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    Boeing Reports Fourth Quarter Results

    1/28/25 7:00:00 AM ET
    $BA
    Aerospace
    Industrials
    Get the next $BA alert in real time by email

    ARLINGTON, Va., Jan. 28, 2025 /PRNewswire/ --

    Fourth Quarter 2024

    • Finalized the International Association of Machinists and Aerospace Workers (IAM) agreement and resumed production across the 737, 767 and 777/777X programs
    • Financials reflect previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year
    • Revenue of $15.2 billion, GAAP loss per share of ($5.46) and core (non-GAAP)* loss per share of ($5.90)
    • Operating cash flow of ($3.5) billion; cash and marketable securities of $26.3 billion

    Full Year 2024

    • Delivered 348 commercial airplanes and recorded 279 net orders
    • Total company backlog grew to $521 billion, including over 5,500 commercial airplanes














































































    Table 1. Summary Financial Results



    Fourth Quarter







    Full Year





    (Dollars in Millions, except per share data)



    2024



    2023



    Change



    2024



    2023



    Change



























    Revenues



    $15,242





    $22,018





    (31) %



    $66,517





    $77,794





    (14) %



























    GAAP

























    (Loss)/earnings from operations



    ($3,770)





    $283





    NM



    ($10,707)





    ($773)





    NM

    Operating margins



    (24.7)

    %



    1.3

    %



    NM



    (16.1)

    %



    (1.0)

    %



    NM

    Net loss



    ($3,861)





    ($30)





    NM



    ($11,829)





    ($2,242)





    NM

    Basic loss per share



    ($5.46)





    ($0.04)





    NM



    ($18.36)





    ($3.67)





    NM

    Operating cash flow



    ($3,450)





    $3,381





    NM



    ($12,080)





    $5,960





    NM

    Non-GAAP*

























    Core operating (loss)/earnings



    ($4,042)





    $90





    NM



    ($11,811)





    ($1,829)





    NM

    Core operating margins



    (26.5)

    %



    0.4

    %



    NM



    (17.8)

    %



    (2.4)

    %



    NM

    Core loss per share



    ($5.90)





    ($0.47)





    NM



    ($20.38)





    ($5.81)





    NM



    *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." 

    The Boeing Company (NYSE:BA) recorded fourth quarter revenue of $15.2 billion, GAAP loss per share of ($5.46) and core loss per share (non-GAAP)* of ($5.90) (Table 1) primarily reflecting previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year. Boeing reported operating cash flow of ($3.5) billion and free cash flow of ($4.1) billion (non-GAAP)*.

    "We made progress on key areas to stabilize our operations during the quarter and continued to strengthen important aspects of our safety and quality plan," said Kelly Ortberg, Boeing president and chief executive officer. "My team and I are focused on making the fundamental changes needed to fully recover our company's performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us."































































    Table 2. Cash Flow



    Fourth Quarter



    Full Year









    (Millions)



    2024



    2023



    2024



    2023









    Operating cash flow



    ($3,450)





    $3,381





    ($12,080)





    $5,960











    Less additions to property, plant & equipment



    ($648)





    ($431)





    ($2,230)





    ($1,527)











    Free cash flow*



    ($4,098)





    $2,950





    ($14,310)





    $4,433













    *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." 

    Operating cash flow was ($3.5) billion in the quarter reflecting lower commercial deliveries, as well as unfavorable working capital timing, primarily driven by the IAM work stoppage (Table 2).































    Table 3. Cash, Marketable Securities and Debt Balances



    Quarter End

    (Billions)



    4Q 2024



    3Q 2024

    Cash



    $13.8



    $10.0

    Marketable securities1



    $12.5



    $0.5

    Total



    $26.3



    $10.5











    Consolidated debt



    $53.9



    $57.7



    1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."

