TIDMBOE 
 
Boeing Reports First-Quarter Results 
 
ARLINGTON, Va., April 26, 2023 /PRNewswire/ -- 
 
First Quarter 2023 
 
  * Still expect to deliver 400-450 737 airplanes in 2023; plan to increase 
    production to 38 per month later this year 
  * Revenue increased to $17.9 billion primarily reflecting 130 commercial 
    deliveries 
  * Operating cash flow of ($0.3) billion and free cash flow of ($0.8) billion 
    (non-GAAP); cash and marketable securities of $14.8 billion 
  * Total company backlog of $411 billion, including over 4,500 commercial 
    airplanes 
  * Reaffirm guidance: $4.5-$6.5 billion of operating cash flow and $3.0-$5.0 
    billion of free cash flow (non-GAAP) 
 
Table 1. Summary                     First Quarter 
Financial Results 
 
(Dollars in                  2023                     2022              Change 
Millions, except 
per share data) 
 
Revenues                         $17,921                  $13,991        28 % 
 
GAAP 
 
Loss From                         ($149)                 ($1,162)         NM 
Operations 
 
Operating Margin                   (0.8) %                  (8.3) %       NM 
 
Net Loss                          ($425)                 ($1,242)         NM 
 
Loss Per Share                   ($0.69)                  ($2.06)         NM 
 
Operating Cash                    ($318)                 ($3,216)         NM 
Flow 
 
Non-GAAP* 
 
Core Operating                    ($440)                 ($1,445)         NM 
Loss 
 
Core Operating                     (2.5) %                 (10.3) %       NM 
Margin 
 
Core Loss Per                    ($1.27)                  ($2.75)         NM 
Share 
 
*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 first-quarter revenue of $17.9 billion, 
GAAP loss per share of ($0.69), and core loss per share (non-GAAP)* of ($1.27) 
(Table 1). Boeing reported operating cash flow of ($0.3) billion and free cash 
flow of ($0.8) billion (non-GAAP). Results improved on commercial volume and 
performance. 
 
"We delivered a solid first quarter and are focused on driving stability for 
our customers," said Dave Calhoun, Boeing president and chief executive 
officer. "We are progressing through recent supply chain disruptions but remain 
confident in the goals we set for this year, as well as for the longer term. 
Demand is strong across our key markets and we are growing investments to 
advance our development programs and innovate strategic capabilities for our 
customers and for our future." 
 
Table 2. Cash                        First Quarter 
Flow 
 
(Millions)                        2023                        2022 
 
Operating Cash                                 ($318)       ($3,216) 
Flow 
 
Less Additions                                 ($468)         ($349) 
to Property, 
Plant & 
Equipment 
 
Free Cash Flow                                 ($786)       ($3,565) 
* 
 
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on 
page 5, "Non-GAAP Measures Disclosures." 
 
Operating cash flow was ($0.3) billion in the quarter reflecting higher 
commercial deliveries and favorable receipt timing (Table 2). 
 
Table 3.                                       Quarter-End 
Cash, 
Marketable 
Securities 
and Debt 
Balances 
 
(Billions)      Q1 23                                  Q4 22 
 
Cash                                         $10.8                                  $14.6 
 
Marketable                                    $4.0                                   $2.6 
Securities1 
 
Total                                        $14.8                                  $17.2 
 
Consolidated                                 $55.4                                  $57.0 
Debt 
 
1 Marketable securities consist primarily of time deposits due within one year 
classified as "short-term investments." 
 
Cash and investments in marketable securities totaled $14.8 billion, compared 
to $17.2 billion at the beginning of the quarter (Table 3). Debt was 
$55.4 billion, down from $57.0 billion at the beginning of the quarter due to 
the pay down of debt maturities. The company has access to credit facilities of 
$12.0 billion, which remain undrawn. 
 
Total company backlog at quarter-end was $411 billion. 
 
Segment Results 
 
Commercial Airplanes 
 
Table 4.                          First Quarter 
Commercial 
Airplanes 
 
(Dollars in              2023                       2022               Change 
Millions) 
 
Commercial                   130                        95              37 % 
Airplanes 
Deliveries 
 
Revenues                  $6,704                    $4,194              60 % 
 
Loss from                 ($615)                    ($897)               NM 
Operations 
 
Operating                  (9.2) %                  (21.4) %             NM 
Margin 
 
 
Commercial Airplanes first-quarter revenue increased to $6.7 billion driven by 
higher 737 and 787 deliveries, partially offset by 787 customer considerations 
(Table 4). Operating margin of (9.2) percent also reflects abnormal costs and 
period expenses, including research and development. 
 
