Boeing Reports Record 2014 Revenue, Core EPS and Backlog and Provides 2015 Guidance
Table 1. Summary Financial Results |
Fourth Quarter |
Full Year |
|||||||||||||||||||
(Dollars in Millions, except per share data) |
2014 |
2013 |
Change |
2014 |
2013 |
Change |
|||||||||||||||
Revenues |
|
|
3% |
|
|
5% |
|||||||||||||||
Non-GAAP* |
|||||||||||||||||||||
Core Operating Earnings |
|
|
28% |
|
|
12% |
|||||||||||||||
Core Operating Margin |
9.6% |
7.7% |
1.9 Pts |
9.8% |
9.1% |
0.7 Pts |
|||||||||||||||
Core Earnings Per Share |
|
|
23% |
|
|
22% |
|||||||||||||||
Operating Cash Flow Before Pension Contributions |
|
|
257% |
|
|
(1)% |
|||||||||||||||
GAAP |
|||||||||||||||||||||
Earnings From Operations |
|
|
34% |
|
|
14% |
|||||||||||||||
Operating Margin |
8.3% |
6.4% |
1.9 Pts |
8.2% |
7.6% |
0.6 Pts |
|||||||||||||||
Net Earnings |
|
|
19% |
|
|
19% |
|||||||||||||||
Earnings Per Share |
|
|
25% |
|
|
24% |
|||||||||||||||
Operating Cash Flow |
|
|
262% |
|
|
8% |
* Non-GAAP measures. Complete definitions of |
Revenue rose 5 percent in the full year to a record
Core earnings per share guidance for 2015 is set at between
"Strong operating performance in the final quarter of 2014 propelled us to some of our best-ever results and sealed a fifth consecutive year of core operating earnings growth. By responding to strong demand with market-leading and proven products and capabilities, and delivering them more efficiently, we are strengthening a powerful business platform that is providing increased returns for our shareholders," said
"Our Commercial Airplanes business successfully increased production rates and set an industry record for annual deliveries while also growing its backlog to new highs on record new orders for the year. Our Defense, Space & Security team navigated a challenging market environment to achieve solid revenue and healthy margins while also winning significant new contracts," said McNerney.
"For 2015, we will continue to build on our commercial airplanes market leadership, strengthening and repositioning our defense, space and security business and working to better meet the needs of our customers by focusing on improving productivity, executing to development plans and delivering our industry-leading portfolio of innovative aerospace products and services."
Table 2. Cash Flow |
Fourth Quarter |
Full Year |
||||||||||||||
(Millions) |
2014 |
2013 |
2014 |
2013 |
||||||||||||
Operating Cash Flow Before Pension Contributions* |
|
|
|
|
||||||||||||
Pension Contributions |
( |
( |
( |
( |
||||||||||||
Operating Cash Flow |
|
|
|
|
||||||||||||
Less Additions to Property, Plant & Equipment |
( |
( |
( |
( |
||||||||||||
Free Cash Flow* |
|
|
|
|
Operating cash flow in the quarter was
Table 3. Cash, |
Quarter-End |
|||||||
(Billions) |
Q4 14 |
Q3 14 |
||||||
Cash |
|
|
||||||
|
|
|
||||||
Total |
|
|
||||||
Debt Balances: |
||||||||
|
|
|
||||||
|
|
|
||||||
Total Consolidated Debt |
|
|
1Marketable securities consists primarily of time deposits due within one year classified as "short-term investments." |
