• Boeing publie ses résultats du 1er trimestre 2011

    • Earnings per share of $0.78 on revenue of $14.9 billion
    • Backlog grew to $329 billion, including $23 billion in orders during the quarter
    • Operating cash flow of ($1.0) billion reflects delivery timing and continued investment in development programs
    • Cash and marketable securities of $7.8 billion provide strong liquidity
    • 2011 financial and deliveries outlook reaffirmed

    CHICAGO,  27 avril 2011 - Veuillez trouver ci-dessous le communiqué annonçant les résultats financiers de Boeing pour le 1er trimestre 2011.

    Table 1.  Summary Financial Results

           
     

    First Quarter

    Change

     

    (Dollars in Millions, except per share data)

    2011

    2010

     
             

    Revenues

    $14,910

    $15,216

    (2%)

     

    Earnings From Operations

    $1,000

    $1,174

    (15%)

     

    Operating Margin

    6.7%

    7.7%

    (1.0)Pts

     

    Net Income

    $586

    $519

    13%

     

    Earnings per Share

    $0.78

    $0.70

    11%

     

    Operating Cash Flow

    ($953)

    ($285)

    NM

     
           




    Table 1.  Summary Financial Results

           
     

    First Quarter

    Change

     

    (Dollars in Millions, except per share data)

    2011

    2010

     
             

    Revenues

    $14,910

    $15,216

    (2%)

     

    Earnings From Operations

    $1,000

    $1,174

    (15%)

     

    Operating Margin

    6.7%

    7.7%

    (1.0)Pts

     

    Net Income

    $586

    $519

    13%

     

    Earnings per Share

    $0.78

    $0.70

    11%

     

    Operating Cash Flow

    ($953)

    ($285)

    NM

     
           


    The Boeing Company (NYSE: BA) reported first-quarter net income of $0.6 billion, or $0.78 per share, on revenue of $14.9 billion.  Operating margin of 6.7 percent reflects strong core performance across the company's businesses on expected lower volumes and higher pension expense.  The year-ago quarter included a $0.20 per share tax charge on health care legislation (Table 1).  The company also reaffirmed its 2011 revenue, earnings per share and operating cash flow outlook.

    "We're off to a good start in an important year for our company," said Jim McNerney, Boeing chairman, president and chief executive officer.  "We delivered strong operating performance, made significant progress on 787 and 747-8 flight testing, and scored a major win on the U.S. Air Force Tanker program.  Our outlook remains positive, and our people are focused on meeting customer commitments, driving productivity and competitiveness gains, and capturing growth opportunities in our Commercial Airplanes and Defense, Space & Security businesses."

    Table 2.  Cash Flow

         
     

    First Quarter

     

    (Millions)

    2011

    2010

     
           

    Operating Cash Flow

    ($953)

    ($285)

     

      Less Additions to Property, Plant & Equipment

    ($417)

    ($186)

     

    Free Cash Flow*

    ($1,370)

    ($471)

     

    * Non-GAAP measure.  A complete definition and reconciliation of Boeing's use of non-GAAP measures,

     

     identified by an asterisk (*), is found on page 7, "Non-GAAP Measure Disclosure."

     
         




    Table 2.  Cash Flow

         
     

    First Quarter

     

    (Millions)

    2011

    2010

     
           

    Operating Cash Flow

    ($953)

    ($285)

     

      Less Additions to Property, Plant & Equipment

    ($417)

    ($186)

     

    Free Cash Flow*

    ($1,370)

    ($471)

     

    * Non-GAAP measure.  A complete definition and reconciliation of Boeing's use of non-GAAP measures,

     

     identified by an asterisk (*), is found on page 7, "Non-GAAP Measure Disclosure."

     
         


    Boeing's quarterly operating cash flow was ($1.0) billion on the expected lower volumes and continued investment in development programs.  Free cash flow* was ($1.4) billion in the quarter (Table 2).

    Table 3.  Cash, Marketable Securities and Debt Balances

         
     

    Quarter-End

     

    (Billions)

    1Q11

    4Q10

     
           

    Cash

    $5.7

    $5.4

     

    Marketable Securities(1)

    $2.1

    $5.1

     

      Total

    $7.8

    $10.5

     
           

    Debt Balances:

         

    The Boeing Company

    $9.0

    $9.0

     

    Boeing Capital Corporation

    $2.7

    $3.4

     

      Total Consolidated Debt

    $11.7

    $12.4

     

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

     
         




    Table 3.  Cash, Marketable Securities and Debt Balances

         
     

    Quarter-End

     

    (Billions)

    1Q11

    4Q10

     
           

    Cash

    $5.7

    $5.4

     

    Marketable Securities(1)

    $2.1

    $5.1

     

      Total

    $7.8

    $10.5

     
           

    Debt Balances:

         

    The Boeing Company

    $9.0

    $9.0

     

    Boeing Capital Corporation

    $2.7

    $3.4

     

      Total Consolidated Debt

    $11.7

    $12.4

     

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

     
         


    Cash and investments in marketable securities totaled $7.8 billion at quarter-end (Table 3), down from $10.5 billion at year-end.  Debt was $11.7 billion, down from $12.4 billion at year-end, primarily due to Boeing Capital Corporation maturities.  

