21-Oct-2010 11:19 AM

Boeing reports strong 3Q2010 results, upgrades 2010 forecast

Boeing revenue up 2% - financial highlights for the three months ended 30-Sep-2010:

  • Revenue: USD16,967 million, +2% year-on-year;
    • Commercial Airplanes: USD8,749 million, +11%;
    • Boeing Capital Corp: USD170 million, +2%;
  • Operating profit: USD1,387 million, compared to a loss of USD2,151 million in p-c-p;
    • Commercial Airplanes*: USD1,017 million, compared to a loss of USD2,837 million in p-c-p;
    • Boeing Capital Corp: USD45 million, +15%;
  • Net profit: USD837 million, compared to a loss of USD1,564 million in p-c-p;
  • Operating cash flow: USD1,855 million, +55%;
  • Total assets: USD65,222 million, +5.1% when compared to period ended 31-Dec-2009;
  • Cash and cash equivalents: USD2,864 million, -68.9% when compared to period ended 31-Dec-2009;
  • Total liabilities: USD60,670 million, +1.4%;
  • Total consolidated debt: USD12,400 million, -3.9% when compared to period ended 30-Jun-2010;
  • Aircraft deliveries:
    • Commercial Airplanes: 1224, +10%;
  • FY2010 forecast:
    • Earnings per share: USD3.80 to USD4.00;
    • Operating cash flow: More than USD1,500 million;
    • Revenue: USD64,500 million to USD65,500 million;
      • Commercial Airplanes: USD31,500 million;
    • Aircraft deliveries:
      • Commercial Airplanes: 460 aircraft. [more]

*3Q2009 results were affected by a USD2,600 million B787 R&D reclassification and a USD1,000 million B747 charge

Boeing: “Our results and revised outlook reflect the continued strong performance of our commercial production and services programs and the ability of our defense businesses to produce solid results in a challenging environment. Orders were particularly encouraging, with a multi-year production contract for 124 F/A-18 aircraft and more than 200 net commercial airplane orders booked in the quarter, increasing our backlog and demonstrating improved overall market confidence,” Jim McNerney, Chairman, President and CEO. Source: Boeing, 20-Oct-2010.