Boeing Reports Third Quarter Results

Rhea-AI Summary

Boeing [BA] reported challenging Q3 2024 results with revenue of $17.8 billion, down 1% year-over-year. The company posted a significant GAAP loss per share of ($9.97) and core loss per share of ($10.44), primarily due to IAM work stoppage and charges on commercial and defense programs. Operating cash flow was negative at ($1.3) billion with free cash flow of ($2.0) billion. Total company backlog remained strong at $511 billion, including over 5,400 commercial airplanes. Commercial Airplanes delivered 116 aircraft and booked 49 net orders, while Defense, Space & Security faced challenges with significant charges on multiple programs.

Positive

• Strong total backlog of $511 billion, including 5,400+ commercial airplanes
• Commercial aircraft deliveries increased 10% YoY to 116 units
• Global Services revenue grew 2% YoY with improved operating margins of 17.0%
• Secured new $10 billion credit facility, total facilities now $20 billion

Negative

• Revenue declined 1% YoY to $17.8 billion
• Significant GAAP loss per share of ($9.97)
• Negative operating cash flow of ($1.3) billion
• $3.0 billion pre-tax charges on 777X and 767 programs
• $2.0 billion charges on defense programs (T-7A, KC-46A, Commercial Crew, MQ-25)
• Commercial Airplanes operating margin deteriorated to -54.0%
• Defense segment operating margin declined to -43.1%

Insights

Financial Analyst

Boeing's Q3 2024 results reveal significant operational challenges and financial deterioration. Key concerns include:

• Revenue declined 1% YoY to $17.8 billion with substantial losses across segments
• GAAP loss per share widened to ($9.97) from ($2.70) year-ago
• Operating cash flow turned negative at ($1.3 billion) vs $22 million last year
• Commercial Airplanes segment posted alarming 54% negative operating margin
• Defense segment reported 43.1% negative operating margin

The massive $5 billion in charges across commercial and defense programs, combined with the IAM work stoppage, have severely impacted profitability. The $57.7 billion debt load and declining cash position ($10.5 billion) raise liquidity concerns, though partially mitigated by the new $10 billion credit facility.

Aerospace Industry Analyst

The operational metrics paint a concerning picture of Boeing's fundamental challenges. While commercial airplane deliveries increased to 116 units, the massive program charges on 777X and 767 indicate persistent production and development issues. The 787 program remains at subdued production rates of 4 per month. Defense programs are also struggling with significant cost overruns across T-7A, KC-46A, Commercial Crew and MQ-25 platforms. The only bright spot is Global Services with 17% margins. The $511 billion total backlog provides future revenue visibility but execution capabilities remain questionable given widespread operational difficulties.

ARLINGTON, Va., Oct. 23, 2024 /PRNewswire/ --

Third Quarter 2024

• Financials reflect impacts of the International Association of Machinists and Aerospace Workers (IAM) work stoppage and previously announced charges on commercial and defense programs
• Revenue of $17.8 billion, GAAP loss per share of ($9.97) and core (non-GAAP)* loss per share of ($10.44)
• Operating cash flow of ($1.3) billion and free cash flow of ($2.0) billion (non-GAAP)*
• Total company backlog of $511 billion, including over 5,400 commercial airplanes

Table 1. Summary Financial Results						Third Quarter																		Nine Months
(Dollars in Millions, except per share data)						2024						2023						Change						2024						2023						Change
Revenues						$17,840						$18,104						(1) %						$51,275						$55,776						(8) %
GAAP
Loss from operations						($5,761)						($808)						NM						($6,937)						($1,056)						NM
Operating margins						(32.3)		%				(4.5)		%				NM						(13.5)		%				(1.9)		%				NM
Net loss						($6,174)						($1,638)						NM						($7,968)						($2,212)						NM
Basic loss per share						($9.97)						($2.70)						NM						($12.91)						($3.64)						NM
Operating cash flow						($1,345)						$22						NM						($8,630)						$2,579						NM
Non-GAAP*
Core operating loss						($5,989)						($1,089)						NM						($7,769)						($1,919)						NM
Core operating margins						(33.6)		%				(6.0)		%				NM						(15.2)		%				(3.4)		%				NM
Core loss per share						($10.44)						($3.26)						NM						($14.52)						($5.35)						NM

*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."

