Strong Q3 for Boeing

Dino D'Amore
By Dino D'Amore October 24, 2013 14:30

Strong Q3 for Boeing

Boeing reported third-quarter core earnings per share (non-GAAP) increased 16% to $1.80, driven by strong performance across the company’s businesses. Third-quarter core operating earnings (non-GAAP) increased 20% to $2.1 billion from the same period of the prior year. Third-quarter revenue was $22.1 billion, GAAP earnings from operations was $1.8 billion and earnings per share was $1.51. Core earnings per share guidance increased to between $6.50 and $6.65 and GAAP earnings per share guidance increased to between $5.40 and $5.55, reflecting the strong performance. The company also increased its 2013 operating cash flow outlook to greater than $7 billion, which includes $1.5 billion of discretionary pension contributions, and reaffirmed its 2013 revenue guidance.

“Consistently strong operating performance is driving higher earnings, revenue and cash flow as we deliver on our record backlog and return increased value to shareholders,” said Boeing Chairman, President and CEO Jim McNerney. “During the quarter, Commercial Airplanes completed the first flight of the 787-9 and delivered 170 airplanes, while Defense, Space & Security maintained solid performance and captured $7 billion in new orders. Despite the uncertainty of the U.S. defense market, overall our customer-focused business strategies and disciplined execution on our programs are producing the results we expect, and our strong year-to-date performance and positive outlook allow us to increase our 2013 guidance for earnings and operating cash flow.”

Operating cash flow before pension contributions in the quarter was $4.3 billion, reflecting higher commercial airplane production rates, strong core operating performance and timing of receipts and expenditures, says Boeing. During the quarter, the company repurchased 7.6 million shares for $0.8 billion and paid $0.4 billion in dividends, reflecting an 11% increase in dividends paid compared to the same period of the prior year. Boeing Commercial Airplanes third-quarter revenue increased to $14.0 billion and operating margin improved to 11.6% on higher delivery volume and continued strong operating performance.

Dino D'Amore
By Dino D'Amore October 24, 2013 14:30
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