Strong commercial deliveries drive Boeing revenue higher

Strong commercial deliveries drive Boeing revenue higher

Boeing has reported fourth-quarter revenue of $28.3 billion, GAAP earnings per share of $5.93 and core earnings per share (non-GAAP) of $5.48, all company records.

These results reflect record commercial deliveries, higher defence and services volume and strong performance which outweighed favourable tax impacts recorded in the fourth quarter of 2017.

Boeing generated operating cash flow of $2.9 billion, repurchased 1.6 million shares for $0.6 billion, paid $1 billion of dividends and completed the acquisition of KLX.

Revenue was a record $101.1 billion for the full year reflecting higher commercial deliveries and increased volume across the company.

Records for GAAP earnings per share of $17.85 and core earnings per share (non-GAAP) of $16.01 were driven by higher volume, improved mix and solid execution.

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“Across the enterprise our team delivered strong core operating performance and customer focus, driving record revenues, earnings and cash flow and further extending our global aerospace industry leadership in 2018,” said Boeing chairman Dennis Muilenburg.

“Our financial performance provided a firm platform to further invest in new growth businesses, innovation and future franchise programs, as well as in our people and enabling technologies.

“In the last five years, we have invested nearly $35 billion in key strategic areas of our business, all while increasing cash returns to shareholders.”

Operating cash flow was $2.9 billion in the quarter and $15.3 billion for the full year, reflecting planned higher commercial airplane production rates and strong operating performance as well as timing of receipts and expenditures.

“We remain focused on executing on our production and development programs as well as our growth strategy while driving further productivity, quality and safety improvements, investing in our team and creating more value and opportunity for our customers, shareholders and employees,” Muilenburg added.