    Total company backlog at quarter-end was $329 billion, up from $321 billion at year-end.  Orders for the quarter were $23 billion and included a strong Commercial order mix, the U.S. Air Force KC-46A Tanker contract and the U.S. Navy P-8A low-rate initial production contract.

    Segment Results

    Commercial Airplanes

    Table 4. Commercial Airplanes Operating Results

         
     

    First Quarter

    Change

     

    (Dollars in Millions)

    2011

    2010

     
             

    Commercial Airplanes Deliveries

    104

    108

    (4%)

     
             

    Revenues

    $7,118

    $7,468

    (5%)

     

    Earnings from Operations

    $509

    $679

    (25%)

     
             

    Operating Margins

    7.2%

    9.1%

    (1.9)Pts

     
           




    Table 4. Commercial Airplanes Operating Results

         
     

    First Quarter

    Change

     

    (Dollars in Millions)

    2011

    2010

     
             

    Commercial Airplanes Deliveries

    104

    108

    (4%)

     
             

    Revenues

    $7,118

    $7,468

    (5%)

     

    Earnings from Operations

    $509

    $679

    (25%)

     
             

    Operating Margins

    7.2%

    9.1%

    (1.9)Pts

     
           


    Boeing Commercial Airplanes first-quarter revenue decreased by 5 percent to $7.1 billion on planned lower 777 deliveries.  Operating margin was 7.2 percent, reflecting the lower deliveries and higher R&D (Table 4).  

    Flight testing on the 787 program continued during the quarter, surpassing 3,500 hours on 1,250 flights.  First delivery is expected in the third quarter of 2011. Total firm orders for the 787 at quarter-end were 835 airplanes from 56 customers.  

    The 747-8 program flight test also progressed during the quarter, surpassing 2,500 hours on 900 flights.  First flight of the 747-8 Intercontinental was achieved in March.  Delivery of the first 747-8 Freighter is planned for mid-2011.

    Commercial Airplanes booked 153 gross orders during the quarter while 47 orders were removed from its order book, bringing net orders to 106, up from the year-ago period when net orders were 83 airplanes.  Backlog remains strong with over 3,400 airplanes valued at $263 billion.

    Boeing Defense, Space & Security

    Table 5.  Defense, Space & Security Operating Results

           
     

    First Quarter

    Change

     

    (Dollars in Millions)

    2011

    2010

     
             

    Revenues

           

      Boeing Military Aircraft

    $3,392

    $3,241

    5%

     

      Network & Space Systems

    $2,349

    $2,323

    1%

     

      Global Services & Support

    $1,876

    $2,049

    (8%)

     

    Total BDS Revenues

    $7,617

    $7,613

    0%

     
             

    Earnings from Operations

           

      Boeing Military Aircraft

    $369

    $270

    37%

     

      Network & Space Systems

    $143

    $174

    (18%)

     

      Global Services & Support

    $159

    $220

    (28%)

     

    Total BDS Earnings from Operations

    $671

    $664

    1%

     
             

    Operating Margins

    8.8%

    8.7%

                   0.1 Pts

     
           




    Table 5.  Defense, Space & Security Operating Results

           
     

    First Quarter

    Change

     

    (Dollars in Millions)

    2011

    2010

     
             

    Revenues

           

      Boeing Military Aircraft

    $3,392

    $3,241

    5%

     

      Network & Space Systems

    $2,349

    $2,323

    1%

     

      Global Services & Support

    $1,876

    $2,049

    (8%)

     

    Total BDS Revenues

    $7,617

    $7,613

    0%

     
             

    Earnings from Operations

           

      Boeing Military Aircraft

    $369

    $270

    37%

     

      Network & Space Systems

    $143

    $174

    (18%)

     

      Global Services & Support

    $159

    $220

    (28%)

     

    Total BDS Earnings from Operations

    $671

    $664

    1%

     
             

    Operating Margins

    8.8%

    8.7%

                   0.1 Pts

     
           


    Boeing Defense, Space & Security's (BDS) first-quarter revenue was $7.6 billion, while operating margin was 8.8 percent (Table 5).

