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Business : Boeing Reports One Per Cent Increase In Q2 Revenue To US$22 Billion

KUALA LUMPUR, July 24 (Bernama) — The Boeing Company reported a one per cent increase in second quarter revenue to US$ 22 billion reflecting higher commercial deliveries.

In releasing its financial results for the quarter ended June 30, 2014, the global aviation company said that backlog remains strong at US$ 440 billion, with over 5,200 commercial airplane orders.

Commercial Airplanes booked 264 net orders during the quarter. Backlog remains strong with over 5,200 airplanes valued at a record US$ 377 billion.

It reported a 45 per cent hike in second-quarter core earnings per share (non-GAAP) to US$ 2.24, driven by strong performance across the company’s businesses.

GAAP earnings per share guidance for 2014 increased to between US$ 6.85 and US$ 7.05.

The company’s solid operating cash flow in the quarter stood at US$ 1.8 billion, reflecting commercial airplane production rates, strong operating performance and timing of receipts and expenditures.

“Strong operating performance across our production programs and services businesses drove revenue and earnings-per-share growth and healthy operating cash flow, which supported US$ 1.5 billion in additional share repurchases in the quarter,” Boeing Chairman and Chief Executive Officer Jim McNerney said in a statement.

“We delivered our first 787-9 and our 8,000th 737, successfully completed a key missile defense intercept test, and delivered our 100th EA-18G Growler to the U.S. Navy.

“With 783 new commercial airplane orders to date this year and significant contracts in the quarter for military aircraft and satellites, our backlog remains large and diverse. Overall, our strong first-half financial performance, sustained focus on growth and productivity, and positive market outlook support our increased earnings guidance for the year,” he said.

The company also paid US$ 0.5 billion in dividends in the quarter, reflecting an approximately 50 percent increase in dividends per share compared to the same period of the prior year.

Commercial Airplanes second-quarter revenue increased 5.0 percent to US$ 14.3 billion on higher deliveries.

During the quarter, Commercial Airplanes delivered the first 787-9 Dreamliner and the 787 program received 330-minute ETOPS certification.

In July, Emirates Airline and Qatar Airways finalised orders totaling 200 777X airplanes and Monarch Airlines announced a commitment to purchase 30 737 MAX airplanes.

Boeing Military Aircraft (BMA) second-quarter revenue was US$ 3.5 billion, reflecting fewer C-17 and P-8 deliveries partially offset by higher F-15 deliveries.

During the quarter, BMA was awarded a contract for 44 E/A-18 and F/A-18 aircraft from the U.S. Navy.

Global Services & Support (GS&S) second-quarter revenue was US$ 2.3 billion, reflecting lower volume in maintenance, modifications and upgrades.

During the quarter, GS&S was awarded a five year contract to provide support for Australia’s Airborne Early Warning & Control (AEW&C) aircraft.

Backlog at Defense, Space & Security was US$ 63 billion, of which 36 percent represents orders with international customers.

At quarter-end, Boeing Capital’s net portfolio balance was US$ 3.4 billion down from US$ 3.5 billion at the beginning of the quarter.

— BERNAMA

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