US. The Boeing Company has reported a +43% increase in first-quarter 2008 earnings per share (EPS) to US$1.62. Net income grew +38% to US$1.2 billion while operating margin rose to 11.3%, driven by “solid overall execution in both its commercial airplane and defense businesses as well as lower unallocated costs” (Table 1).
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Source: The Boeing Company (www.boeing.com) |
The company’s quarterly revenue rose +4% to US$16.0 billion while its operating cash flow more than doubled to US$1.9 billion, reflecting the strong operating earnings and higher commercial airplane orders. Free cash flow* increased to US$1.5 billion (Table 2).
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Source: The Boeing Company (www.boeing.com) |
Boeing reaffirmed its 2008 EPS guidance at between US$5.70 and US$5.85. For 2009, Boeing expects EPS between US$6.80 and US$7.00 per share on strong production program performance and decreases in R&D and pension expense.
“We’re off to a good start in what we expect to be another strong year of financial performance for Boeing,” said Boeing Chairman, President and Chief Executive Officer Jim McNerney. “We are methodically working through our challenges, including the start-up of the 787, and our people remain focused on satisfying our customers and leveraging growth and productivity into better bottom-line and top-line performance for our company.”
Total company backlog at quarter-end reached a record US$346 billion, up +32% in the last year, with growth in the quarter driven by commercial airplane and V-22 multiyear orders.
Cash and investments in marketable securities totalled US$12.1 billion at quarter-end, up +49% from the same period last year but unchanged during the first quarter (Table 3). The company spent US$1.2 billion to acquire 15.6 million of its shares in the quarter, enabled by the recent US$7 billion share repurchase authorisation. Also in the first quarter, the company contributed US$506 million to its pension plans.
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Source: The Boeing Company (www.boeing.com) |
Boeing Commercial Airplanes first-quarter revenues rose to US$8.2 billion on a +8% increase in airplane deliveries and higher services volume, partially offset by lower aircraft trading volume (Table 4). Operating earnings grew +39% to US$983 million while margins expanded to 12%, driven by higher delivery volume and services sales and lower R&D spending. During the quarter, the company delivered its 1,400th 747 airplane and its 700th 777 airplane.
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Source: The Boeing Company (www.boeing.com) |
For the full report visit www.boeing.com.
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