations
to customers and suppliers; (3) general conditions in the economy and our
industry, including those due to regulatory changes; (4) our reliance on our
commercial airline customers; (5) 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; (6) changing budget and
appropriation levels and acquisition priorities of the U.S. government; (7) our
dependence on U.S. government contracts; (8) our reliance on fixed-price
contracts; (9) our reliance on cost-type contracts; (10) uncertainties
concerning contracts that include in-orbit incentive payments; (11) our
dependence on our subcontractors and suppliers, as well as the availability of
raw materials; (12) changes in accounting estimates; (13) changes in the
competitive landscape in our markets; (14) our non-U.S. operations, including
sales to non-U.S. customers; (15) threats to the security of our, our
customers' and/or our suppliers' information; (16) potential adverse
developments in new or pending litigation and/or government investigations;
(17) customer and aircraft concentration in our customer financing portfolio;
(18) changes in our ability to obtain debt financing on commercially reasonable
terms and at competitive rates; (19) realizing the anticipated benefits of
mergers, acquisitions, joint ventures/strategic alliances or divestitures; (20)
the adequacy of our insurance coverage to cover significant risk exposures;
(21) potential business disruptions, including those related to physical
security threats, information technology or cyber-attacks, epidemics, sanctions
or natural disasters; (22) work stoppages or other labor disruptions; (23)
substantial pension and other postretirement benefit obligations; (24)
potential environmental liabilities; and (25) effects of climate change and
legal, regulatory or market responses to such change.
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 Keely Moos (312) 544-2140
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 2022 2021 2022 2021
millions,
except per
share data)
Sales of $38,767 $39,224 $13,331 $12,552
products
Sales of 7,861 8,269 2,625 2,726
services
Total revenues 46,628 47,493 15,956 15,278
Cost of (38,237) (35,166) (14,541) (11,271)
products
Cost of (6,725) (6,771) (2,230) (2,288)
services
Boeing Capital (20) (25) (7) (7)
interest
expense
Total costs (44,982) (41,962) (16,778) (13,566)
and expenses
1,646 5,531 (822) 1,712
(Loss)/income (27) 195 (24) 120
from operating
investments,
net
General and (2,757) (3,169) (1,226) (1,097)
administrative
expense
Research and (2,058) (1,571) (727) (575)
development
expense, net
Gain on 2 283 0 169
dispositions,
net
(Loss)/ (3,194) 1,269 (2,799) 329
earnings from
operations
Other income, 722 419 288 30
net
Interest and (1,901) (2,021) (621) (669)
debt expense
Loss before (4,373) (333) (3,132) (310)
income taxes
Income tax (17) 207 (176) 178
(expense)/
benefit
Net loss (4,390) (126) (3,308) (132)
Less: net loss (89) (67) (33) (23)
attributable
to
noncontrolling
interest
Net loss ($4,301 ) ($59 ) ($3,275 ) ($109 )
attributable
to Boeing
Shareholders
Basic loss per ($7.24 ) ($0.10 ) ($5.49 ) ($0.19 )
share
Diluted loss ($7.24 ) ($0.10 ) ($5.49 ) ($0.19 )
per share
Weighted 594.0 587.3 596.3 589.0
average
diluted shares
(millions)
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in September 30 December 31
millions, except 2022 2021
per share data)
Assets
Cash and cash $13,494 $8,052
equivalents
Short-term and 763 8,192
other investments
Accounts 2,673 2,641
receivable, net
Unbilled 9,316 8,620
receivables, net
Current portion of 155 117
customer financing,
net
Inventories 79,777 78,823
Other current 3,073 2,221
assets, net
Total current 109,251 108,666
assets
Customer financing, 1,513 1,695
net
Property, plant and 10,508 10,918
equipment, net of
accumulated
depreciation of
$21,208 and
$20,538
Goodwill 8,045 8,068
Acquired intangible 2,371 2,562
assets, net
Deferred income 77 77
taxes
Investments 979 975
Other assets, net 4,814 5,591
of accumulated
amortization of of
$897 and $975
Total assets $137,558 $138,552
Liabilities and
equity
Accounts payable $9,793 $9,261
Accrued liabilities 21,217 18,455
Advances and 53,177 52,980
progress billings
Short-term debt and 5,431 1,296
current portion of
long-term debt
Total current 89,618 81,992
liabilities
Deferred income 230 218
taxes