The Boeing Company [NYSE: BA] recorded third quarter revenue of $17.8 billion, GAAP loss per share of ($9.97) and core loss per share (non-GAAP)* of ($10.44) (Table 1) primarily reflecting impacts of the IAM work stoppage and previously announced charges on commercial and defense programs. Boeing reported operating cash flow of ($1.3) billion and free cash flow of ($2.0) billion (non-GAAP)*.

"It will take time to return Boeing to its former legacy, but with the right focus and culture, we can be an iconic company and aerospace leader once again," said Kelly Ortberg, Boeing President and Chief Executive Officer. "Going forward, we will be focused on fundamentally changing the culture, stabilizing the business, and improving program execution, while setting the foundation for the future of Boeing." 

Table 2. Cash Flow						Third Quarter												Nine Months
(Millions)						2024						2023						2024						2023
Operating cash flow						($1,345)						$22						($8,630)						$2,579
Less additions to property, plant & equipment						($611)						($332)						($1,582)						($1,096)
Free cash flow*						($1,956)						($310)						($10,212)						$1,483

*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."

Operating cash flow was ($1.3) billion in the quarter reflecting lower commercial widebody deliveries, as well as unfavorable working capital timing, including the impact of the IAM work stoppage (Table 2).

Table 3. Cash, Marketable Securities and Debt Balances						Quarter End
(Billions)						3Q 2024						2Q 2024
Cash						$10.0						$10.9
Marketable securities1						$0.5						$1.7
Total						$10.5						$12.6
Consolidated debt						$57.7						$57.9

1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."

Cash and investments in marketable securities totaled $10.5 billion, compared to $12.6 billion at the beginning of the quarter driven by free cash flow usage in the quarter (Table 3). In October, the company entered into a new $10.0 billion short-term credit facility and now has access to total credit facilities of $20.0 billion, which remain undrawn.

Total company backlog at quarter end was $511 billion.

Segment Results

Commercial Airplanes

Table 4. Commercial Airplanes						Third Quarter																		Nine Months
(Dollars in Millions)						2024						2023						Change						2024						2023						Change
Deliveries						116						105						10 %						291						371						(22) %
Revenues						$7,443						$7,876						(5) %						$18,099						$23,420						(23) %
Loss from operations						($4,021)						($678)						NM						($5,879)						($1,676)						NM
Operating margins						(54.0)		%				(8.6)		%				NM						(32.5)		%				(7.2)		%				NM

Commercial Airplanes third quarter revenue of $7.4 billion and operating margin of (54.0) percent reflect previously announced pre-tax charges of $3.0 billion on the 777X and 767 programs as well as the IAM work stoppage and higher period expense, including research and development (Table 4).

The 787 program is currently producing at 4 per month and maintains plans to return to 5 per month by year end. In the quarter, Commercial Airplanes booked 49 net orders and delivered 116 airplanes, with backlog of over 5,400 airplanes valued at $428 billion.

Defense, Space & Security

Table 5. Defense, Space & Security						Third Quarter																		Nine Months
(Dollars in Millions)						2024						2023						Change						2024						2023						Change
Revenues						$5,536						$5,481						1 %						$18,507						$18,187						2 %
Loss from operations						($2,384)						($924)						NM						($3,146)						($1,663)						NM
Operating margins						(43.1)		%				(16.9)		%				NM						(17.0)		%				(9.1)		%				NM

Defense, Space & Security third quarter revenue of $5.5 billion and operating margin of (43.1) percent reflect the previously announced pre-tax charges of $2.0 billion on the T-7A, KC-46A Tanker, Commercial Crew, and MQ-25 programs. Results also reflect unfavorable performance on other programs.

During the quarter, Defense, Space & Security delivered the first production MH-139A to the U.S. Air Force and definitized a contract for two E-7A Wedgetails from the U.S. Air Force. Backlog at Defense, Space & Security was $62 billion, of which 28 percent represents orders from customers outside the U.S.