On the 737 program, earlier this month the program's fuselage supplier notified 
Boeing that a non-standard manufacturing process was used on two fittings in 
the aft fuselage section of certain 737 airplanes. This is not an immediate 
safety of flight issue and the in-service fleet can continue operating safely. 
While near-term deliveries and production will be impacted as the program 
performs necessary inspections and rework, the program still expects to deliver 
400-450 airplanes this year. On production, the supplier master schedule 
remains unchanged including anticipated production rate increases, which will 
result in higher inventory levels. The company expects final assembly 
production to recover in the coming months with plans to increase to 38 per 
month later this year and 50 per month in the 2025/2026 timeframe. 
 
The 787 program is producing at three per month with plans to ramp production 
to five per month in late 2023 and to 10 per month in the 2025/2026 timeframe. 
 
During the quarter, Commercial Airplanes secured net orders of 107. Also during 
the quarter the company secured commitments from Air India for 190 737 MAX, 20 
787, and 10 777X airplanes and from Riyadh Air and Saudi Arabian Airlines for 
up to 121 787 airplanes. Commercial Airplanes delivered 130 airplanes during 
the quarter and backlog included over 4,500 airplanes valued at $334 billion. 
 
Defense, Space & Security 
 
Table 5.                          First Quarter 
Defense, 
Space & 
Security 
 
(Dollars in              2023                       2022               Change 
Millions) 
 
Revenues                  $6,539                    $5,483              19 % 
 
Loss from                 ($212)                    ($929)               NM 
Operations 
 
Operating                  (3.2) %                  (16.9) %             NM 
Margin 
 
 
Defense, Space & Security first-quarter revenue was $6.5 billion. First-quarter 
operating margin of (3.2) percent primarily reflects a $245 million pre-tax 
charge on the KC-46A Tanker program largely driven by the previously shared 
supplier quality issue resulting in factory disruption and rework. Results also 
include the continued operational impact of labor instability and supply chain 
disruption on other programs. 
 
During the quarter, Defense, Space & Security captured awards from the U.S. 
Army for 184 Apaches and from the U.S. Air Force for 15 KC-46A Tankers and the 
initial E-7 development contract. Backlog at Defense, Space & Security was $58 
billion, of which 30 percent represents orders from customers outside the U.S. 
 
Global Services 
 
Table 6.                          First Quarter 
Global 
Services 
 
(Dollars in              2023                        2022              Change 
Millions) 
 
Revenues                  $4,720                    $4,314              9 % 
 
Earnings                    $847                      $632              34 % 
from 
Operations 
 
Operating                   17.9 %                    14.6 %            3.3 
Margin                                                                  pts 
 
 
Global Services first-quarter revenue of $4.7 billion and operating margin of 
17.9 percent reflect higher commercial volume and favorable mix. 
 
During the quarter, Global Services committed to set up the first Boeing 
Converted Freighter line in India in collaboration with GMR Aero Technic, 
delivered AerCap's 50th 737-800 Boeing Converted Freighter and broke ground on 
a new component operations facility in Jacksonville, Florida. 
 
Additional Financial Information 
 
Table 7.                                 First Quarter 
Additional 
Financial 
Information 
 
(Dollars in                        2023                            2022 
Millions) 
 
Revenues 
 
Unallocated                       ($42)                                   $- 
items, 
eliminations 
and other 
 
Earnings/ 
(loss) from 
Operations 
 
FAS/CAS                            $291                                 $283 
service cost 
adjustment 
 
Other                            ($460)                               ($251) 
unallocated 
items and 
eliminations 
 
Other income,                      $302                                 $181 
net 
 
Interest and                     ($649)                               ($637) 
debt expense 
 
Effective tax                      14.3 %                               23.2 % 
rate 
 
 
The increase in loss from Other unallocated items and eliminations was driven 
by timing of allocations and deferred compensation expense. Other income 
primarily reflects an increase in investment income due to higher interest 
rates. The first-quarter effective tax rate primarily reflects the tax benefit 
of pretax losses. 
 
Segment results reflect the realignment of Boeing Capital into the Commercial 
Airplanes segment during the first quarter of 2023. Prior period amounts have 
also been reclassified to conform to the 2023 presentation. 
 
