Boeing reports record fourth quarter revenue and earnings

The Boeing Company (Chicago, Seattle and Charleston) reported record fourth-quarter revenue of $24.5 billion on higher deliveries and core earnings per share (non-GAAP) that increased 23 percent to $2.31, reflecting strong performance across the company. Fourth-quarter 2014 core operating earnings (non-GAAP) increased to $2.3 billion and GAAP earnings from operations increased to $2.0 billion. Fourth-quarter 2013 results included a $406 million non-cash charge ($0.34 per share) related to the A-12 settlement.

Revenue rose 5 percent in the full year to a record $90.8 billion and core earnings per share (non-GAAP) increased 22 percent* to $8.60 on record deliveries. Full-year 2014 GAAP earnings per share was $7.38.

Core earnings per share guidance for 2015 is set at between $8.20 and $8.40, while GAAP earnings per share guidance is established at between $8.10 and $8.30. Revenue guidance is between $94.5 and $96.5 billion, including commercial deliveries of between 750 and 755. Operating cash flow is expected to be greater than $9.0 billion.

Commercial Airplanes fourth-quarter revenue increased 15 percent to a record $16.8 billion on higher delivery volume and mix. Fourth-quarter operating margin was 9.3 percent, reflecting higher planned period costs and the dilutive impact of 787 deliveries partially offset by the delivery volume (Table 4).

During the quarter, the company began production on the fuselage stringers of the first 737 MAX airplane. The 737 program has won over 2,600 firm orders for the 737 MAX since launch. Also during the quarter, the company began final assembly of the 787-9 Dreamliner at the South Carolina facility and broke ground on the 777X composite centers in Everett and St. Louis.

Commercial Airplanes booked 432 net orders during the quarter with a record 1,432 orders in 2014. Backlog remains strong with nearly 5,800 airplanes valued at a record $440 billion.

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Copyright Photo: Nick Dean/ How much longer will the Boeing 747-800 be built? Will there be another “Super Bowl Surprise” in support of the Seattle Seahawks? Boeing 747-8JK N6067E (msn 38636) in house colors departs from Paine Field.

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