The Boeing Company’s first-quarter 2008 earnings per share increased 43% as net income rose 38% to $1.2 billion and operating margin rose to 11.3%, driven by solid overall execution in both its commercial airplane and defense businesses as well as lower unallocated costs. Boeing’s quarterly revenue rose 4% to $16.0 billion while its operating cash flow more than doubled to $1.9 billion reflecting the strong operating earnings and higher commercial airplane orders. Free cash flow increased to $1.5 billion.
Boeing reaffirmed its 2008 earnings per share guidance at between $5.70 and $5.85. For 2009, Boeing expects EPS between $6.80 and $7.00 per share on strong production program performance and decreases in R&D and pension expense.
Total company backlog at quarter-end reached a record $346 billion, up 32% in the last year, with growth in the quarter driven by commercial airplane and V-22 multi-year orders.
