Boeing has reported fourth-quarter revenue of US$28.3 billion, GAAP earnings per share of US$5.93 and core earnings per share (non-GAAP) of US$5.48. These results reflect record commercial deliveries, higher defense and services volume and strong performance which outweighed favorable tax impacts recorded in the fourth quarter of 2017. Boeing generated operating cash flow of US$2.9 billion, repurchased 1.6 million shares for US$0.6 billion, paid US$1.0 billion of dividends and completed the acquisition of KLX.
Revenue was US$101.1 billion for the full year reflecting higher commercial deliveries and increased volume across the company. Records for GAAP earnings per share of US$17.85 and core earnings per share (non-GAAP) of $16.01 were driven by higher volume, improved mix and solid execution.
Commercial Airplanes fourth-quarter revenue increased to US$17.3 billion reflecting higher deliveries and favorable mix (Table 4). Fourth-quarter operating margin increased to 15.6%, driven by higher 737 volume and strong operating performance on production programs, including higher 787 margins.
During the quarter, Commercial Airplanes delivered 238 airplanes, including the delivery of the 787th 787 Dreamliner and the first 737 MAX Boeing Business Jet. The 737 program delivered 111 MAX airplanes in the fourth quarter, including the first MAX delivery from the China Completion Center, and delivered 256 MAX airplanes in 2018. The first 777X flight test airplane completed final body join and power-on, and the program remains on track for flight testing this year and first delivery in 2020.
Commercial Airplanes booked 262 net orders during the quarter, valued at US$16 billion. Backlog remains robust with nearly 5,900 airplanes valued at US$412 billion.
