BOEING CO Quarterly Report for Q1 Ended Mar 31, 2017

Summary

Boeing Company's first quarter 2017 report shows a decrease in total revenues to $20.98 billion from $22.63 billion in the prior year period, primarily driven by a decline in the Defense, Space & Security segment. Despite lower revenues, earnings from operations increased to $2.02 billion from $1.79 billion, benefiting from improved performance in the Commercial Airplanes segment and lower reach-forward losses compared to the previous year. Net earnings rose to $1.45 billion, or $2.34 per diluted share, from $1.22 billion, or $1.83 per diluted share, reflecting better operational efficiency and cost management. The company maintained a strong backlog of $461.5 billion, indicating robust future demand. Boeing continued its capital return program, repurchasing $2.5 billion in stock during the quarter.

Key Highlights

• 1Total revenues decreased by 7.3% to $20.98 billion, largely due to a $1.4 billion decline in the Defense, Space & Security segment.
• 2Earnings from operations increased by 13.2% to $2.02 billion, driven by strong performance in Commercial Airplanes and reduced reach-forward losses.
• 3Net earnings grew by 19.0% to $1.45 billion, resulting in diluted earnings per share of $2.34, up from $1.83 in the prior year period.
• 4Commercial Airplanes segment revenue saw a slight decrease of 0.7% to $14.31 billion, but earnings from operations increased by 17.6% to $1.22 billion.
• 5Defense, Space & Security segment revenue declined by 17.8% to $6.53 billion, and its earnings from operations decreased by 10.3% to $737 million.
• 6Boeing returned significant capital to shareholders, repurchasing $2.5 billion of its stock during the quarter.
• 7The company maintained a substantial total contractual backlog of $461.5 billion as of March 31, 2017.

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