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 Loss, Core Operating Margin and Core Loss Per Share 
 
Core operating loss is defined as GAAP earnings 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 loss expressed as a percentage of revenue. Core loss per share is 
defined as GAAP diluted earnings per share excluding the net earnings 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 
loss, core operating margin and core 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 between the non-GAAP and GAAP measures is provided 
on page 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 and page 14 
for reconciliations of free cash flow to GAAP 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," 
"should," "expects," "intends," "projects," "plans," "believes," "estimates," 
"targets," "anticipates," and similar expressions generally 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. These 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, planned commercial 
aircraft production rate changes, 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 the potential impact of a government shutdown; (5) our 
dependence on our subcontractors and suppliers, as well as the availability of 
highly skilled labor and raw materials; (6) competition within our markets; (7) 
our non-U.S. operations and sales to non-U.S. customers; (8) changes in 
accounting estimates; (9) realizing the anticipated benefits of mergers, 
acquisitions, joint ventures/strategic alliances or divestitures; (10) our 
dependence on U.S. government contracts; (11) our reliance on fixed-price 
contracts; (12) our reliance on cost-type contracts; (13) contracts that 
include in-orbit incentive payments; (14) unauthorized access to our, our 
customers' and/or our suppliers' information and systems; (15) 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; (16) 
potential adverse developments in new or pending litigation and/or government 
inquiries or investigations; (17) potential environmental liabilities; (18) 
effects of climate change and legal, regulatory or market responses to such 
change; (19) changes in our ability to obtain debt financing on commercially 
reasonable terms, at competitive rates and in sufficient amounts; (20) 
substantial pension and other postretirement benefit obligations; (21) the 
adequacy of our insurance coverage; (22) customer and aircraft concentration in 
our customer financing portfolio; and (23) work stoppages or other labor 
disruptions. 
 
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 (312) 544-2140 
 
Communications:      Michael Friedman media@boeing.com 
 
 
 
                              The Boeing Company and Subsidiaries 
                             Consolidated Statements of Operations 
                                          (Unaudited) 
 
                                          Three months ended 
                                               March 31 
 
(Dollars in                   2023                                  2022 
millions, 
except per 
share data) 
 
Sales of                                 $14,914                               $11,427 
products 
 
Sales of                                   3,007                                 2,564 
services 
 
Total revenues                            17,921                                13,991 
 
Cost of                                 (13,553)                              (11,412) 
products 
 
Cost of                                  (2,445)                               (2,226) 
services 
 
Total costs                             (15,998)                              (13,638) 
and expenses 
 
                                           1,923                                   353 
 
Loss from                                   (27)                                  (20) 
operating 
investments, 
net 
 
General and                              (1,304)                                 (863) 
administrative 
expense 
 
Research and                               (741)                                 (633) 
development 
expense, net 
 
Gain on                                                                              1 
dispositions, 
net 
 
Loss from                                  (149)                               (1,162) 
operations 
 
Other income,                                302                                   181 
net 
 
Interest and                               (649)                                 (637) 
debt expense 
 
Loss before                                (496)                               (1,618) 
income taxes 
 
Income tax                                    71                                   376 
benefit 
 
Net loss                                   (425)                               (1,242) 
 
Less: net loss                              (11)                                  (23) 
attributable 
to 
noncontrolling 
interest 
 
Net loss                                  ($414)                              ($1,219) 
attributable 
to Boeing 
Shareholders 
 
Basic loss per                           ($0.69)                               ($2.06) 
share 
 
Diluted loss                             ($0.69)                               ($2.06) 
per share 
 
Weighted                                    602.5                                 591.7 
average 
diluted shares 
(millions) 
 
 
 
 
                      The Boeing Company and Subsidiaries 
                 Consolidated Statements of Financial Position 
                                 (Unaudited) 
 
(Dollars in millions, except per share data)                March 31   December 
                                                                2023         31 
                                                                           2022 
 
Assets 
 
Cash and cash equivalents                                   $10,812    $14,614 
 
Short-term and other investments                              3,955      2,606 
 
Accounts receivable, net                                      2,862      2,517 
 
Unbilled receivables, net                                     9,689      8,634 
 
Current portion of customer financing, net                      133        154 
 
Inventories                                                  78,503     78,151 
 
Other current assets, net                                     2,857      2,847 
 
Total current assets                                        108,811    109,523 
 
Customer financing, net                                       1,372      1,450 
 
Property, plant and equipment, net of accumulated            10,493     10,550 
depreciation of $21,692 and 
     $21,442 
 
