Boeing Reports Third-Quarter Results; Raises Cash Flow and EPS Guidance

At quarter-end, Boeing Capital's net portfolio balance was $3.4 billion. Total pension expense for the third quarter was $100 million, down from $453 million in the same period of the prior year. Revenue increased in other unallocated items and eliminations primarily due to timing of eliminations of intercompany aircraft deliveries, including those accounted for under operating lease. Other unallocated items and eliminations earnings decreased primarily due to timing of eliminations of intercompany aircraft deliveries, offset by higher deferred compensation. The effective tax rate for the third quarter increased to 30.0 percent primarily due to discrete tax benefits recorded in the prior year.

Outlook

The company's 2017 guidance is updated below (Table 8).

       

Table 8. 2017 Financial Outlook

Current

 

Prior

(Dollars in Billions, except per share data)

Guidance

 

Guidance

       

The Boeing Company

     

Revenue

$90.5 - 92.5

 

$90.5 - 92.5

       

GAAP Earnings Per Share

$11.20 - 11.40

 

$11.10 - 11.30

Core Earnings Per Share*

$9.90 - 10.10

 

$9.80 - 10.00

       

Operating Cash Flow

~$12.5

 

~$12.25

       

Commercial Airplanes

     

Deliveries

760 - 765

 

760 - 765

Revenue

$55.5 - 56.5

 

N/A

Operating Margin

9.0% - 9.5

 

N/A

       

Defense, Space & Security

     

Revenue

$20.5 - 21.5

 

N/A

Operating Margin

>10.5%

 

N/A

       

Global Services

     

      Revenue

$14.0 - 14.5

 

N/A

      Operating Margin

15.0% - 15.5

 

N/A

       

Boeing Capital

     

Portfolio Size

Stable

 

Stable

Revenue

~$0.3

 

~$0.3

Pre-Tax Earnings

~$0.08

 

~$0.08

       

Research & Development

~ $3.4

 

~ $3.6

Capital Expenditures

~ $2.0

 

~ $2.0

Pension Expense 1

~ $0.6

 

~ $0.6

Effective Tax Rate

~ 28.5%

 

~ 29.0%

 

1 Approximately ($1.0) billion is expected to be recorded in unallocated items and eliminations

*    Non-GAAP measures. Complete definitions of Boeing's non-GAAP measures are on page 6, "Non-GAAP Measures Disclosures."


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