Boeing Reports Strong First-Quarter Results

Cash and investments in marketable securities totaled $9.6 billion at quarter-end (Table 3), down from $13.1 billion at the beginning of the year, primarily due to the share repurchases and timing of cash flows. Debt was $9.0 billion, down from $9.1 billion at the beginning of the year.

Total company backlog at quarter-end was $495 billion, down from $502 billion at the beginning of the year, and included net orders for the quarter of $15 billion.

Segment Results

Commercial Airplanes











Table 4. Commercial Airplanes


First Quarter



(Dollars in Millions)


2015


2014


Change








Commercial Airplanes Deliveries


184


161


14%








Revenues


$15,381


$12,737


21%

Earnings from Operations


$1,617


$1,502


8%

Operating Margin


10.5%


11.8%


(1.3) Pts

Commercial Airplanes first-quarter revenue increased 21 percent to $15.4 billion on higher delivery volume and mix (Table 4). First-quarter operating margin was 10.5 percent, 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 $435 billion.

Defense, Space & Security










Table 5. Defense, Space & Security

First Quarter



(Dollars in Millions)

2015


2014


Change

Revenues1






Boeing Military Aircraft

$2,744


$3,455


(21)%

Network & Space Systems

$1,732


$1,876


(8)%

Global Services & Support

$2,233


$2,302


(3)%

Total BDS Revenues

$6,709


$7,633


(12)%

Earnings from Operations 1






Boeing Military Aircraft

$261


$332


(21)%

Network & Space Systems

$167


$168


(1)%

Global Services & Support

$315


$278


13%

Total BDS Earnings from Operations

$743


$778


(4)%

Operating Margin

11.1%


10.2%


0.9 Pts

1 During the first quarter of 2015, certain programs were realigned between Boeing Military Aircraft and Global Services & Support.


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