    Cash and investments in marketable securities totaled $26.3 billion, compared to $10.5 billion at the beginning of the quarter, primarily driven by a $24 billion capital raise partially offset by free cash flow usage and debt repayment in the quarter (Table 3). Debt was $53.9 billion, down from $57.7 billion at the beginning of the quarter, driven by the early repayment of a $3.5 billion bond originally maturing in 2025. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.

    Total company backlog at quarter end was $521 billion.

    Segment Results

    Commercial Airplanes















































































    Table 4. Commercial Airplanes



    Fourth Quarter







    Full Year





    (Dollars in Millions)



    2024



    2023



    Change



    2024



    2023



    Change



























    Deliveries



    57





    157





    (64) %



    348





    528





    (34) %



























    Revenues



    $4,762





    $10,481





    (55) %



    $22,861





    $33,901





    (33) %

    (Loss)/earnings from operations



    ($2,090)





    $41





    NM



    ($7,969)





    ($1,635)





    NM

    Operating margins



    (43.9)

    %



    0.4

    %



    NM



    (34.9)

    %



    (4.8)

    %



    NM

    Commercial Airplanes fourth quarter revenue of $4.8 billion and operating margin of (43.9) percent reflect the previously announced impacts associated with the IAM work stoppage and agreement including lower deliveries and pre-tax charges of $1.1 billion on the 777X and 767 programs (Table 4).

    The 737 program resumed production in the quarter and plans to gradually increase production rate. The 787 program exited the year at a production rate of five per month and recently announced plans to expand South Carolina operations. In January, the 777X program resumed FAA certification flight testing, and the company still anticipates first delivery of the 777-9 in 2026.

    Commercial Airplanes booked 204 net orders in the quarter, including 100 737-10 airplanes for Pegasus Airlines and 30 787-9 airplanes for flydubai. Commercial Airplanes delivered 57 airplanes during the quarter and backlog included over 5,500 airplanes valued at $435 billion.

    Defense, Space & Security















































































    Table 5. Defense, Space & Security



    Fourth Quarter







    Full Year





    (Dollars in Millions)



    2024



    2023



    Change



    2024



    2023



    Change



























    Revenues



    $5,411





    $6,746





    (20) %



    $23,918





    $24,933





    (4) %

    Loss from operations



    ($2,267)





    ($101)





    NM



    ($5,413)





    ($1,764)





    NM

    Operating margins



    (41.9)

    %



    (1.5)

    %



    NM



    (22.6)

    %



    (7.1)

    %



    NM

    Defense, Space & Security fourth quarter revenue of $5.4 billion and operating margin of (41.9) percent reflect the previously announced pre-tax charges of $1.7 billion on the KC-46A, T-7A, Commercial Crew, VC-25B and MQ-25 programs.

    In January, the U.S. Air Force announced an updated acquisition approach for the T-7A Red Hawk that allows the company to provide a production-ready configuration to the customer prior to low-rate initial production, which better supports the operational needs of the customer and reduces future production risk.

    During the quarter, Defense, Space & Security captured an award from the U.S. Air Force for 15 KC-46A Tankers, secured an order for seven P-8A Poseidon aircraft from the U.S. Navy, and delivered the final T-7A Red Hawk engineering and manufacturing development aircraft to the U.S. Air Force. Backlog at Defense, Space & Security was $64 billion, of which 29 percent represents orders from customers outside the U.S.

    Global Services















































































    Table 6. Global Services



    Fourth Quarter







    Full Year





    (Dollars in Millions)



    2024



    2023



    Change



    2024



    2023



    Change



























    Revenues



    $5,119





    $4,849





    6 %



    $19,954





    $19,127





    4 %

    Earnings from operations



    $998





    $842





    19 %



    $3,618





    $3,329





    9 %

    Operating margins



    19.5

    %



    17.4

    %



    2.1 pts



    18.1

    %



    17.4

    %



    0.7 pts

    Global Services fourth quarter revenue of $5.1 billion and operating margin of 19.5 percent reflect higher commercial volume and mix.

    During the quarter, Global Services secured awards for C-17 sustainment and a contract for F-15 Japan Super Interceptor upgrade services from the U.S. Air Force.