Global Services

Table 6. Global Services						Third Quarter																		Nine Months
(Dollars in Millions)						2024						2023						Change						2024						2023						Change
Revenues						$4,901						$4,812						2 %						$14,835						$14,278						4 %
Earnings from operations						$834						$784						6 %						$2,620						$2,487						5 %
Operating margins						17.0		%				16.3		%				0.7 pts						17.7		%				17.4		%				0.3 pts

Global Services third quarter revenue of $4.9 billion and operating margin of 17.0 percent reflect higher commercial volume and mix. 

During the quarter, Global Services secured agreements for Landing Gear Exchange Program and Integrated Material Management with All Nippon Airways and a KC-135 spares contract from the U.S. Air Force.

Additional Financial Information

Table 7. Additional Financial Information						Third Quarter												Nine Months
(Dollars in Millions)						2024						2023						2024						2023
Revenues
Unallocated items, eliminations and other						($40)						($65)						($166)						($109)
Loss from operations
Other unallocated items and eliminations						($418)						($271)						($1,364)						($1,067)
FAS/CAS service cost adjustment						$228						$281						$832						$863
Other income, net						$265						$297						$790						$919
Interest and debt expense						($728)						($589)						($1,970)						($1,859)
Effective tax rate						0.8		%				(48.9)		%				1.8		%				(10.8)		%

Other unallocated items and eliminations primarily reflects timing of allocations.

Non-GAAP Measures Disclosures

We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided: 

Core Operating Earnings/(loss), Core Operating Margin and Core Earnings/(loss) Per Share

Core operating earnings/(loss) is defined as GAAP Earnings/(loss) from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margin is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share excluding the net earnings/(loss) per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings/(loss), core operating margin and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12 and 13.

Free Cash Flow

Free cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. See Table 2 on page 2 for reconciliation of free cash flow to GAAP operating cash flow.

Boeing President and CEO Kelly Ortberg's prepared remarks for the third quarter results webcast can be accessed here:

https://investors.boeing.com/investors/events-presentations/event-details/2024/Q3-2024-The-Boeing-Company-Earnings-Conference-Call/default.aspx

Caution Concerning Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) our pending acquisition of Spirit AeroSystems Holdings, Inc. (Spirit), including the satisfaction of closing conditions in the expected timeframe or at all, (5) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (6) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (7) work stoppages or other labor disruptions; (8) competition within our markets; (9) our non-U.S. operations and sales to non-U.S. customers; (10) changes in accounting estimates; (11) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our pending acquisition of Spirit; (12) our dependence on U.S. government contracts; (13) our reliance on fixed-price contracts; (14) our reliance on cost-type contracts; (15) contracts that include in-orbit incentive payments; (16) unauthorized access to our, our customers' and/or our suppliers' information and systems; (17) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (18) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (19) potential environmental liabilities; (20) effects of climate change and legal, regulatory or market responses to such change; (21) credit rating agency actions and changes in our ability to obtain debt financing on commercially reasonable terms, at competitive rates and in sufficient amounts; (22) substantial pension and other postretirement benefit obligations; (23) the adequacy of our insurance coverage; and (24) customer and aircraft concentration in our customer financing portfolio.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Contact:
Investor Relations:						Matt Welch or David Dufault BoeingInvestorRelations@boeing.com
Communications:						Michael Friedman media@boeing.com

 

The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited)
			Nine months ended September 30												Three months ended September 30
(Dollars in millions, except per share data)			2024						2023						2024						2023
Sales of products			$41,326						$46,661						$14,534						$15,060
Sales of services			9,949						9,115						3,306						3,044
Total revenues			51,275						55,776						17,840						18,104
Cost of products			(43,384)						(43,140)						(18,413)						(14,464)
Cost of services			(8,293)						(7,609)						(2,934)						(2,475)
Total costs and expenses			(51,677)						(50,749)						(21,347)						(16,939)
			(402)						5,027						(3,507)						1,165
Income/(loss) from operating investments, net			59						45						(15)						28
General and administrative expense			(3,623)						(3,633)						(1,085)						(1,043)
Research and development expense, net			(2,976)						(2,496)						(1,154)						(958)
Gain on dispositions, net			5						1
Loss from operations			(6,937)						(1,056)						(5,761)						(808)
Other income, net			790						919						265						297
Interest and debt expense			(1,970)						(1,859)						(728)						(589)
Loss before income taxes			(8,117)						(1,996)						(6,224)						(1,100)
Income tax benefit/(expense)			149						(216)						50						(538)
Net loss			(7,968)						(2,212)						(6,174)						(1,638)
Less: net loss attributable to noncontrolling interest			(16)						(13)						(4)						(2)
Net loss attributable to Boeing Shareholders			($7,952)						($2,199)						($6,170)						($1,636)
Basic loss per share			($12.91)						($3.64)						($9.97)						($2.70)
Diluted loss per share			($12.91)						($3.64)						($9.97)						($2.70)
Weighted average diluted shares (millions)			616.1						605.0						618.8						607.2

