Boeing reports 3Q 2009 earnings

Boeing Reports Third-Quarter Financial Results
CHICAGO, Oct. 21 /PRNewswire-FirstCall/ --

• Third-quarter revenue was $16.7 billion, 9 percent higher than last year's strike-affected quarter
• Loss of $2.23 per share reflects $3.59 per share of expenses related to previously announced 787 cost reclassification and 747 charge, partially offset by solid performance in other commercial programs and the defense business
• Operating cash flow increased to $1.2 billion
• Backlog at $320 billion - nearly five times current annual revenues
• 2009 guidance updated for 787 cost reclassification and 747 charge
  

    Table 1.  Summary Financial Results
                           Third Quarter               Nine Months
                           -------------               -----------
    (Dollars in
     Millions, except
     per share data)        2009      2008  Change     2009     2008  Change
    -----------------       ----      ----             ----     ----

    Revenues             $16,688   $15,293       9% $50,344  $48,245       4%
    Earnings/(Loss) From
     Operations          ($2,151)   $1,147      NA     $403   $4,193      NA
    Operating Margin       (12.9%)     7.5%     NA      0.8%     8.7%     NA
    Net Income/(Loss)    ($1,564)     $695      NA      $44   $2,758      NA
    Earnings/(Loss)
     per Share            ($2.23)    $0.96      NA    $0.06    $3.76      NA
    Operating Cash Flow   $1,197     ($442)     NA   $2,391   $1,240      93%

The Boeing Company (NYSE: BA) reported a third-quarter net loss of $1.6 billion, or $2.23 per share, as revenues rose 9 percent to $16.7 billion. Current period results reflect the previously announced reclassification to research and development (R&D) of costs incurred through July for the first three 787 flight-test airplanes ($2.46 per share), spending on those planes for August and September ($0.14 per share), and the 747 charge ($0.99 per share), partially offset by solid performance in other commercial airplane programs and the company's defense business (Table 1). Last year's strike and supplier production problems reduced year-ago revenue by an estimated $2.1 billion and earnings by an estimated $0.60 per share.