Boeing Commercial Airplanes reports 4th-quarter 2014 revenue up 15%

Boeing reported record fourth-quarter revenue of US$24.5bn on higher deliveries and core earnings per share (non-GAAP) that increased 23% to US$2.31, reflecting strong performance across the company. Fourth-quarter 2014 core operating earnings (non-GAAP) increased to US$2.3bn and GAAP earnings from operations increased to US$2.0bn. Fourth-quarter 2013 results included a US$406m non-cash charge (US$0.34 per share) related to the A-12 settlement. Revenue rose 5% in the full year to a record US$90.8bn and core earnings per share (non-GAAP) increased 22% to US$8.60 on record deliveries. Full-year 2014 GAAP earnings per share was US$7.38. Core earnings per share guidance for 2015 is set at between US$8.20 and US$8.40, while GAAP earnings per share guidance is established at between US$8.10 and US$8.30. Revenue guidance is between US$94.5 and US$96.5bn including commercial deliveries of between 750 and 755. Operating cash flow is expected to be greater than US$9.0bn.
Boeing Commercial Airplanes fourth-quarter revenue increased 15% to a record US$16.8bn on higher delivery volume and mix. Fourth-quarter operating margin was 9.3%, reflecting higher planned period costs and the dilutive impact of 787 deliveries partially offset by the delivery volume. During the quarter, the company began production on the fuselage stringers of the first 737 MAX airplane. The 737 program has won over 2,600 firm orders for the 737 MAX since launch. Also during the quarter, the company began final assembly of the 787-9 Dreamliner at the South Carolina facility and broke ground on the 777X composite centers in Everett and St. Louis. Commercial Airplanes booked 432 net orders during the quarter with a record 1,432 orders in 2014. Backlog remains strong with nearly 5,800 airplanes valued at a record US$440bn.