Cash and investments in marketable securities totaled
Total company backlog at quarter-end was a record
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes |
Fourth Quarter |
Full Year |
||||||||||||||||||||
(Dollars in Millions) |
2014 |
<br /> |
2013 |
Change |
2014 |
2013 |
Change |
|||||||||||||||
Commercial Airplanes Deliveries |
195 |
172 |
13% |
723 |
648 |
12% |
||||||||||||||||
Revenues |
|
|
15% |
<br /> |
|
|
13% |
|||||||||||||||
Earnings from Operations |
|
|
4% |
|
|
11 % |
||||||||||||||||
Operating Margin |
9.3% |
10.3% |
(1.0) Pts |
10.7% |
10.9% |
(0.2) Pts |
Commercial Airplanes fourth-quarter revenue increased 15 percent to a record
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
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
Defense, Space & Security
Table 5. Defense, Space & Security |
Fourth Quarter |
Full Year |
|||||||||||||||||||
(Dollars in Millions) |
2014 |
2013 |
Change |
2014 |
2013 |
Change |
|||||||||||||||
Revenues1 |
|||||||||||||||||||||
Boeing Military Aircraft |
|
|
(29)% |
|
|
(12)% |
|||||||||||||||
Network & Space Systems |
|
|
(4)% |
|
|
(6)% |
|||||||||||||||
Global Services & Support |
|
|
2% |
|
|
<i>0% |
|||||||||||||||
Total BDS Revenues |
|
|
(14)% |
|
|
(7)% |
|||||||||||||||
Earnings from Operations1 |
|||||||||||||||||||||
Boeing Military Aircraft |
|
|
(18)% |
|
|
(13)% |
|||||||||||||||
Network & Space Systems |
|
|
(18)% |
|
|
(3)% |
|||||||||||||||
Global Services & Support |
|
|
31% |
|
|
12% |
|||||||||||||||
Total BDS Earnings from Operations |
|
|
(4)% |
|
|
(3)% |
|||||||||||||||
Operating Margin |
12.1% |
10.8% |
1.3 Pts |
10.1% |
9.7% |
0.4 Pts |
1 During the first quarter of 2014, certain programs were realigned between Boeing Military Aircraft and Global Services & Support. |
Defense, Space & Security's fourth-quarter revenue was
Boeing Military Aircraft (BMA) fourth-quarter revenue was
Network & Space Systems (N&SS) fourth-quarter revenue was
Global Services & Support (GS&S) fourth-quarter revenue increased to
Backlog at Defense, Space & Security was
Additional Financial Information
Table 6. Additional Financial Information |
Fourth Quarter |
Full Year |
||||||||||||||
(Dollars in Millions) |
2014 |
2013 |
2014 |
2013 |
||||||||||||
Revenues |
||||||||||||||||
|
|
|
|
|
||||||||||||
Unallocated items, eliminations and other |
( |
|
( |
|
||||||||||||
Earnings from Operations |
||||||||||||||||
|
|
|
|
|
||||||||||||
Unallocated items, eliminations and other excluding unallocated pension/postretirement |
( |
( |
( |
( |
||||||||||||
Unallocated pension/postretirement |
( |
( |
( |
( |
||||||||||||
Other (loss)/income, net |
( |
|
( |
|
||||||||||||
Interest and debt expense |
( |
( |
( |
( |
||||||||||||
Effective tax rate |
24.0% |
14.0% |
23.7% |
26.4% |
At quarter-end,
Unallocated items, eliminations and other excluding unallocated pension/postretirement in the fourth quarter of 2013 included a
Outlook
The company's 2015 financial guidance (Table 7) reflects continued strong performance across the company.
