Boeing Reports Q2 Results and Raises 2014 EPS Guidance

Victoria
By Victoria July 23, 2014 12:23

Boeing Reports Q2 Results and Raises 2014 EPS Guidance

Boeing has published its results for Q2 2014.

The manufacturer reports revenue of $22bn, with an order backlog totalling 5,200 aircraft worth up to $377bn.

The Boeing Commercial Airplanes division recorded a Q2 revenue increase of 5% to $14.3bn. Q2 operating margin was 10.8%, reflecting the delivery volume and strong performance offset by the $238 million pre-tax charge on the KC-46A Tanker programme.

During Q2, the Commercial Airplanes division delivered the first 787-9, along with the 787 programme’s approval of 330-minute ETOPS certification.
The Commercial Airplanes division also received 264 net orders during Q2.

Boeing’s core earnings per-share guidance for 2014 increased to between $7.90 and $8.10, from $7.15 to $7.35, reflecting the $408 million tax benefits, and strong operating performance. GAAP earnings per-share guidance for 2014 increased to between $6.85 and $7.05.

The Commercial Airplanes division’s operating margin guidance increased to greater than 10% on strong operating performance.

Boeing Chairman and CEO Jim McNerney said: “Strong operating performance across our production programs and services businesses drove revenue and earnings-per-share growth and healthy operating cash flow, which supported $1.5bn in additional share repurchases in the quarter. We delivered our first 787-9 and our 8,000th 737, successfully completed a key missile defense intercept test, and delivered our 100th EA-18G Growler to the U.S. Navy.”

McNerney added: “With 783 new commercial airplane orders to date this year and significant contracts in the quarter for military aircraft and satellites, our backlog remains large and diverse. Overall, our strong first-half financial performance, sustained focus on growth and productivity, and positive market outlook support our increased earnings guidance for the year.”

Victoria
By Victoria July 23, 2014 12:23
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