    Boeing Military Aircraft (BMA) first-quarter revenue increased by $0.2 billion to $3.4 billion, due to higher deliveries.  Operating margin was 10.9 percent, reflecting improved performance and mix in Global Strike programs and lower R&D.  During the quarter, BMA completed full scale static testing of P-8A and achieved first flight on the F-15 radar modernization program.

    Network & Space Systems (N&SS) first-quarter revenue was $2.3 billion.  Operating margin was 6.1 percent, reflecting less favorable mix and lower earnings in the satellite business.  During the quarter, N&SS successfully completed an Inmarsat-5 satellite milestone and final acceptance of a SkyTerra satellite.

    Global Services & Support (GS&S) first-quarter revenue decreased by $0.2 billion to $1.9 billion, due to the conclusion of the KC-10 support program in 2010 and delivery timing in integrated logistics and training systems & services.  Operating margin was 8.5 percent, reflecting lower earnings in integrated logistics and maintenance, modifications & upgrades.  During the quarter, GS&S was awarded a performance based logistics contract for the C-17 Globemaster III Sustainment Partnership and a follow-on to extend the F-22 sustainment contract.

    Backlog at BDS increased slightly to $66 billion, approximately two times the unit's expected 2011 revenue.  

    Additional Financial Information

    Table 6.  Additional Financial Information

         
     

    First Quarter

    Change

     

    (Dollars in Millions)

    2011

    2010

     
             

    Revenues

           

       Boeing Capital Corporation

    $143

    $162

    (12%)

     

       Other segment

    $36

    $36

       

       Unallocated items and eliminations

    ($4)

    ($63)

       
             

    Earnings/(loss) from Operations

           

       Boeing Capital Corporation

    $52

    $46

    13%

     

       Other segment

    ($22)

    ($50)

       

       Unallocated items and eliminations

    ($210)

    ($165)

       
             

    Other income/(expense), net

    $13

    ($2)

       

    Interest and debt expense

    ($130)

    ($122)

       

    Effective tax rate

    33.4%

    50.6%

       
           




    Table 6.  Additional Financial Information

         
     

    First Quarter

    Change

     

    (Dollars in Millions)

    2011

    2010

     
             

    Revenues

           

       Boeing Capital Corporation

    $143

    $162

    (12%)

     

       Other segment

    $36

    $36

       

       Unallocated items and eliminations

    ($4)

    ($63)

       
             

    Earnings/(loss) from Operations

           

       Boeing Capital Corporation

    $52

    $46

    13%

     

       Other segment

    ($22)

    ($50)

       

       Unallocated items and eliminations

    ($210)

    ($165)

       
             

    Other income/(expense), net

    $13

    ($2)

       

    Interest and debt expense

    ($130)

    ($122)

       

    Effective tax rate

    33.4%

    50.6%

       
           


    During the quarter, Boeing Capital Corporation's (BCC) portfolio balance declined to $4.5 billion, down from $4.7 billion at the beginning of the year on run-off and asset sales.  BCC's debt-to-equity ratio was unchanged at 5.0-to-1.

    The "Other" segment consists primarily of Boeing Engineering, Operations and Technology, as well as certain results related to the financial consolidation of all business units.  

    Total pension expense for the first quarter was $526 million, as compared to $284 million in the same period last year.  A total of $431 million was allocated to the operating segments in the quarter, up from $305 million in the same period last year, and $95 million was recognized in unallocated items, compared to a benefit of $21 million in the same period last year.

    The company's income tax expense was $295 million in the quarter, down from $531 million in the same period last year, as the year-ago quarter included a $150 million ($0.20 per share) tax charge on health care legislation.

    Outlook

    The company's 2011 financial guidance (Table 7) is reaffirmed, reflecting solid core operating performance, higher pension expense, planned deliveries on development programs and the current defense contracting environment.