 

The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited)
(Dollars in millions, except per share data)			September 30 2024						December 31 2023
Assets
Cash and cash equivalents			$9,961						$12,691
Short-term and other investments			509						3,274
Accounts receivable, net			2,894						2,649
Unbilled receivables, net			9,356						8,317
Current portion of financing receivables, net			457						99
Inventories			83,341						79,741
Other current assets, net			2,918						2,504
Total current assets			109,436						109,275
Financing receivables and operating lease equipment, net			321						860
Property, plant and equipment, net of accumulated depreciation of $22,923 and $22,245			11,236						10,661
Goodwill			8,112						8,093
Acquired intangible assets, net			2,011						2,094
Deferred income taxes			44						59
Investments			1,030						1,035
Other assets, net of accumulated amortization of $1,054 and $1,046			5,505						4,935
Total assets			$137,695						$137,012
Liabilities and equity
Accounts payable			$12,267						$11,964
Accrued liabilities			22,628						22,331
Advances and progress billings			57,931						56,328
Short-term debt and current portion of long-term debt			4,474						5,204
Total current liabilities			97,300						95,827
Deferred income taxes			249						229
Accrued retiree health care			2,121						2,233
Accrued pension plan liability, net			6,097						6,516
Other long-term liabilities			2,314						2,332
Long-term debt			53,176						47,103
Total liabilities			161,257						154,240
Shareholders' equity:
Common stock, par value $5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued			5,061						5,061
Additional paid-in capital			10,925						10,309
Treasury stock, at cost - 394,465,404 and 402,746,136 shares			(48,564)						(49,549)
Retained earnings			19,299						27,251
Accumulated other comprehensive loss			(10,273)						(10,305)
Total shareholders' deficit			(23,552)						(17,233)
Noncontrolling interests			(10)						5
Total equity			(23,562)						(17,228)
Total liabilities and equity			$137,695						$137,012

 

The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited)
			Nine months ended September 30
(Dollars in millions)			2024						2023
Cash flows – operating activities:
Net loss			($7,968)						($2,212)
Adjustments to reconcile net loss to net cash (used)/provided by operating activities:
Non-cash items –
Share-based plans expense			310						548
Treasury shares issued for 401(k) contribution			1,315						1,204
Depreciation and amortization			1,327						1,380
Investment/asset impairment charges, net			48						12
Gain on dispositions, net			(5)						(1)
777X and 767 reach-forward losses			3,006
Other charges and credits, net			270						(25)
Changes in assets and liabilities –
Accounts receivable			(275)						(523)
Unbilled receivables			(1,042)						(547)
Advances and progress billings			1,666						2,963
Inventories			(6,854)						(940)
Other current assets			(26)						707
Accounts payable			122						982
Accrued liabilities			327						(574)
Income taxes receivable, payable and deferred			(282)						73
Other long-term liabilities			(228)						(254)
Pension and other postretirement plans			(736)						(785)
Financing receivables and operating lease equipment, net			258						472
Other			137						99
Net cash (used)/provided by operating activities			(8,630)						2,579
Cash flows – investing activities:
Payments to acquire property, plant and equipment			(1,582)						(1,096)
Proceeds from disposals of property, plant and equipment			46						19
Acquisitions, net of cash acquired			(50)						(19)
Contributions to investments			(1,751)						(14,485)
Proceeds from investments			4,546						10,497
Supplier notes receivable			(494)						(162)
Repayments on supplier notes receivable			40
Purchase of distribution rights			(88)
Other			(14)						5
Net cash provided/(used) by investing activities			653						(5,241)
Cash flows – financing activities:
New borrowings			10,120						55
Debt repayments			(4,824)						(5,181)
Stock options exercised									45
Employee taxes on certain share-based payment arrangements			(73)						(52)
Other			15						2
Net cash provided/(used) by financing activities			5,238						(5,131)
Effect of exchange rate changes on cash and cash equivalents			8						(22)
Net decrease in cash & cash equivalents, including restricted			(2,731)						(7,815)
Cash & cash equivalents, including restricted, at beginning of year			12,713						14,647
Cash & cash equivalents, including restricted, at end of period			9,982						6,832
Less restricted cash & cash equivalents, included in Investments			21						21
Cash & cash equivalents at end of period			$9,961						$6,811

