Boeing reports strong first-quarter results

Boeing reported first-quarter revenue increased 8% to US$22.1bn on higher commercial deliveries. Core earnings per share (non-GAAP) increased 12% to US$1.97, reflecting strong performance across the company, and GAAP earnings per share was US$1.87. Net earnings increased 38%. The Company reaffirmed its 2015 financial and deliveries guidance. Cash and investments in marketable securities totaled US$9.6bn at quarter-end, down from US$13.1bn at the beginning of the year, primarily due to the share repurchases and timing of cash flows. Debt was US$9.0bn, down from US$9.1bn at the beginning of the year. Total company backlog at quarter-end was US$495bn, down from US$502bn at the beginning of the year, and included net orders for the quarter of US$15bn. Commercial Airplanes first-quarter revenue increased 21% to US$15.4bn on higher delivery volume and mix. First-quarter operating margin was 10.5%, reflecting the dilutive impact of higher 787 deliveries. During the quarter, Commercial Airplanes captured orders for 52 737 MAX airplanes. The 737 program has won over 2,700 firm orders for the 737 MAX since launch. Also during the quarter, the company opened a new Propulsion Systems facility at Boeing South Carolina that will initially support the 737 MAX and 777X, delivered the first Boeing South Carolina-built 787-9 Dreamliner and received 330-minute ETOPS certification on the 747-8 Intercontinental. Commercial Airplanes booked 110 net orders during the quarter. Backlog remains strong with over 5,700 airplanes valued at US$435bn.