    Table 7.  Financial Outlook
    (Dollars in Billions, except per-share data)

    2011

     
         

    The Boeing Company

       

     Revenue

    $68 - 71

     

     Earnings Per Share (GAAP)

    $3.80 - 4.00

     

     Operating Cash Flow (1)

    > $2.5

     
         

    Boeing Commercial Airplanes

       

     Deliveries (2)

    485 - 500

     

     Revenue

    $36 - 38

     

     Operating Margin

    7.5% - 8.5%

     
         

    Boeing Defense, Space & Security

       

     Revenue

       

       Boeing Military Aircraft

    $14.2 - 14.7

     

       Network & Space Systems

    $9 - 9.5

     

       Global Services & Support

    $8.3 - 8.8

     

     Total BDS Revenue

    $31.5 - 33

     
         

     Operating Margin

       

       Boeing Military Aircraft

    ~ 9%

     

       Network & Space Systems

    ~ 7%

     

       Global Services & Support

    ~ 10.5%

     

     Total BDS Operating Margin

    8.5% - 9%

     
         

    Boeing Capital Corporation

       

     Portfolio Size

    Lower

     

     Revenue

    ~ $0.5

     

     Return on Assets

    > 1%

     
         

    Research & Development

    $3.7 - 3.9

     

    Capital Expenditures

    ~ $2.3

     

    Pension Expense

    $1.8

     

    (1) After cash pension contributions of $0.5 billion and assuming new aircraft financings under $0.5 billion.

     

    (2) 2011 is sold out and includes the first 787 and 747-8 deliveries (combined 25 to 40 units).

     
       




    Table 7.  Financial Outlook
    (Dollars in Billions, except per-share data)

    2011

     
         

    The Boeing Company

       

     Revenue

    $68 - 71

     

     Earnings Per Share (GAAP)

    $3.80 - 4.00

     

     Operating Cash Flow (1)

    > $2.5

     
         

    Boeing Commercial Airplanes

       

     Deliveries (2)

    485 - 500

     

     Revenue

    $36 - 38

     

     Operating Margin

    7.5% - 8.5%

     
         

    Boeing Defense, Space & Security

       

     Revenue

       

       Boeing Military Aircraft

    $14.2 - 14.7

     

       Network & Space Systems

    $9 - 9.5

     

       Global Services & Support

    $8.3 - 8.8

     

     Total BDS Revenue

    $31.5 - 33

     
         

     Operating Margin

       

       Boeing Military Aircraft

    ~ 9%

     

       Network & Space Systems

    ~ 7%

     

       Global Services & Support

    ~ 10.5%

     

     Total BDS Operating Margin

    8.5% - 9%

     
         

    Boeing Capital Corporation

       

     Portfolio Size

    Lower

     

     Revenue

    ~ $0.5

     

     Return on Assets

    > 1%

     
         

    Research & Development

    $3.7 - 3.9

     

    Capital Expenditures

    ~ $2.3

     

    Pension Expense

    $1.8

     

    (1) After cash pension contributions of $0.5 billion and assuming new aircraft financings under $0.5 billion.

     

    (2) 2011 is sold out and includes the first 787 and 747-8 deliveries (combined 25 to 40 units).

     
       


    Non-GAAP Measure Disclosure

    Management believes that the non-GAAP (Generally Accepted Accounting Principles) measures (indicated by an asterisk *) used in this report provide investors with important perspectives into the company's ongoing business performance.  The company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measures.  Other companies may define the measures differently.  The following definitions are provided:

    Free Cash Flow

    Free cash flow is defined as GAAP operating cash flow less capital expenditures for property, plant and equipment additions.  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 internally to assess both business performance and overall liquidity.  Table 2 provides a reconciliation between GAAP operating cash flow and free cash flow.

    Forward-Looking Statements

    This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions are used to 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 our current expectations and assumptions, which 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 customers, our suppliers and the worldwide market; (3) our commercial development programs, including the 787 and 747-8 commercial aircraft programs; (4) changing acquisition priorities of the U.S. government; (5) our dependence on U.S. government contracts; (6) our reliance on fixed-price contracts; (7) our reliance on cost-type contracts; (8) uncertainties concerning contracts that include in-orbit incentive payments; (9) changes in accounting estimates; (10) changes in the competitive landscape in our markets; (11) our non-U.S. operations, including sales to non-U.S. customers; (12) potential adverse developments in new or pending litigation and/or government investigations; (13) customer and aircraft concentration in Boeing Capital Corporation's customer financing portfolio; (14) changes in our ability to obtain debt on commercially reasonable terms and at competitive rates in order to fund our operations and contractual commitments; (15) realizing the anticipated benefits of mergers, acquisitions, joint ventures, strategic alliances or divestitures; (16) the adequacy of our insurance coverage to cover significant risk exposures; (17) potential business disruptions related to physical security threats, information technology attacks or natural disasters; (18) work stoppages or other labor disruptions; (19) significant changes in discount rates and actual investment return on pension assets; and (20) potential environmental liabilities.

