Boeing reports strong first quarter revenue

Boeing reports strong first quarter revenue

Boeing has reported first-quarter revenue of $23.4 billion, reflecting higher commercial deliveries, defence contract volume and services growth.

GAAP earnings per share increased to $4.15 and core earnings per share.

The company’s cash flow guidance is increased to between $15.0 and $15.5 billion, driven by improved performance.

Full year earnings per share guidance is increased by $0.50 to between $16.40 and $16.60, and core earnings per share guidance is increased to between $14.30 and $14.50 on performance.

“Across Boeing, our teams performed at a high level in the quarter, driving revenue and earnings growth at all three business units, increasing profitability and operating cash flow, and delivering more value to our customers,” said Boeing chief executive, Dennis Muilenburg.

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“Customers continue to recognise the value of our products and services, with strong orders booked in the quarter for defence, services and commercial offerings, including 221 net commercial aircraft orders.”

During the quarter Boeing saw the first flight of the 737 MAX 7 as well as delivering the first 787-10 Dreamliner and the first 737 MAX 9.

Muilenburg added: “Our team’s strong first-quarter performance, combined with the positive market outlook across our businesses and our confidence in executing on our production and development programs, gives us a solid foundation to raise our guidance for the year.

“Going forward, we remain focused on our disciplined growth strategy, improved profitability and cash flow to ensure we meet our commitments to our customers and our shareholders.”