    Additional Financial Information























































    Table 7. Additional Financial Information



    Fourth Quarter



    Full Year

    (Dollars in Millions)



    2024



    2023



    2024



    2023

    Revenues

















    Unallocated items, eliminations and other



    ($50)





    ($58)





    ($216)





    ($167)



    Loss from operations

















    Unallocated items, eliminations and other



    ($683)





    ($692)





    ($2,047)





    ($1,759)



    FAS/CAS service cost adjustment



    $272





    $193





    $1,104





    $1,056



    Other income, net



    $432





    $308





    $1,222





    $1,227



    Interest and debt expense



    ($755)





    ($600)





    ($2,725)





    ($2,459)



    Effective tax rate



    5.7

    %



    (233.3)

    %



    3.1

    %



    (11.8)

    %

    Unallocated items, eliminations and other primarily reflects timing of allocations.

    Non-GAAP Measures Disclosures

    We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided:

    Core Operating Earnings/(Loss), Core Operating Margin and Core Earnings/(Loss) Per Share

    Core operating earnings/(loss) is defined as GAAP Earnings/(loss) from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margin is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share excluding the net earnings/(loss) per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings/(loss), core operating margin and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12 and 13.

    Free Cash Flow

    Free cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. See Table 2 on page 2 for a reconciliation of free cash flow to the most directly comparable GAAP measure, operating cash flow.

    Caution Concerning Forward-Looking Statements

    This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate.

    Forward-looking statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) work stoppages or other labor disruptions; (7) competition within our markets; (8) our non-U.S. operations and sales to non-U.S. customers; (9) changes in accounting estimates; (10) our pending acquisition of Spirit AeroSystems Holdings, Inc. (Spirit), including the satisfaction of closing conditions in the expected timeframe or at all; (11) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our pending acquisition of Spirit; (12) our dependence on U.S. government contracts; (13) our reliance on fixed-price contracts; (14) our reliance on cost-type contracts; (15) contracts that include in-orbit incentive payments; (16) management of a complex, global IT infrastructure; (17) compromise or unauthorized access to our, our customers' and/or our suppliers' information and systems; (18) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (19) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (20) potential environmental liabilities; (21) effects of climate change and legal, regulatory or market responses to such change; (22) credit rating agency actions and our ability to effectively manage our liquidity; (23) substantial pension and other postretirement benefit obligations; (24) the adequacy of our insurance coverage; and (25) customer and aircraft concentration in our customer financing portfolio.

    Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

    Contact:











    Investor Relations:



    Matt Welch or David Dufault [email protected]

    Communications:



    Peter Pedraza [email protected]

     

    The Boeing Company and Subsidiaries

    Consolidated Statements of Operations

    (Unaudited)





    Twelve months ended

    December 31



    Three months ended

    December 31

    (Dollars in millions, except per share data)

    2024



    2023



    2024



    2023

    Sales of products

    $53,227





    $65,581





    $11,901





    $18,920



    Sales of services

    13,290





    12,213





    3,341





    3,098



    Total revenues

    66,517





    77,794





    15,242





    22,018



















    Cost of products

    (57,394)





    (59,864)





    (14,010)





    (16,724)



    Cost of services

    (11,114)





    (10,206)





    (2,821)





    (2,597)



    Total costs and expenses

    (68,508)





    (70,070)





    (16,831)





    (19,321)





    (1,991)





    7,724





    (1,589)





    2,697



    Income from operating investments, net

    71





    46





    12





    1



    General and administrative expense

    (5,021)





    (5,168)





    (1,398)





    (1,535)



    Research and development expense, net

    (3,812)





    (3,377)





    (836)





    (881)



    Gain on dispositions, net

    46





    2





    41





    1



    (Loss)/earnings from operations

    (10,707)





    (773)





    (3,770)





    283



    Other income, net

    1,222





    1,227





    432





    308



    Interest and debt expense

    (2,725)