Accrued retiree 3,356 3,528
health care
Accrued pension 7,951 9,104
plan liability, net
Other long-term 2,250 1,750
liabilities
Long-term debt 51,788 56,806
Total liabilities 155,193 153,398
Shareholders'
equity:
Common 5,061 5,061
stock, par value
$5.00 -
1,200,000,000
shares authorized;
1,012,261,159
shares issued
Additional 9,705 9,052
paid-in capital
Treasury (51,054) (51,861)
stock, at cost -
416,639,182 and
423,343,707 shares
Retained 30,107 34,408
earnings
Accumulated (11,518) (11,659)
other comprehensive
loss
Total shareholders' (17,699) (14,999)
deficit
Noncontrolling 64 153
interests
Total equity (17,635) (14,846)
Total liabilities $137,558 $138,552
and equity
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Nine months ended
September 30
(Dollars in 2022 2021
millions)
Cash
flows - operating
activities:
Net loss ($4,390 ) ($126 )
Adjustments to
reconcile net loss
to net cash provided
/(used) by operating
activities:
Non-cash items -
Share-based plans 528 677
expense
Treasury shares 928 951
issued for 401(k)
contribution
Depreciation and 1,477 1,610
amortization
Investment/asset 78 72
impairment charges,
net
Customer financing 39 (3)
valuation
adjustments
Gain on (2) (283)
dispositions, net
Other charges and 388 (82)
credits, net
Changes in assets
and liabilities -
Accounts receivable (22) (280)
Unbilled receivables (678) (2,010)
Advances and 204 781
progress billings
Inventories (1,164) 508
Other current assets (860) 279
Accounts payable 590 (3,565)
Accrued liabilities 2,416 (3,168)
Income taxes 1,382 1,011
receivable, payable
and deferred
Other long-term (114) (168)
liabilities
Pension and other (1,053) (731)
postretirement plans
Customer financing, 76 170
net
Other 232 225
Net cash provided/ 55 (4,132)
(used) by operating
activities
Cash flows -
investing
activities:
Payments to acquire (896) (758)
property, plant and
equipment
Proceeds from 19 385
disposals of
property, plant and
equipment
Acquisitions, net of (6)
cash acquired
Contributions to (2,773) (27,902)
investments
Proceeds from 10,182 35,664
investments
Other (11) 6
Net cash provided by 6,521 7,389
investing activities
Cash flows -
financing
activities:
New borrowings 19 9,822
Debt repayments (1,038) (11,049)
Stock options 39 36
exercised
Employee taxes on (36) (47)
certain share-based
payment arrangements
Net cash used by (1,016) (1,238)
financing activities
Effect of exchange (134) (34)
rate changes on cash
and cash equivalents
Net increase in cash 5,426 1,985
& cash equivalents,
including restricted
Cash & cash 8,104 7,835
equivalents,
including
restricted, at
beginning of year
Cash & cash 13,530 9,820
equivalents,
including
restricted, at end
of period
Less restricted cash 36 56
& cash equivalents,
included in
Investments
Cash & cash $13,494 $9,764
equivalents at end
of period
The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Nine months ended Three months ended
September 30 September 30
(Dollars in 2022 2021 2022 2021
millions)
Revenues:
Commercial $16,643 $14,743 $6,263 $4,459
Airplanes
Defense, Space 16,981 20,678 5,307 6,617
& Security
Global 13,044 12,037 4,432 4,221
Services
Boeing Capital 150 209 52 71
Unallocated (190) (174) (98) (90)
items,
eliminations
and other
Total revenues $46,628 $47,493 $15,956 $15,278
(Loss)/
earnings from
operations:
Commercial ($1,744 ) ($2,021 ) ($643 ) ($693 )
Airplanes
Defense, Space (3,656) 1,799 (2,798) 436
& Security
Global 2,093 1,616 733 644
Services
Boeing Capital 14 99 23 42
Segment (3,293) 1,493 (2,685) 429
operating
(loss)/
earnings
Unallocated (747) (1,032) (393) (370)
items,
eliminations
and other
FAS/CAS 846 808 279 270
service cost
adjustment
(Loss)/ (3,194) 1,269 (2,799) 329
earnings from
operations
Other income, 722 419 288 30
net
Interest and (1,901) (2,021) (621) (669)
debt expense
Loss before (4,373) (333) (3,132) (310)
income taxes
Income tax (17) 207 (176) 178
(expense)/
benefit
Net loss (4,390) (126) (3,308) (132)
Less: Net loss (89) (67) (33) (23)
attributable
to
noncontrolling
interest
Net loss ($4,301 ) ($59 ) ($3,275 ) ($109 )
attributable
to Boeing
Shareholders
Research and
development
expense, net:
Commercial $1,102 $817 $409 $293
Airplanes
Defense, Space 706 530 240 193
& Security
Global 89 80 35 30
Services
Other 161 144 43 59
Total research $2,058 $1,571 $727 $575
and
development