Goodwill                                                      8,063      8,057 
 
Acquired intangible assets, net                               2,254      2,311 
 
Deferred income taxes                                            65         63 
 
Investments                                                     969        983 
 
Other assets, net of accumulated amortization of of $1,002    4,320      4,163 
and $949 
 
Total assets                                               $136,347   $137,100 
 
Liabilities and equity 
 
Accounts payable                                            $10,274    $10,200 
 
Accrued liabilities                                          20,812     21,581 
 
Advances and progress billings                               54,498     53,081 
 
Short-term debt and current portion of long-term debt         7,926      5,190 
 
Total current liabilities                                    93,510     90,052 
 
Deferred income taxes                                           194        230 
 
Accrued retiree health care                                   2,466      2,503 
 
Accrued pension plan liability, net                           5,998      6,141 
 
Other long-term liabilities                                   2,198      2,211 
 
Long-term debt                                               47,465     51,811 
 
Total liabilities                                           151,831    152,948 
 
Shareholders' equity: 
 
Common stock, par value $5.00 - 1,200,000,000 shares          5,061      5,061 
authorized; 
     1,012,261,159 shares issued 
 
Additional paid-in capital                                   10,298      9,947 
 
     Treasury stock, at cost - 410,984,640 and 414,671,383 (50,376)   (50,814) 
shares 
 
Retained earnings                                            29,059     29,473 
 
Accumulated other comprehensive loss                        (9,550)    (9,550) 
 
Total shareholders' deficit                                (15,508)   (15,883) 
 
Noncontrolling interests                                         24         35 
 
Total equity                                               (15,484)   (15,848) 
 
Total liabilities and equity                               $136,347   $137,100 
 
 
 
                      The Boeing Company and Subsidiaries 
                     Consolidated Statements of Cash Flows 
                                  (Unaudited) 
 
                                                            Three months ended 
                                                                 March 31 
 
(Dollars in millions)                                         2023      2022 
 
Cash flows - operating activities: 
 
Net loss                                                     ($425)   ($1,242) 
 
Adjustments to reconcile net loss to net cash used by 
operating activities: 
 
Non-cash items - 
 
Share-based plans expense                                       222        203 
 
Treasury shares issued for 401(k) contribution                  553        329 
 
Depreciation and amortization                                   457        486 
 
Investment/asset impairment charges, net                         11         72 
 
Customer financing valuation adjustments                        (1)         48 
 
Gain on dispositions, net                                                  (1) 
 
Other charges and credits, net                                   34        175 
 
Changes in assets and liabilities - 
 
Accounts receivable                                           (341)        237 
 
Unbilled receivables                                        (1,055)      (356) 
 
Advances and progress billings                                1,417      (522) 
 
Inventories                                                   (390)    (1,203) 
 
Other current assets                                             82        140 
 
Accounts payable                                                231      (369) 
 
Accrued liabilities                                           (769)      (594) 
 
Income taxes receivable, payable and deferred                 (122)      (403) 
 
Other long-term liabilities                                   (117)         96 
 
Pension and other postretirement plans                        (244)      (371) 
 
Customer financing, net                                         101         18 
 
Other                                                            38         41 
 
Net cash used by operating activities                         (318)    (3,216) 
 
Cash flows - investing activities: 
 
Payments to acquire property, plant and equipment             (468)      (349) 
 
Proceeds from disposals of property, plant and equipment          5          8 
 
Contributions to investments                                (3,561)    (1,732) 
 
Proceeds from investments                                     2,203      5,037 
 
Other                                                           (2)          1 
 
Net cash (used)/provided by investing activities            (1,823)      2,965 
 
Cash flows - financing activities: 
 
New borrowings                                                   17          2 
 
Debt repayments                                             (1,699)      (396) 
 
Stock options exercised                                          44         30 
 
Employee taxes on certain share-based payment arrangements     (42)       (32) 
 
Net cash used by financing activities                       (1,680)      (396) 
 
Effect of exchange rate changes on cash and cash                 10        (3) 
equivalents 
 
Net decrease in cash & cash equivalents, including          (3,811)      (650) 
restricted 
 
Cash & cash equivalents, including restricted, at beginning  14,647      8,104 
of year 
 
Cash & cash equivalents, including restricted, at end of     10,836      7,454 
period 
 
Less restricted cash & cash equivalents, included in             24         45 
Investments 
 
