Boeing revenue up 42%, profit bounces back in 4Q2009

Boeing revenue up 42% - financial highlights:

• Three months ended 31-Dec-2009:
  • Revenue: USD17,937 million, +42% year-on-year;
    • Commercial Airplanes: USD9,183 million, +100.1%;
    • Boeing Defense, Space & Security: USD8,547 million, +6.3%;
    • Boeing Capital Corporation: USD164 million, -2.4%;
  • Operating profit: USD1,693 million, compared to a loss of USD243 million in the previous corresponding period;
    • Commercial Airplanes: USD1,020 million, compared to a loss of USD968 million in the previous corresponding period;
    • Boeing Defense, Space & Security: USD829 million, -5.9%;
    • Boeing Capital Corporation: USD14 million, -26.3%;
  • Net profit: USD1,268 million, compared to a loss of USD86 million in the previous corresponding period;
  • Deliveries:
    • Commercial Airplanes: 122, +103.3%;
      • B737NG: 92, +155.6%;
      • B747: 2, +100%;
      • B767: 3, +50%;
      • B777: 25, +127.3%;
• 12 months ended 31-Dec-2009:
  • Revenue: USD68,281 million, +12.1%;
    • Commercial Airplanes: USD34,051 million, +20.5%;
    • Boeing Defense, Space & Security: USD33,661 million, +5.0%;
    • Boeing Capital Corporation: USD660 million, -6.1%;
  • Operating profit (loss): USD2,096 million, -46.9%;
    • Commercial Airplanes: (USD583 million), compared to a profit of USD1,186 million in the previous corresponding period;
    • Boeing Defense, Space & Security: USD3,299 million, +2.1%;
    • Boeing Capital Corporation: USD126 million, -22.2%;
  • Net profit: USD1,312 million, -50.9%;
  • Deliveries:
    
    • Commercial Airplanes: 481, +28.3%;
      • B737NG: 372, +28.3%;
      • B747: 8, -42.9%;
      • B767: 13, +30%;
      • B777: 88, +44.3%;
  • Total contractual backlog: USD296,500 million, compared to USD298,900 million at the end of 30-Sep-2009;
    • Commercial Airplanes: USD250,500 million, compared to USD253,900 million at the end of 30-Sep-2009;
• 2010 Forecast:
  • Revenue: USD64 billion to USD66 billion;
  • Aircraft deliveries: 460 to 465. [more]

*The reclassification of costs for the first three 787 flight test airplanes from program inventory to R&D expense reduced 2009 operating earnings by USD2.7 billion. In 2008, revenue was reduced by an estimated USD6.4 billion due to a labor strike; operating earnings in 2008 were reduced by USD2.8 billion primarily due to a labor strike and higher costs on 747.

Boeing: "We put a strong finish on 2009 by getting the 787 in the air and generating solid core operating performance across the company. Focus areas for 2010 are to continue our strong operational performance, certify and deliver the 787 and 747-8, and further reposition our defense, space and security business. While the challenges ahead are significant, I believe we have the people and the resources we need to be successful and to begin consistently delivering on this company's great potential," Jim McNerney, Chairman, President & CEO. Source: Boeing, 27-Jan-2010.