Table 7. 2015 Financial Outlook |
|
(Dollars in Billions, except per share data) |
2015 |
|
|
Revenue |
|
Core Earnings Per Share* |
|
GAAP Earnings Per Share |
|
Operating Cash Flow |
> |
Commercial Airplanes |
|
Deliveries |
750 - 755 |
Revenue |
|
Operating Margin |
9.5% - 10.0% |
Defense, Space & Security (revised for business realignment) |
|
Revenue |
|
Boeing Military Aircraft |
|
Network & Space Systems |
|
Global Services & Support |
|
Total BDS Revenue |
|
Operating Margin |
|
Boeing Military Aircraft |
~9.5% |
Network & Space Systems |
~9.0% |
Global Services & Support |
~11.0% |
Total BDS Operating Margin |
9.75% - 10.0% |
|
|
Portfolio Size |
Stable |
Revenue |
|
Pre-Tax Earnings |
|
Research & Development |
~ |
Capital Expenditures |
~ |
Pension Expense 1 |
~ |
Effective Tax Rate 2 |
~ 30.5% |
1 Approximately |
2 Assumes the extension of the research and development tax credit |
* Non-GAAP measures. Complete definitions of |
Non-GAAP Measures Disclosures
We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided:
Core Operating Earnings, Core Operating Margin and Core Earnings Per Share
Core operating earnings is defined as GAAP earnings from operations excluding unallocated pension and post-retirement expense. Core operating margin is defined as core operating earnings expressed as a percentage of revenue. Core earnings per share is defined as GAAP diluted earnings per share excluding the net earnings per share impact of unallocated pension and post-retirement expense. Unallocated pension and post-retirement expense represents the portion of pension and other post-retirement costs that are not recognized by business segments for segment reporting purposes. Management uses core operating earnings, core operating margin and core earnings per share for purposes of evaluating and forecasting underlying business performance. Management believes these core earnings measures provide investors additional insights into operational performance as they exclude unallocated pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation between the GAAP and non-GAAP measures is provided on page 14.
Operating Cash Flow Before Pension Contributions
Operating cash flow before pension contributions is defined as GAAP operating cash flow without pension contributions. Management believes operating cash flow before pension contributions provides additional insights into underlying business performance. Management uses operating cash flow before pension contributions as a measure to assess both business performance and overall liquidity. Table 2 provides a reconciliation between GAAP operating cash flow and operating cash flow before pension contributions.
Free Cash Flow
Free cash flow is defined as GAAP operating cash flow without capital expenditures for property, plant and equipment additions. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. Table 2 provides a reconciliation between GAAP operating cash flow and free cash flow.
Caution Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, planned production rate increases across multiple commercial airline programs, our commercial development and derivative aircraft programs, and our aircraft being subject to stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government; (5) our dependence on U.S. government contracts; (6) our reliance on fixed-price contracts; (7) our reliance on cost-type contracts; (8) uncertainties concerning contracts that include in-orbit incentive payments; (9) our dependence on our subcontractors and suppliers, as well as the availability of raw materials, (10) changes in accounting estimates; (11) changes in the competitive landscape in our markets; (12) our non-U.S. operations, including sales to non-U.S. customers; (13) potential adverse developments in new or pending litigation and/or government investigations; (14) customer and aircraft concentration in