Cash & cash equivalents at end of period                    $10,812     $7,409 
 
 
 
                      The Boeing Company and Subsidiaries 
                       Summary of Business Segment Data 
                                  (Unaudited) 
 
                                   Three months ended 
                                        March 31 
 
(Dollars in                        2023                         2022 
millions) 
 
Revenues: 
 
Commercial                                       $6,704         $4,194 
Airplanes 
 
Defense, Space &                                  6,539          5,483 
Security 
 
Global Services                                   4,720          4,314 
 
Unallocated                                        (42) 
items, 
eliminations and 
other 
 
Total revenues                                  $17,921        $13,991 
 
Loss from 
operations: 
 
Commercial                                       ($615)         ($897) 
Airplanes 
 
Defense, Space &                                  (212)          (929) 
Security 
 
Global Services                                     847            632 
 
Segment operating                                    20        (1,194) 
earnings/(loss) 
 
Unallocated                                       (460)          (251) 
items, 
eliminations and 
other 
 
FAS/CAS service                                     291            283 
cost adjustment 
 
Loss from                                         (149)        (1,162) 
operations 
 
Other income, net                                   302            181 
 
Interest and debt                                 (649)          (637) 
expense 
 
Loss before                                       (496)        (1,618) 
income taxes 
 
Income tax                                           71            376 
benefit 
 
Net loss                                          (425)        (1,242) 
 
Less: net loss                                     (11)           (23) 
attributable to 
noncontrolling 
interest 
 
Net loss                                         ($414)       ($1,219) 
attributable to 
Boeing 
Shareholders 
 
Research and 
development 
expense, net: 
 
Commercial                                         $444           $321 
Airplanes 
 
Defense, Space &                                    195            233 
Security 
 
Global Services                                      26             27 
 
Other                                                76             52 
 
Total research                                     $741           $633 
and development 
expense, net 
 
Unallocated 
items, 
eliminations and 
other: 
 
Share-based plans                                 ($52)          ($83) 
 
Deferred                                           (54)             42 
compensation 
 
Amortization of                                    (23)           (23) 
previously 
capitalized 
interest 
 
Research and                                       (76)           (52) 
development 
expense, net 
 
Eliminations and                                  (255)          (135) 
other unallocated 
items 
 
Sub-total                                         (460)          (251) 
(included in core 
operating loss) 
 
Pension FAS/CAS                                     223            208 
service cost 
adjustment 
 
Postretirement                                       68             75 
FAS/CAS service 
cost adjustment 
 
FAS/CAS service                                     291            283 
cost adjustment 
 
Total                                            ($169)            $32 
 
 
                      The Boeing Company and Subsidiaries 
             Notes to Condensed Consolidated Financial Statements 
                       Summary of Business Segment Data 
                                  (Unaudited) 
 
Segment results reflect the realignment of Boeing Capital into the Commercial 
Airplanes segment during the first quarter of 2023. Interest and debt expense 
now includes interest and debt expense previously attributable to Boeing 
Capital and classified as Cost of Sales. Revenues and costs related to the 
Customer Financing portfolio and the costs of the Boeing Customer Finance team 
are now included in the Commercial Airplanes segment. The prior period amounts 
have been reclassified to conform to the current periods presentation as set 
forth below. 
 
                                                Three months ended 
 
(Dollars in millions)             12/31/      9/30/2022      6/30/      3/31/2022 
                                   2022                       2022 
 
Revenues: 
 
Commercial Airplanes              $9,271         $6,304      $6,258        $4,194 
 
Defense, Space & Security          6,181          5,307       6,191         5,483 
 
Global Services                    4,567          4,432       4,298         4,314 
 
Unallocated items, eliminations     (39)           (87)        (66) 
and other 
 
Total revenues                   $19,980        $15,956     $16,681       $13,991 
 
(Loss)/earnings from operations: 
 
Commercial Airplanes              ($603)         ($622)      ($219)        ($897) 
 
Defense, Space & Security            112        (2,798)          71         (929) 
 
Global Services                      634            733         728           632 
 
Segment operating earnings/          143        (2,687)         580       (1,194) 
(loss) 
 
Unallocated items, eliminations    (785)          (384)        (84)         (251) 
and other 
 
FAS/CAS service cost adjustment      297            279         284           283 
 
(Loss)/earnings from operations    (345)        (2,792)         780       (1,162) 
 
Other income, net                    336            288         253           181 
 