    (2,459)





    (755)





    (600)



    Loss before income taxes

    (12,210)





    (2,005)





    (4,093)





    (9)



    Income tax benefit/(expense)

    381





    (237)





    232





    (21)



    Net loss

    (11,829)





    (2,242)





    (3,861)





    (30)



    Less: net (loss)/earnings attributable to noncontrolling interest

    (12)





    (20)





    4





    (7)



    Net loss attributable to Boeing shareholders

    ($11,817)





    ($2,222)





    ($3,865)





    ($23)



    Less: Mandatory convertible preferred stock dividends

    accumulated during the period

    58











    58







    Net loss attributable to Boeing common shareholders

    ($11,875)





    ($2,222)





    ($3,923)





    ($23)



    Basic loss per share

    ($18.36)





    ($3.67)





    ($5.46)





    ($0.04)



















    Diluted loss per share

    ($18.36)





    ($3.67)





    ($5.46)





    ($0.04)



















    Weighted average diluted shares (millions)

    647.2



    606.1



    718.1



    609.5

     

    The Boeing Company and Subsidiaries

    Consolidated Statements of Financial Position

    (Unaudited) 

























    (Dollars in millions, except per share data)

    December 31

    2024



    December 31

    2023

    Assets







    Cash and cash equivalents

    $13,801





    $12,691



    Short-term and other investments

    12,481





    3,274



    Accounts receivable, net

    2,631





    2,649



    Unbilled receivables, net

    8,363





    8,317



    Current portion of financing receivables, net

    207





    99



    Inventories

    87,550





    79,741



    Other current assets, net

    2,965





    2,504



    Total current assets

    127,998





    109,275



    Financing receivables and operating lease equipment, net

    314





    860



    Property, plant and equipment, net of accumulated depreciation of $22,925

    and $22,245

    11,412





    10,661



    Goodwill

    8,084





    8,093



    Acquired intangible assets, net

    1,957





    2,094



    Deferred income taxes

    185





    59



    Investments

    999





    1,035



    Other assets, net of accumulated amortization of $1,085 and $1,046

    5,414





    4,935



    Total assets

    $156,363





    $137,012



    Liabilities and equity







    Accounts payable

    $11,364





    $11,964



    Accrued liabilities

    24,103





    22,331



    Advances and progress billings

    60,333





    56,328



    Short-term debt and current portion of long-term debt

    1,278





    5,204



    Total current liabilities

    97,078





    95,827



    Deferred income taxes

    122





    229



    Accrued retiree health care

    2,176





    2,233



    Accrued pension plan liability, net

    5,997





    6,516



    Other long-term liabilities

    2,318





    2,332



    Long-term debt

    52,586





    47,103



    Total liabilities

    160,277





    154,240



    Shareholders' equity:







    Mandatory convertible preferred stock, 6% Series A, par value $1.00 -

    20,000,000 shares authorized; 5,750,000 shares issued; aggregate

    liquidation preference $5,750

    6









         Common stock, par value $5.00 – 1,200,000,000 shares authorized;

          1,012,261,159 shares issued

    5,061





    5,061



    Additional paid-in capital

    18,964





    10,309



         Treasury stock, at cost - 263,044,841 and 402,746,136 shares

    (32,386)





    (49,549)



    Retained earnings

    15,362





    27,251



    Accumulated other comprehensive loss

    (10,915)





    (10,305)



    Total shareholders' deficit

    (3,908)





    (17,233)



    Noncontrolling interests

    (6)





    5



    Total equity

    (3,914)





    (17,228)



    Total liabilities and equity

    $156,363





    $137,012



     

    The Boeing Company and Subsidiaries

    Consolidated Statements of Cash Flows

    (Unaudited)



























    Twelve months ended

    December 31

    (Dollars in millions)

    2024



    2023

    Cash flows – operating activities:







    Net loss

    ($11,829)





    ($2,242)



    Adjustments to reconcile net loss to net cash (used)/provided by operating activities:







    Non-cash items – 







    Share-based plans expense

    407





    690



    Treasury shares issued for 401(k) contribution

    1,601





    1,515



    Depreciation and amortization

    1,836





    1,861



    Investment/asset impairment charges, net

    112





    46



    Gain on dispositions, net

    (46)





    (2)



    777X and 767 reach-forward losses

    4,079







    Other charges and credits, net

    528





    3



    Changes in assets and liabilities – 







    Accounts receivable

    (37)





    (128)



    Unbilled receivables

    (60)





    321



    Advances and progress billings

    4,069





    3,365



    Inventories

    (12,353)





    (1,681)



    Other current assets

    (16)





    389



    Accounts payable

    (793)





    1,672



    Accrued liabilities

    1,563





    779



    Income taxes receivable, payable and deferred

    (567)





    44



    Other long-term liabilities

    (329)





    (313)



    Pension and other postretirement plans

    (959)





    (1,049)



    Financing receivables and operating lease equipment, net

    512





    571



    Other

    202





    119



    Net cash (used)/provided by operating activities

    (12,080)





    5,960



    Cash flows – investing activities:







    Payments to acquire property, plant and equipment

    (2,230)





    (1,527)



    Proceeds from disposals of property, plant and equipment

    49





    27



    Acquisitions, net of cash acquired

    (50)





    (70)



    Proceeds from dispositions

    124







    Contributions to investments

    (13,856)





    (16,448)



    Proceeds from investments

    4,743





    15,739



    Supplier notes receivable

    (694)





    (162)



    Repayments on supplier notes receivable

    40







    Purchase of distribution rights

    (88)







    Other

    (11)





    4



    Net cash used by investing activities

    (11,973)





    (2,437)



    Cash flows – financing activities:







    New borrowings

    10,161





    75



    Debt repayments

    (8,673)





    (5,216)



    Common stock issuance, net of issuance costs

    18,200







    Mandatory convertible preferred stock issuance, net of issuance costs

    5,657







    Stock options exercised







    45



    Employee taxes on certain share-based payment arrangements

    (83)





    (408)



    Other

    (53)





    17



    Net cash provided/(used) by financing activities

    25,209





    (5,487)



    Effect of exchange rate changes on cash and cash equivalents

    (47)





    30



    Net increase/(decrease) in cash & cash equivalents, including restricted

    1,109





    (1,934)



    Cash & cash equivalents, including restricted, at beginning of year

    12,713





    14,647



    Cash & cash equivalents, including restricted, at end of period

    13,822





    12,713



    Less restricted cash & cash equivalents, included in Investments

    21





    22



    Cash & cash equivalents at end of year

    $13,801





    $12,691



     

    The Boeing Company and Subsidiaries

    Summary of Business Segment Data

    (Unaudited)



















































    Twelve months ended

    December 31



    Three months ended

    December 31

    (Dollars in millions)

    2024



    2023



    2024



    2023

    Revenues:















    Commercial Airplanes

    $22,861





    $33,901





    $4,762





    $10,481



    Defense, Space & Security

    23,918





    24,933





    5,411





    6,746



    Global Services

    19,954





    19,127





    5,119





    4,849



    Unallocated items, eliminations and other

    (216)





    (167)





    (50)





    (58)



    Total revenues

    $66,517





    $77,794





    $15,242





    $22,018



    (Loss)/earnings from operations:















    Commercial Airplanes

    ($7,969)





    ($1,635)





    ($2,090)





    $41



    Defense, Space & Security

    (5,413)





    (1,764)





    (2,267)





    (101)



    Global Services

    3,618





    3,329





    998





    842



    Segment operating (loss)/earnings

    (9,764)





    (70)





    (3,359)





    782



    Unallocated items, eliminations and other

    (2,047)





    (1,759)





    (683)





    (692)



    FAS/CAS service cost adjustment

    1,104





    1,056





    272





    193



    (Loss)/earnings from operations

    (10,707)





    (773)