Additional information concerning these and other factors can be found in our filings with the
Contact: |
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|
|
|
Communications: |
|
|
|||||||||||||||
Twelve months ended |
Three months ended |
||||||||||||||
(Dollars in millions, except per share data) |
2014 |
2013 |
2014 |
2013 |
|||||||||||
Sales of products |
|
|
|
|
|||||||||||
Sales of services |
10,074 |
9,831 |
2,700 |
2,303 |
|||||||||||
Total revenues |
90,762 |
86,623 |
24,468 |
23,785 |
|||||||||||
Cost of products |
(68,551) |
(65,640) |
(18,528) |
(18,610) |
|||||||||||
Cost of services |
(8,132) |
(7,553) |
(2,167) |
(1,758) |
|||||||||||
|
(69) |
(75) |
(16) |
(20) |
|||||||||||
Total costs and expenses |
(76,752) |
(73,268) |
(20,711) |
(20,388) |
|||||||||||
14,010 |
13,355 |
3,757 |
3,397 |
||||||||||||
Income from operating investments, net |
287 |
214 |
75 |
67 |
|||||||||||
General and administrative expense |
(3,767) |
(3,956) |
(1,040) |
(1,100) |
|||||||||||
Research and development expense, net |
(3,047) |
(3,071) |
(755) |
(848) |
|||||||||||
(Loss)/gain on dispositions, net |
(10) |
20 |
(12) |
(1) |
|||||||||||
Earnings from operations |
7,473 |
6,562 |
2,025 |
1,515 |
|||||||||||
Other (loss)/income, net |
(3) |
56 |
(14) |
15 |
|||||||||||
Interest and debt expense |
(333) |
(386) |
(81) |
(96) |
|||||||||||
Earnings before income taxes |
7,137 |
6,232 |
1,930 |
1,434 |
|||||||||||
Income tax expense |
(1,691) |
(1,646) |
(464) |
(201) |
|||||||||||
Net earnings from continuing operations |
5,446 |
4,586 |
1,466 |
1,233 |
|||||||||||
Net loss on disposal of discontinued operations, net of taxes of |
(1) |
||||||||||||||
Net earnings |
|
|
|
|
|||||||||||
Basic earnings per share from continuing operations |
|
|
|
|
|||||||||||
Net loss on disposal of discontinued operations, net of taxes |
|||||||||||||||
Basic earnings per share |
|
|
|
|
|||||||||||
Diluted earnings per share from continuing operations |
|
|
|
|
|||||||||||
Net loss on disposal of discontinued operations, net of taxes |
|||||||||||||||
Diluted earnings per share |
|
|
|
|
|||||||||||
Cash dividends paid per share |
|
|
|
|
|||||||||||
Weighted average diluted shares (millions) |
738.0 |
769.5 |
724.8 |
768.4 |
|
|||||||
(Dollars in millions, except per share data) |
|
|
|||||
Assets |
|||||||
Cash and cash equivalents |
|
|
|||||
Short-term and other investments |
1,359 |
6,170 |
|||||
Accounts receivable, net |
7,729 |
6,546 |
|||||
Current portion of customer financing, net |
190 |
344 |
|||||
Deferred income taxes |
18 |
14 |
|||||
Inventories, net of advances and progress billings |
46,756 |
42,912 |
|||||
Total current assets |
67,785 |
65,074 |
|||||
Customer financing, net |
3,371 |
3,627 |
|||||
Property, plant and equipment, net of accumulated depreciation of |
11,007 |
10,224 |
|||||
Goodwill |
5,119 |
5,043 |
|||||
Acquired intangible assets, net |
2,869 |
3,052 |
|||||
Deferred income taxes |
6,576 |
2,939 |
|||||
Investments |
1,154 |
1,204 |
|||||
Other assets, net of accumulated amortization of |
1,317 |
1,500 |