Interest and debt expense          (640)          (628)       (656)         (637) 
 
(Loss)/earnings before income      (649)        (3,132)         377       (1,618) 
taxes 
 
Income tax (expense)/benefit        (14)          (176)       (217)           376 
 
Net (loss)/earnings               ($663)       ($3,308)        $160      ($1,242) 
 
 
 
                         The Boeing Company and Subsidiaries 
                             Operating and Financial Data 
                                     (Unaudited) 
 
Deliveries                                 Three months ended 
                                                March 31 
 
Commercial Airplanes                                2023          2022 
 
737                                                 113            86 
 
747                                                   1             1 
 
767                                                   1             5 
 
777                                                   4             3 
 
787                                                  11 
 
Total                                               130            95 
 
Defense, Space & Security 
 
AH-64 Apache (New)                                    7             7 
 
AH-64 Apache (Remanufactured)                        13            15 
 
CH-47 Chinook (New)                                   5             4 
 
CH-47 Chinook (Renewed)                               1             3 
 
F-15 Models                                           2             1 
 
F/A-18 Models                                         7             4 
 
KC-46 Tanker                                          1             4 
 
P-8 Models                                            3             3 
 
Commercial and Civil                                  3 
Satellites 
 
Total backlog                                      March 31        December 
(Dollars in                                            2023             31 
millions)                                                             2022 
 
Commercial                                       $333,656          $329,824 
Airplanes 
 
Defense, Space                                     58,150          54,373 
& Security 
 
Global                                             18,835          19,338 
Services 
 
Unallocated                                           805             846 
items, 
eliminations 
and other 
 
Total backlog                                    $411,446          $404,381 
 
Contractual                                      $388,753          $381,977 
backlog 
 
Unobligated                                        22,693          22,404 
backlog 
 
Total backlog                                    $411,446          $404,381 
 
 
                      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, 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                        First Quarter 2023                                First Quarter 2022 
millions, 
except per 
share data) 
 
                    $ millions                           Per Share         $ millions          Per Share 
 
Revenues                               17,921                                         13,991 
 
Loss from                               (149)                                        (1,162) 
operations 
(GAAP) 
 
Operating                               (0.8) %                                        (8.3) % 
margin (GAAP) 
 
FAS/CAS 
service cost 
adjustment: 
 
Pension FAS/                            (223)                                          (208) 
CAS service 
cost 
adjustment 
 
Postretirement                           (68)                                           (75) 
FAS/CAS 
service cost 
adjustment 
 
FAS/CAS                                 (291)                                          (283) 
service cost 
adjustment 
 
Core operating                         ($440)                                       ($1,445) 
loss 
(non-GAAP) 
 
Core operating                          (2.5) %                                       (10.3) % 
margin 
(non-GAAP) 
 
Diluted loss                                                   ($0.69)                                       ($2.06) 
per share 
(GAAP) 
 
Pension FAS/                           ($223)                   (0.37)                ($208)                  (0.35) 
CAS service 
cost 
adjustment 
 
Postretirement                           (68)                   (0.11)                  (75)                  (0.13) 
FAS/CAS 
service cost 
adjustment 
 
Non-operating                           (134)                   (0.23)                 (220)                  (0.37) 
pension 
expense 
 
Non-operating                            (15)                   (0.02)                  (15)                  (0.02) 
postretirement 
expense 
 
Provision for                              92                     0.15                   109                    0.18 
deferred 
income taxes 
on 
adjustments 1 
 
Subtotal of                            ($348)                  ($0.58)                ($409)                 ($0.69) 
adjustments 
 
Core loss per                                                  ($1.27)                                       ($2.75) 
share 
(non-GAAP) 
 
Weighted                                                         602.5                                         591.7 
average 
diluted shares 
(in millions) 
 
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 table provided below reconciles the non-GAAP financial measure free cash 
flow with the most directly comparable GAAP financial measure, operating cash 
flow. See page 5 of this release for additional information on the use of this 
non-GAAP financial measure. 
 
                                                                  Full Year 2023 
 
(dollars in billions)                                                    Outlook 
 
Operating Cash Flow                                                  $4.5 - $6.5 
 
Less Additions to Property, Plant &                                       ($1.5) 
Equipment 
 
Free Cash Flow (non-GAAP)                                            $3.0 - $5.0 
 
 
 
END 
 
 

(END) Dow Jones Newswires

April 26, 2023 07:30 ET (11:30 GMT)

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