 

The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited)
			Nine months ended September 30												Three months ended September 30
(Dollars in millions)			2024						2023						2024						2023
Revenues:
Commercial Airplanes			$18,099						$23,420						$7,443						$7,876
Defense, Space & Security			18,507						18,187						5,536						5,481
Global Services			14,835						14,278						4,901						4,812
Unallocated items, eliminations and other			(166)						(109)						(40)						(65)
Total revenues			$51,275						$55,776						$17,840						$18,104
Loss from operations:
Commercial Airplanes			($5,879)						($1,676)						($4,021)						($678)
Defense, Space & Security			(3,146)						(1,663)						(2,384)						(924)
Global Services			2,620						2,487						834						784
Segment operating loss			(6,405)						(852)						(5,571)						(818)
Unallocated items, eliminations and other			(1,364)						(1,067)						(418)						(271)
FAS/CAS service cost adjustment			832						863						228						281
Loss from operations			(6,937)						(1,056)						(5,761)						(808)
Other income, net			790						919						265						297
Interest and debt expense			(1,970)						(1,859)						(728)						(589)
Loss before income taxes			(8,117)						(1,996)						(6,224)						(1,100)
Income tax benefit/(expense)			149						(216)						50						(538)
Net loss			(7,968)						(2,212)						(6,174)						(1,638)
Less: net loss attributable to noncontrolling interest			(16)						(13)						(4)						(2)
Net loss attributable to Boeing Shareholders			($7,952)						($2,199)						($6,170)						($1,636)
Research and development expense, net:
Commercial Airplanes			$1,852						$1,538						$779						$623
Defense, Space & Security			728						652						234						232
Global Services			103						84						36						30
Other			293						222						105						73
Total research and development expense, net			$2,976						$2,496						$1,154						$958
Unallocated items, eliminations and other:
Share-based plans			$118						($33)						$65						$5
Deferred compensation			(100)						(71)						(51)						25
Amortization of previously capitalized interest			(70)						(71)						(24)						(24)
Research and development expense, net			(293)						(222)						(105)						(73)
Eliminations and other unallocated items			(1,019)						(670)						(303)						(204)
Sub-total (included in Core operating loss)			(1,364)						(1,067)						(418)						(271)
Pension FAS/CAS service cost adjustment			608						663						148						218
Postretirement FAS/CAS service cost adjustment			224						200						80						63
FAS/CAS service cost adjustment			832						863						$228						$281
Total			($532)						($204)						($190)						$10

 

The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited)
Deliveries						Nine months ended September 30												Three months ended September 30
Commercial Airplanes						2024						2023						2024						2023
737						229						286						92						70
747						—						1						—						—
767						15						17						6						8
777						11						17						4						8
787						36						50						14						19
Total						291						371						116						105
Defense, Space & Security
AH-64 Apache (New)						10						17						7						5
AH-64 Apache (Remanufactured)						24						38						11						9
CH-47 Chinook (New)						2						8						—						1
CH-47 Chinook (Renewed)						7						7						2						3
F-15 Models						10						6						3						—
F/A-18 Models						5						16						1						3
KC-46 Tanker						10						4						5						3
MH-139						3						1						3						1
P-8 Models						4						7						1						2
T-7A Red Hawk						1						1						1						1
Commercial Satellites						—						3						—						—
Total1						76						108						34						28
1 Deliveries of new-build production units, including remanufactures and modifications
Total backlog (Dollars in millions)																		September 30 2024						December 31 2023
Commercial Airplanes																		$427,733						$440,507
Defense, Space & Security																		61,621						59,012
Global Services																		20,449						19,869
Unallocated items, eliminations and other																		706						807
Total backlog																		$510,509						$520,195
Contractual backlog																		$489,325						$497,094
Unobligated backlog																		21,184						23,101
Total backlog																		$510,509						$520,195

 

The Boeing Company and Subsidiaries 
Reconciliation of Non-GAAP Measures 
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating loss, core operating margin, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margin, and diluted loss per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.