|||||
Total assets |
|
|
|||||
Liabilities and equity |
|||||||
Accounts payable |
|
|
|||||
Accrued liabilities |
13,343 |
14,131 |
|||||
Advances and billings in excess of related costs |
23,175 |
20,027 |
|||||
Deferred income taxes and income taxes payable |
8,603 |
6,267 |
|||||
Short-term debt and current portion of long-term debt |
929 |
1,563 |
|||||
Total current liabilities |
56,717 |
51,486 |
|||||
Accrued retiree health care |
6,802 |
6,528 |
|||||
Accrued pension plan liability, net |
17,182 |
10,474 |
|||||
Non-current income taxes payable |
358 |
156 |
|||||
Other long-term liabilities |
1,208 |
950 |
|||||
Long-term debt |
8,141 |
8,072 |
|||||
Shareholders' equity: |
|||||||
Common stock, par value |
5,061 |
5,061 |
|||||
Additional paid-in capital |
4,625 |
4,415 |
|||||
Treasury stock, at cost – 305,533,606 and 264,882,461 shares |
(23,298) |
(17,671) |
|||||
Retained earnings |
36,180 |
32,964 |
|||||
Accumulated other comprehensive loss |
(13,903) |
(9,894) |
|||||
Total shareholders' equity |
8,665 |
14,875 |
|||||
Noncontrolling interests |
125 |
122 |
|||||
Total equity |
8,790 |
14,997 |
|||||
Total liabilities and equity |
|
|
|
|||||||
</td> | |||||||
Twelve months ended |
|||||||
(Dollars in millions) |
2014 |
2013 |
|||||
Cash flows – operating activities: |
|||||||
Net earnings |
|
|
|||||
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|||||||
Non-cash items – |
|||||||
Share-based plans expense |
195 |
206 |
|||||
Depreciation and amortization |
1,906 |
1,844 |
|||||
Investment/asset impairment charges, net |
229 |
96 |
|||||
Customer financing valuation benefit |
(28) |
(11) |
|||||
Loss on disposal of discontinued operations |
1 |
||||||
Loss/(gain) on dispositions, net |
10 |
(20) |
|||||
Other charges and credits, net |
317 |
528 |
|||||
Excess tax benefits from share-based payment arrangements |
(114) |
(128) |
|||||
Changes in assets and liabilities – |
|||||||
Accounts receivable |
(1,328) |
(879) |
|||||
Inventories, net of advances and progress billings |
(4,330) |
(5,562) |
|||||
Accounts payable |
1,339 |
(298) |
|||||
Accrued liabilities |
(1,088) |
883 |
|||||
Advances and billings in excess of related costs |
3,145 |
3,353 |
|||||
Income taxes receivable, payable and deferred |
1,325 |
1,445 |
|||||
Other long-term liabilities |
36 |
2 |
|||||
Pension and other postretirement plans |
1,186 |
1,720 |
|||||
Customer financing, net |
578 |
391 |
|||||
Other |
34 |
23 |
|||||
Net cash provided by operating activities |
8,858 |
8,179 |
|||||
Cash flows – investing activities: |
|||||||
Property, plant and equipment additions |
(2,236) |
</td> |
(2,098) |
||||
Property, plant and equipment reductions |
34 |
51 |
|||||
Acquisitions, net of cash acquired |
(163) |
(26) |
|||||
Contributions to investments |
(8,617) |
(15,394) |
|||||
Proceeds from investments |
13,416 |
12,453 |
|||||
Purchase of distribution rights |
(140) |
||||||
Other |
33 |
||||||
Net cash provided/(used) by investing activities |
2,467 |
(5,154) |
|||||
Cash flows – financing activities: |
|||||||
New borrowings |
962 |
571 |
|||||
Debt repayments |
(1,601) |
(1,434) |
|||||
Payments to noncontrolling interests |
(12) |
||||||
Repayments of distribution rights and other asset financing |
(185) |
(280) |
|||||
Stock options exercised, other |
343 |
1,097 |
|||||
Excess tax benefits from share-based payment arrangements |
114 |
128 |
|||||
Employee taxes on certain share-based payment arrangements |
(98) |
(63) |
|||||
