The Boeing Company’s second-quarter earnings per share increased 22% to $1.41 per share, as revenues rose 1% to $17.2 billion, driven by growth in defense programs and strong performance in defense and commercial airplanes. Year-ago results included a $0.22 per share charge on the Airborne Early Warning & Control (AEW&C) program. Revenues for the first six months of 2009 rose 2% to $33.7 billion. Earnings for the first half declined to $2.27 per share, including a $0.38 first-quarter impact from reductions to future twin-aisle production rates and delivery price escalation forecasts.
Earnings guidance for 2009 remains unchanged between $4.70 and $5.00 per share. The 787 program is currently assessing schedule and financial implications from the previously announced requirement to reinforce an area within the side-of-body joint. The company expects to issue a new 787 schedule during the third quarter, at which time earnings guidance will be reevaluated.
Total company backlog at quarter-end was $328 billion, down 3% in the quarter, as the value of deliveries exceeded net orders during the period.
Boeing Commercial Airplanes (BCA) second-quarter revenues decreased 2% to $8.4 billion on slightly lower airplane deliveries and lower volume in services. Operating earnings increased 5% and margins rose to 9.7% due to lower research and development expense partially offset by the lower services volume.