(Dollars in millions, except per share data)								Third Quarter 2024									Third Quarter 2023
								$ millions			Per Share						$ millions			Per Share
Revenues								$17,840									$18,104
Loss from operations (GAAP)								(5,761)									(808)
Operating margins (GAAP)								(32.3)		%							(4.5)		%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment								(148)									(218)
Postretirement FAS/CAS service cost adjustment								(80)									(63)
FAS/CAS service cost adjustment								(228)									(281)
Core operating loss (non-GAAP)								($5,989)									($1,089)
Core operating margins (non-GAAP)								(33.6)		%							(6.0)		%
Diluted loss per share (GAAP)											($9.97)									($2.70)
Pension FAS/CAS service cost adjustment								($148)			($0.24)						($218)			($0.36)
Postretirement FAS/CAS service cost adjustment								(80)			(0.13)						(63)				(0.10)
Non-operating pension income								(123)			(0.20)						(134)			(0.23)
Non-operating postretirement income								(18)			(0.03)						(15)				(0.02)
Provision for deferred income taxes on adjustments 1								77			0.13						90			0.15
Subtotal of adjustments								($292)			($0.47)						($340)			($0.56)
Core loss per share (non-GAAP)											($10.44)									($3.26)
Weighted average diluted shares (in millions)											618.8									607.2

1 The income tax impact is calculated using the U.S. corporate statutory tax rate.

 

The Boeing Company and Subsidiaries 
Reconciliation of Non-GAAP Measures 
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating loss, core operating margin, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margin, and diluted loss per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.

(Dollars in millions, except per share data)								Nine Months 2024									Nine Months 2023
								$ millions			Per Share						$ millions			Per Share
Revenues								$51,275									$55,776
Loss from operations (GAAP)								(6,937)									(1,056)
Operating margins (GAAP)								(13.5)		%							(1.9)		%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment								(608)									(663)
Postretirement FAS/CAS service cost adjustment								(224)									(200)
FAS/CAS service cost adjustment								(832)									(863)
Core operating loss (non-GAAP)								($7,769)									($1,919)
Core operating margins (non-GAAP)								(15.2)		%							(3.4)		%
Diluted loss per share (GAAP)											($12.91)									($3.64)
Pension FAS/CAS service cost adjustment								($608)			($0.99)						($663)			($1.10)
Postretirement FAS/CAS service cost adjustment								(224)			(0.36)						(200)			(0.33)
Non-operating pension income								(368)			(0.60)						(402)			(0.66)
Non-operating postretirement income								(55)			(0.09)						(44)			(0.07)
Provision for deferred income taxes on adjustments 1								264			0.43						275			0.45
Subtotal of adjustments								($991)			($1.61)						($1,034)			($1.71)
Core loss per share (non-GAAP)											($14.52)									($5.35)
Weighted average diluted shares (in millions)											616.1									605.0

1 The income tax impact is calculated using the U.S. corporate statutory tax rate.

 

View original content:https://www.prnewswire.com/news-releases/boeing-reports-third-quarter-results-302284461.html

SOURCE Boeing

FAQ

What was Boeing's (BA) revenue in Q3 2024?

Boeing reported revenue of $17.8 billion in Q3 2024, representing a 1% decrease from Q3 2023.

How many aircraft did Boeing (BA) deliver in Q3 2024?

Boeing delivered 116 commercial aircraft in Q3 2024, a 10% increase from 105 deliveries in Q3 2023.

What was Boeing's (BA) backlog value in Q3 2024?

Boeing's total backlog at Q3 2024 end was $511 billion, including over 5,400 commercial airplanes valued at $428 billion.

What charges did Boeing (BA) report in Q3 2024?

Boeing reported $3.0 billion in charges on 777X and 767 programs, plus $2.0 billion on defense programs including T-7A, KC-46A Tanker, Commercial Crew, and MQ-25.