Common shares repurchased |
(6,001) |
(2,801) |
|||||
Dividends paid |
(2,115) |
(1,467) |
|||||
Net cash used by financing activities |
(8,593) |
(4,249) |
|||||
Effect of exchange rate changes on cash and cash equivalents |
(87) |
(29) |
|||||
Net increase/(decrease) in cash and cash equivalents |
2,645 |
(1,253) |
|||||
Cash and cash equivalents at beginning of year |
9,088 |
10,341 |
|||||
Cash and cash equivalents at end of period |
|
|
|
|||||||||||||||
Twelve months ended |
Three months ended |
||||||||||||||
(Dollars in millions) |
2014 |
2013 |
2014 |
2013 |
|||||||||||
Revenues: |
|||||||||||||||
Commercial Airplanes |
|
|
|
|
|||||||||||
Defense, Space & Security: |
|||||||||||||||
Boeing Military Aircraft |
13,511 |
15,285 |
2,993 |
4,226 |
|||||||||||
Network & Space Systems |
8,003 |
8,512 |
2,180 |
2,272 |
|||||||||||
Global Services & Support |
9,367 |
9,400 |
2,415 |
2,357 |
|||||||||||
Total Defense, Space & Security |
30,881 |
33,197 |
7,588 |
8,855 |
|||||||||||
|
416 |
408 |
153 |
105 |
|||||||||||
Unallocated items, eliminations and other |
(525) |
37 |
(112) |
145 |
|||||||||||
Total revenues |
|
|
|
|
|||||||||||
Earnings from operations: |
|||||||||||||||
Commercial Airplanes |
|
|
|
|
|||||||||||
Defense, Space & Security: |
|||||||||||||||
Boeing Military Aircraft |
1,304 |
1,504 |
367 |
446 |
|||||||||||
Network & Space Systems |
698 |
719 |
191 |
233 |
|||||||||||
Global Services & Support |
1,131 |
1,012 |
359 |
275 |
|||||||||||
Total Defense, Space & Security |
3,133 |
3,235 |
917 |
954 |
|||||||||||
|
92 |
107 |
26 |
9 |
|||||||||||
Unallocated items, eliminations and other |
(2,163) |
(2,575) |
(480) |
(954) |
|||||||||||
Earnings from operations |
7,473 |
6,562 |
2,025 |
1,515 |
|||||||||||
Other (loss)/income, net |
(3) |
56 |
(14) |
15 |
|||||||||||
Interest and debt expense |
(333) |
(386) |
(81) |
(96) |
|||||||||||
Earnings before income taxes |
7,137 |
6,232 |
1,930 |
1,434 |
|||||||||||
Income tax expense |
(1,691) |
(1,646) |
(464) |
(201) |
|||||||||||
Net earnings from continuing operations |
5,446 |
4,586 |
1,466 |
1,233 |
|||||||||||
Net loss on disposal of discontinued operations, net of taxes of |
(1) |
||||||||||||||
Net earnings |
|
|
|
|
|||||||||||
Research and development expense, net: |
|||||||||||||||
Commercial Airplanes |
|
|
|
|
|||||||||||
Defense, Space & Security |
1,158 |
1,215 |
292 |
323 |
|||||||||||
Other |
8 |
49 |
4 |
15 |
|||||||||||
Total research and development expense, net |
|
|
|
|
|||||||||||
Unallocated items, eliminations and other: |
|||||||||||||||
Share-based plans |
( |
( |
( |
( |
|||||||||||
Deferred compensation |
(44) |
(238) |
(22) |
(73) |
|||||||||||
Amortization of previously capitalized interest |
(72) |
(69) |
(17) |
(17) |
|||||||||||
Eliminations and other unallocated items |
(593) |
(859) |
(121) |
(520) |
|||||||||||
Sub-total (included in core operating earnings) |
(776) |
(1,261) |
(161) |
(631) |
|||||||||||
Pension |
(1,469) |
(1,374) |
(334) |
(329) |
|||||||||||
Postretirement |
82 |
60 |
15 |
6 |
|||||||||||
Total unallocated items, eliminations and other |
( |
( |
( |
( |
|
|||||||||||||||||||||
Deliveries |
Twelve months ended |
Three months ended |
|||||||||||||||||||
Commercial Airplanes |
2014 |
2013 |
2014 |
2013 |
|||||||||||||||||
737 |
485 |
440 |
126 |
110 |
|||||||||||||||||
747 |
19 |
(3) |
24 |
7 |
(1) |
8 |
|||||||||||||||
767 |
6 |
21 |
3 |
4 |
|||||||||||||||||
777 |
99 |
98 |
24 |
25 |
|||||||||||||||||
787 |