expense, net
Unallocated
items,
eliminations
and other:
Share-based ($64 ) ($171 ) $44 ($29 )
plans
Deferred 204 (86) 38 8
compensation
Amortization (71) (66) (24) (22)
of previously
capitalized
interest
Research and (161) (144) (43) (59)
development
expense, net
Eliminations (655) (565) (408) (268)
and other
unallocated
items
Sub-total (747) (1,032) (393) (370)
(included in
core operating
loss)
Pension FAS/ 621 576 208 192
CAS service
cost
adjustment
Postretirement 225 232 71 78
FAS/CAS
service cost
adjustment
FAS/CAS 846 808 $279 $270
service cost
adjustment
Total $99 ($224 ) ($114 ) ($100 )
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Deliveries Nine months Three months
ended ended
September 30 September 30
Commercial Airplanes 2022 2021 2022 2021
737 277 179 88 66
747 3 4 - 2
767 21 24 9 11
777 18 20 6 6
787 9 14 9 -
Total 328 241 112 85
Defense, Space &
Security
AH-64 Apache (New) 20 19 7 4
AH-64 Apache 36 42 8 11
(Remanufactured)
CH-47 Chinook (New) 10 12 1 6
CH-47 Chinook 6 5 2 1
(Renewed)
F-15 Models 9 11 4 3
F/A-18 Models 11 15 3 4
KC-46 Tanker 9 7 1 3
P-8 Models 10 11 4 5
MH-139 4 - 4 -
Commercial and Civil 2 - 2 -
Satellites
Military Satellites - - - -
Total backlog September December 31
(Dollars in millions) 30 2021
2022
Commercial Airplanes $307,168 $296,882
Defense, Space & 54,740 59,828
Security
Global Services 19,072 20,496
Unallocated items, 335 293
eliminations and
other
Total backlog $381,315 $377,499
Contractual backlog $362,926 $356,362
Unobligated backlog 18,389 21,137
Total backlog $381,315 $377,499
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 per share. See page 5 of this
release for additional information on the use of these non-GAAP financial
measures.
(Dollars in Third Quarter 2022 Third Quarter 2021
millions,
except per
share data)
$ millions Per Share $ millions Per
Share
Revenues 15,956 15,278
(Loss)/ (2,799) 329
earnings from
operations
(GAAP)
Operating (17.5) % 2.2 %
margin (GAAP)
FAS/CAS
service cost
adjustment:
Pension FAS/ (208) (192)
CAS service
cost
adjustment
Postretirement (71) (78)
FAS/CAS
service cost
adjustment
FAS/CAS (279) (270)
service cost
adjustment
Core operating ($3,078 ) $59
(loss)/
earnings
(non-GAAP)
Core operating (19.3) % 0.4 %
margin
(non-GAAP)
Diluted loss ($5.49 ) ($0.19 )
per share
(GAAP)
Pension FAS/ ($208 ) (0.35) ($192 ) (0.33)
CAS service
cost
adjustment
Postretirement (71) (0.12) (78) (0.13)
FAS/CAS
service cost
adjustment
Non-operating (225) (0.37) (29) (0.05)
pension
expense
Non-operating (15) (0.03) (6) (0.01)
postretirement
expense
Provision for 109 0.18 64 0.11
deferred
income taxes
on
adjustments 1
Subtotal of ($410 ) ($0.69 ) ($241 ) ($0.41 )
adjustments
Core loss per ($6.18 ) ($0.60 )
share
(non-GAAP)
Weighted 596.3 589.0
average
diluted shares
(in millions)
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)/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 per share. See page 5 of this
release for additional information on the use of these non-GAAP financial
measures.
(Dollars in Nine Months 2022 Nine Months 2021
millions,
except per
share data)
$ millions Per Share $ millions Per
Share
Revenues 46,628 47,493
(Loss)/ (3,194) 1,269
earnings from
operations
(GAAP)
Operating (6.8) % 2.7 %
margin (GAAP)
FAS/CAS
service cost
adjustment:
Pension FAS/ (621) (576)
CAS service
cost
adjustment
Postretirement (225) (232)
FAS/CAS
service cost
adjustment
FAS/CAS (846) (808)
service cost
adjustment
Core operating ($4,040 ) $461
(loss)/
earnings
(non-GAAP)
Core operating (8.7) % 1.0 %
margin
(non-GAAP)
Diluted loss ($7.24 ) ($0.10 )
per share
(GAAP)
Pension FAS/ ($621 ) (1.04) ($576 ) (0.98)
CAS service
cost
adjustment
Postretirement (225) (0.38) (232) (0.40)
FAS/CAS
service cost
adjustment
Non-operating (666) (1.13) (381) (0.64)
pension
expense
Non-operating (44) (0.07) (16) (0.03)
postretirement
expense
Provision for 327 0.55 253 0.43
deferred
income taxes
on
adjustments 1
Subtotal of ($1,229 ) ($2.07 ) ($952 ) ($1.62 )
adjustments
Core loss per ($9.31 ) ($1.72 )
share
(non-GAAP)
Weighted 594.0 587.3
average
diluted shares
(in millions)
1 The income tax impact is calculated using the U.S.
corporate statutory tax rate.BOE.L
The Boeing Co.
Boeing Company - 3rd Quarter Results
26th October 2022, 11:30
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