    (3,770)





    283



    Other income, net

    1,222





    1,227





    432





    308



    Interest and debt expense

    (2,725)





    (2,459)





    (755)





    (600)



    Loss before income taxes

    (12,210)





    (2,005)





    (4,093)





    (9)



    Income tax benefit/(expense)

    381





    (237)





    232





    (21)



    Net loss

    (11,829)





    (2,242)





    (3,861)





    (30)



    Less: net (loss)/earnings attributable to noncontrolling interest

    (12)





    (20)





    4





    (7)



    Net loss attributable to Boeing shareholders

    ($11,817)





    ($2,222)





    ($3,865)





    ($23)



    Less: Mandatory convertible preferred stock dividends

    accumulated during the period

    58











    58









    Net loss attributable to Boeing common shareholders

    (11,875)





    (2,222)





    (3,923)





    (23)



    Research and development expense, net:















    Commercial Airplanes

    $2,386





    $2,036





    $534





    $498



    Defense, Space & Security

    917





    919





    189





    267



    Global Services

    132





    107





    29





    23



    Other

    377





    315





    84





    93



    Total research and development expense, net

    $3,812





    $3,377





    $836





    $881



    Unallocated items, eliminations and other:















    Share-based plans

    $171





    $62





    $53





    $95



    Deferred compensation

    (114)





    (188)





    (14)





    (117)



    Amortization of previously capitalized interest

    (93)





    (95)





    (23)





    (24)



    Research and development expense, net

    (377)





    (315)





    (84)





    (93)



    Eliminations and other unallocated items

    (1,634)





    (1,223)





    (615)





    (553)



    Sub-total (included in Core operating loss)

    (2,047)





    (1,759)





    (683)





    (692)



    Pension FAS/CAS service cost adjustment

    811





    799





    203





    136



    Postretirement FAS/CAS service cost adjustment

    293





    257





    69





    57



    FAS/CAS service cost adjustment

    1,104





    1,056





    $272





    $193



    Total

    ($943)





    ($703)





    ($411)





    ($499)



     

    The Boeing Company and Subsidiaries

    Operating and Financial Data

    (Unaudited)























































    Deliveries



    Twelve months ended

     December 31



    Three months ended

    December 31

    Commercial Airplanes



    2024



    2023



    2024



    2023

    737



    265





    396





    36





    110



    747



    —





    1





    —





    —



    767



    18





    32





    3





    15



    777



    14





    26





    3





    9



    787



    51





    73





    15





    23



    Total



    348





    528





    57





    157





    Defense, Space & Security

















    AH-64 Apache (New)



    16





    20





    6





    3



    AH-64 Apache (Remanufactured)   



    34





    57





    10





    19



    CH-47 Chinook (New)



    4





    11





    2





    3



    CH-47 Chinook (Renewed)



    9





    9





    2





    2



    F-15 Models



    14





    9





    4





    3



    F/A-18 Models



    11





    22





    6





    6



    KC-46 Tanker



    10





    13





    —





    9



    MH-139



    6





    2





    3





    1



    P-8 Models



    4





    11





    —





    4



         T-7A Red Hawk



    2





    3





    1





    2



         Commercial Satellites



    2





    5





    2





    2





















    Total1



    112





    162





    36





    54



    1 Deliveries of new-build production units, including remanufactures and modifications













































    Total backlog (Dollars in millions)

















    December 31

    2024



    December 31

    2023

    Commercial Airplanes

















    $435,175





    $440,507



    Defense, Space & Security

















    64,023





    59,012



    Global Services

















    21,403





    19,869



    Unallocated items, eliminations and other          

















    735





    807



    Total backlog

















    $521,336





    $520,195



























    Contractual backlog

















    $498,802





    $497,094



    Unobligated backlog

















    22,534





    23,101



    Total backlog

















    $521,336





    $520,195



























     

    The Boeing Company and Subsidiaries 

    Reconciliation of Non-GAAP Measures 

    (Unaudited)

