Boeing reports mixed profit results in 1Q2011 but outlook optimistic

Boeing revenue down 2% - financial highlights for the three months ended 31-Mar-2011:

• Revenue: USD14,910 million, -2% year-on-year;
  • Commercial: USD7118 million, -5%;
  • Boeing Capital Corporation: USD143 million, -12%;
• Operating profit: USD1000 million, -15%;
  • Commercial: USD509 million, -25%;
  • Boeing Capital Corporation: USD52 million, +13%;
• Net profit: USD586 million, +13%;
• Aircraft deliveries:
  • Commercial: 104, -4%;
• Contractual backlog: USD310.7 billion, +2.2% when compared to period ended 31-Dec-2010;
  • Commercial: USD260.9 billion, +2.1% when compared to period ended 31-Dec-2010;
• Total assets: USD68,760 million, +0.3% when compared to period ended 31-Dec-2010;
• Cash and cash equivalents: USD5670 million, +5.8% when compared to period ended 31-Dec-2010;
• Total liabilities: USD64,753 million, -1.4% when compared to period ended 31-Dec-2010;
• FY2011 forecast:
  • Revenue: USD68 billion to USD71 billion;
    • Commercial: USD36 billion to USD38 billion;
  • Operating margin:
    • Commercial: 7.5% to 8.5%;
  • Commercial aircraft deliveries: 485 to 500;
  • Capital expenditure: USD2.3 billion. [more]

Boeing: "We're off to a good start in an important year for our company. We delivered strong operating performance, made significant progress on 787 and 747-8 flight testing. Our outlook remains positive," Jum McNerney, Chairman, President and CEO. Source: Boeing, 27-Apr-2011.