Boeing Reports First-Quarter Results.

CHICAGO:

Engaging global regulators and customers on safe return to service of the 737 MAX

Revenue of $22.9 billion reflecting 149 commercial deliveries and higher defense and services volume

GAAP EPS of $3.75 and core EPS (non-GAAP)* of $3.16

Operating cash flow of $2.8 billion; paid $1.2 billion of dividends

Total backlog of $487 billion, including more than 5,600 commercial airplanes

Cash and marketable securities of $7.7 billion provide strong liquidity

Previously issued 2019 guidance does not reflect 737 MAX impacts; new guidance to be issued at a future date

The Boeing Company [NYSE: BA] reported first-quarter revenue of $22.9 billion, GAAP earnings per share of $3.75 and core earnings per share (non-GAAP)* of $3.16, reflecting lower 737 deliveries partially offset by higher defense and services volume (Table 1). Boeing generated operating cash flow of $2.8 billion and paid $1.2 billion of dividends.

The previously issued 2019 financial guidance does not reflect 737 MAX impacts. Due to the uncertainty of the timing and conditions surrounding return to service of the 737 MAX fleet, new guidance will be issued at a future date. Boeing is making steady progress on the path to final certification for a software update for the 737 MAX, with over 135 test and production flights of the software update complete. The company continues to work closely with global regulators and our airline partners to comprehensively test the software and finalize a robust package of training and educational resources.

"Across the company, we are focused on safety, returning the 737 MAX to service, and earning and re-earning the trust and confidence of customers, regulators and the flying public," said Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg. "As we work through this challenging time for our customers, stakeholders and the company, our attention remains on driving excellence in quality and performance and running a healthy sustained growth business built on strong, long-term fundamentals."

The quarter's operating performance was highlighted by key defense wins, strong commercial widebody performance and orders, continued robust services growth, and receiving Embraer shareholder approval for the proposed strategic partnership.

Table 2. Cash Flow

First Quarter

(Millions)

2019

2018

Operating Cash Flow

$2,788

$3,136

Less Additions to Property, Plant & Equipment

($501)

($394)

Free Cash Flow*

$2,287

$2,742

*Non-GAAP measure; complete...