[BUSINESS] Boeing Report Second Quarter Earnings
SMADE MEDIA Press Volt Official Press Release Documents – The Boeing Company is reports it’s second-quarter earnings, which includes.
- Revenue of $22 billion reflects higher commercial deliveries
- Core EPS (non-GAAP)* increased 45 percent to $2.42; GAAP EPS of $2.24
- Solid operating cash flow of $1.8 billion; strong liquidity of $11.3 billion in cash & marketable securities
- Backlog remains strong at $440 billion with over 5,200 commercial airplane orders
- Repurchased 11.4 million shares for $1.5 billion
- 2014 core EPS guidance increased $0.75 to between $7.90 and $8.10
The Boeing Company [NYSE: BA] reported second-quarter core earnings per share (non-GAAP) of $2.42, reflecting strong performance and favorable tax items (Table 1). Second-quarter 2014 results included a $272 million after-tax charge ($0.37 per share) on the KC-46A Tanker program reflecting the cost of additional engineering and systems installation work required to complete the Engineering and Manufacturing Development contract. Favorable tax items include the previously announced tax benefit of $116 million for the 2007-2008 tax settlement, as well as an additional tax benefit of $408 million in the second quarter.
Core earnings per share guidance for 2014 increased to between $7.90 and $8.10, from $7.15 to $7.35, reflecting the $408 million tax benefits, strong operating performance and the KC-46A Tanker charge. GAAP earnings per share guidance for 2014 increased to between $6.85 and $7.05.
“Strong operating performance across our production programs and services businesses drove revenue and earnings-per-share growth and healthy operating cash flow, which supported$1.5 billion in additional share repurchases in the quarter,” said Boeing Chairman and Chief Executive Officer Jim McNerney. “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.”
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