    The tables provided below reconcile the non-GAAP financial measures core operating loss, core operating margin, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margin, and diluted loss per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.















































    (Dollars in millions, except per share data)







    Fourth Quarter 2024



    Fourth Quarter 2023









    $ millions

    Per Share



    $ millions

    Per Share

    Revenues







    $15,242







    $22,018





    (Loss)/earnings from operations (GAAP)







    (3,770)







    283





    Operating margins (GAAP)







    (24.7)

    %





    1.3

    %





















    FAS/CAS service cost adjustment:

















    Pension FAS/CAS service cost adjustment







    (203)







    (136)





    Postretirement FAS/CAS service cost adjustment







    (69)







    (57)





    FAS/CAS service cost adjustment







    (272)







    (193)





    Core operating (loss)/earnings (non-GAAP)







    ($4,042)







    $90





    Core operating margins (non-GAAP)







    (26.5)

    %





    0.4

    %





















    Diluted loss per share (GAAP)









    ($5.46)







    ($0.04)



    Pension FAS/CAS service cost adjustment







    ($203)



    ($0.28)





    ($136)



    ($0.23)



    Postretirement FAS/CAS service cost adjustment









    (69)



    (0.10)







    (57)



    (0.09)



    Non-operating pension income







    (108)



    (0.15)





    (127)



    (0.21)



    Non-operating postretirement income









    (18)



    (0.03)







    (14)



    (0.02)



    Provision for deferred income taxes on adjustments 1







    84



    0.12





    70



    0.12



    Subtotal of adjustments







    ($314)



    ($0.44)





    ($264)



    ($0.43)



    Core loss per share (non-GAAP)









    ($5.90)







    ($0.47)





















    Weighted average diluted shares (in millions)









    718.1







    609.5





    1 The income tax impact is calculated using the U.S. corporate statutory tax rate.

     

    The Boeing Company and Subsidiaries 

    Reconciliation of Non-GAAP Measures 

    (Unaudited)

    The tables provided below reconcile the non-GAAP financial measures core operating loss, core operating margin, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margin, and diluted loss per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.















































    (Dollars in millions, except per share data)







    Full Year 2024



    Full Year 2023









    $ millions

    Per Share



    $ millions

    Per Share

    Revenues







    $66,517







    $77,794





    Loss from operations (GAAP)







    (10,707)







    (773)





    Operating margins (GAAP)







    (16.1)

    %





    (1.0)

    %





















    FAS/CAS service cost adjustment:

















    Pension FAS/CAS service cost adjustment







    (811)







    (799)





    Postretirement FAS/CAS service cost adjustment







    (293)







    (257)





    FAS/CAS service cost adjustment







    (1,104)







    (1,056)





    Core operating loss (non-GAAP)







    ($11,811)







    ($1,829)





    Core operating margins (non-GAAP)







    (17.8)

    %





    (2.4)

    %





















    Diluted loss per share (GAAP)









    ($18.36)







    ($3.67)



    Pension FAS/CAS service cost adjustment







    ($811)



    ($1.26)





    ($799)



    ($1.32)



    Postretirement FAS/CAS service cost adjustment









    (293)



    (0.45)







    (257)



    (0.42)



    Non-operating pension income







    (476)



    (0.74)





    (529)



    (0.87)



    Non-operating postretirement income









    (73)



    (0.11)







    (58)



    (0.10)



    Provision for deferred income taxes on adjustments 1







    347



    0.54





    345



    0.57



    Subtotal of adjustments







    ($1,306)



    ($2.02)





    ($1,298)



    ($2.14)



    Core loss per share (non-GAAP)









    ($20.38)







    ($5.81)





















    Weighted average diluted shares (in millions)









    647.2







    606.1





    1 The income tax impact is calculated using the U.S. corporate statutory tax rate.

     

    Cision View original content:https://www.prnewswire.com/news-releases/boeing-reports-fourth-quarter-results-302361871.html

    SOURCE Boeing

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