114 |
65 |
(1) |
35 |
25 |
||||||||||||||||
Total |
723 |
648 |
195 |
172 |
|||||||||||||||||
Note: Deliveries under operating lease are identified by parentheses. |
|||||||||||||||||||||
Defense, Space & Security |
|||||||||||||||||||||
Boeing Military Aircraft |
|||||||||||||||||||||
F/A-18 Models |
44 |
48 |
8 |
12 |
|||||||||||||||||
F-15 Models |
14 |
14 |
4 |
11 |
|||||||||||||||||
C-17 Globemaster III |
7 |
10 |
2 |
||||||||||||||||||
CH-47 Chinook |
54 |
44 |
8 |
12 |
|||||||||||||||||
AH-64 Apache |
45 |
37 |
15 |
6 |
|||||||||||||||||
P-8 Models |
11 |
11 |
5 |
4 |
|||||||||||||||||
</td> | |||||||||||||||||||||
Global Services & Support |
|||||||||||||||||||||
AEW&C |
3 |
||||||||||||||||||||
C-40A |
1 |
1 |
|||||||||||||||||||
Network & Space Systems |
|||||||||||||||||||||
Commercial and Civil Satellites |
5 |
3 |
2 |
2 |
|||||||||||||||||
Military Satellites |
4 |
3 |
|||||||||||||||||||
Contractual backlog (Dollars in billions) |
|
|
|
||||||||||||||||||
Commercial Airplanes |
|
|
|
||||||||||||||||||
Defense, Space & Security: |
|||||||||||||||||||||
Boeing Military Aircraft |
21.1 |
21.2 |
23.6 |
||||||||||||||||||
Network & Space Systems |
8.9 |
8.8 |
9.8 |
||||||||||||||||||
Global Services & Support |
16.9 |
15.5 |
16.2 |
||||||||||||||||||
Total Defense, Space & Security |
46.9 |
45.5 |
49.6 |
||||||||||||||||||
Total contractual backlog |
|
|
|
||||||||||||||||||
Unobligated backlog |
|
|
|
||||||||||||||||||
Total backlog |
|
|
|
||||||||||||||||||
Workforce |
165,500 |
168,000 |
168,400 |
||||||||||||||||||
|
|||||||||||||||||||
The tables provided below reconcile the non-GAAP financial measures core operating earnings, core operating margin and core earnings per share with the most directly comparable GAAP financial measures, earnings from operations, operating margin and diluted earnings per share. See page 7 of this release for additional information on the use of these non-GAAP financial measures. |
|||||||||||||||||||
<br /> | |||||||||||||||||||
Fourth Quarter |
Full Year |
Guidance |
|||||||||||||||||
2014 |
2013 |
2014 |
2013 |
2015 |
|||||||||||||||
Revenues |
|
|
|
|
|||||||||||||||
GAAP Earnings From Operations |
|
|
|
|
|||||||||||||||
GAAP Operating Margin |
8.3% |
6.4% |
8.2% |
7.6% |
|||||||||||||||
Unallocated Pension/Postretirement Expense |
|
|
|
|
|
||||||||||||||
Core Operating Earnings (non-GAAP) |
|
|
|
|
|||||||||||||||
Core Operating Margin (non-GAAP) |
9.6% |
7.7% |
9.8% |
9.1% |
|||||||||||||||
Increase/(Decrease) in GAAP Earnings From Operations |
34% |
14% |
|||||||||||||||||
Increase/(Decrease) in Core Operating Earnings (non-GAAP) |
28% |
12% |
|||||||||||||||||
GAAP Diluted Earnings Per Share |
|
|
|
|
|
||||||||||||||
Unallocated Pension/Postretirement Expense1 |
|
|
|
|
|
||||||||||||||
Core Earnings Per Share (non-GAAP) |
|
|
|
|
|
||||||||||||||
Weighted Average Diluted Shares (millions) |
724.8 |
768.4 |
738.0 |
769.5 |
695 - 700 |
||||||||||||||
Increase/(Decrease) in GAAP Earnings Per Share |
25% |
24% |
|||||||||||||||||
Increase/(Decrease) in Core Earnings Per Share (non-GAAP) |
23% |
22% |
1 Earnings per share impact is presented net of the federal statutory tax rate of 35.0 percent. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/boeing-reports-record-2014-revenue-core-eps-and-backlog-and-provides-2015-guidance-300026945.html
SOURCE
Rollins, Inc. Reports Fourth Quarter And Full Year 2014 Record Financial Results
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