Boeing Reports First Quarter Results - 24.04.24 - News

ARLINGTON, Va., April 24, 2024

First Quarter 2024

Undertaking comprehensive actions in our commercial business to strengthen quality and safety
Financial results reflect lower 737 deliveries and 737-9 grounding customer considerations
Revenue of $16.6 billion, GAAP loss per share of ($0.56) and core (non-GAAP)* loss per share of ($1.13)
Operating cash flow of ($3.4) billion and free cash flow of ($3.9) billion (non-GAAP)*
Total company backlog grew to $529 billion, including over 5,600 commercial airplanes

Table 1. Summary Financial Results

First Quarter

(Dollars in Millions, except per share data)

2024

2023

ARIVA.DE Börsen-Geflüster

Kurse

Boeing Co.

164,40 €

+0,06%

Change

Revenues

$16,569

$17,921

(8) %

GAAP

Loss from operations

($86)

($149)

NM

Operating margins

(0.5)

%

(0.8)

%

NM

Net loss

($355)

($425)

NM

Loss per share

($0.56)

($0.69)

NM

Operating cash flow

($3,362)

($318)

NM

Non-GAAP*

Core operating loss

($388)

($440)

NM

Core operating margins

(2.3)

%

(2.5)

%

NM

Core loss per share

($1.13)

($1.27)

NM

*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."

The Boeing Company [NYSE: BA] recorded first quarter revenue of $16.6 billion, GAAP loss per share of ($0.56) and core loss per share (non-GAAP)* of ($1.13) (Table 1). Boeing reported operating cash flow of ($3.4) billion and free cash flow of ($3.9) billion (non-GAAP)*. Results primarily reflect lower commercial delivery volume.

"Our first quarter results reflect the immediate actions we've taken to slow down 737 production to drive improvements in quality," said Dave Calhoun, Boeing president and CEO. "We will take the time necessary to strengthen our quality and safety management systems and this work will position us for a stronger and more stable future."

Table 2. Cash Flow

First Quarter

(Millions)

2024

2023

Operating cash flow

($3,362)

($318)

Less additions to property, plant & equipment

($567)

($468)

Free cash flow*

($3,929)

($786)

*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."

Operating cash flow was ($3.4) billion in the quarter reflecting lower commercial deliveries, as well as unfavorable timing of receipts and expenditures (Table 2).

Table 3. Cash, Marketable Securities and Debt Balances

Quarter End

(Billions)

Q1 24

Q4 23

Cash

$6.9

$12.7

Marketable securities¹

$0.6

$3.3

Total

$7.5

$16.0

Consolidated debt

$47.9

$52.3

1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."

Cash and investments in marketable securities totaled $7.5 billion, compared to $16.0 billion at the beginning of the quarter reflecting debt repayment and free cash flow usage in the quarter (Table 3). Debt was $47.9 billion, down from $52.3 billion at the beginning of the quarter due to the pay down of maturing debt. The company has access to credit facilities of $10.0 billion, which remain undrawn.

Total company backlog at quarter end was $529 billion.

Segment Results

Commercial Airplanes

Table 4. Commercial Airplanes

First Quarter

(Dollars in Millions)

2024

2023

Change

Deliveries

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