    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:  Scott Fitterer or Jennifer Mack (312) 544-2140
    Communications:    Chaz Bickers (312) 544-2002

    The Boeing Company and Subsidiaries

     

    Consolidated Statements of Operations

     

    (Unaudited)

     
     

    Three months ended

     
     

    March 31

     

    (Dollars in millions, except per share data)

    2011

    2010

     

    Sales of products

    $11,894

    $12,316

     

    Sales of services

    3,016

    2,900

     

    Total revenues

    14,910

    15,216

     
           

    Cost of products  

    (9,506)

    (9,822)

     

    Cost of services

    (2,510)

    (2,281)

     

    Boeing Capital Corporation interest expense

    (33)

    (41)

     

    Total costs and expenses

    (12,049)

    (12,144)

     
     

    2,861

    3,072

     

    Income from operating investments, net

    62

    59

     

    General and administrative expense

    (866)

    (953)

     

    Research and development expense, net

    (1,057)

    (1,000)

     

    Loss on dispositions, net

     

    (4)

     

    Earnings from operations

    1,000

    1,174

     

    Other income/(expense), net

    13

    (2)

     

    Interest and debt expense

    (130)

    (122)

     

    Earnings before income taxes

    883

    1,050

     

    Income tax expense

    (295)

    (531)

     

    Net earnings from continuing operations

    588

    519

     

    Net loss on disposal of discontinued operations, net of taxes of $1

    (2)

       

    Net earnings

    $586

    $519

     
           

    Basic earnings per share from continuing operations

    $0.79

    $0.71

     

    Net loss on disposal of discontinued operations, net of taxes

         

    Basic earnings per share

    $0.79

    $0.71

     
           

    Diluted earnings per share from continuing operations

    $0.78

    $0.70

     

    Net loss on disposal of discontinued operations, net of taxes

         

    Diluted earnings per share

    $0.78

    $0.70

     

    Cash dividends paid per share

    $0.42

    $0.42

     

    Weighted average diluted shares (millions)

    749.0

    740.1

     
         




    The Boeing Company and Subsidiaries

     

    Consolidated Statements of Operations

     

    (Unaudited)

     
     

    Three months ended

     
     

    March 31

     

    (Dollars in millions, except per share data)

    2011

    2010

     

    Sales of products

    $11,894

    $12,316

     

    Sales of services

    3,016

    2,900

     

    Total revenues

    14,910

    15,216

     
           

    Cost of products  

    (9,506)

    (9,822)

     

    Cost of services

    (2,510)

    (2,281)

     

    Boeing Capital Corporation interest expense

    (33)

    (41)

     

    Total costs and expenses

    (12,049)

    (12,144)

     
     

    2,861

    3,072

     

    Income from operating investments, net

    62

    59

     

    General and administrative expense

    (866)

    (953)

     

    Research and development expense, net

    (1,057)

    (1,000)

     

    Loss on dispositions, net

     

    (4)

     

    Earnings from operations

    1,000

    1,174

     

    Other income/(expense), net

    13

    (2)

     

    Interest and debt expense

    (130)

    (122)

     

    Earnings before income taxes

    883

    1,050

     

    Income tax expense

    (295)

    (531)

     

    Net earnings from continuing operations

    588

    519

     

    Net loss on disposal of discontinued operations, net of taxes of $1

    (2)

       

    Net earnings

    $586

    $519

     
           

    Basic earnings per share from continuing operations

    $0.79

    $0.71

     

    Net loss on disposal of discontinued operations, net of taxes

         

    Basic earnings per share

    $0.79

    $0.71

     
           

    Diluted earnings per share from continuing operations

    $0.78

    $0.70

     

    Net loss on disposal of discontinued operations, net of taxes

         

    Diluted earnings per share

    $0.78

    $0.70

     

    Cash dividends paid per share

    $0.42

    $0.42

     

    Weighted average diluted shares (millions)

    749.0

    740.1

     
         


    The Boeing Company and Subsidiaries

     

    Consolidated Statements of Financial Position

     

    (Unaudited)

     
           
     

    March 31

    December 31

     

    (Dollars in millions, except per share data)

    2011

    2010

     

    Assets

         

    Cash and cash equivalents

    $  5,670

    $  5,359

     

    Short-term and other investments

    2,102

    5,158

     

    Accounts receivable, net

    6,036

    5,422

     

    Current portion of customer financing, net

    252

    285

     

    Deferred income taxes

    37

    31

     

    Inventories, net of advances and progress billings

    26,912

    24,317

     

    Total current assets

    41,009

    40,572

     

    Customer financing, net

    4,320

    4,395

     

    Property, plant and equipment, net of accumulated depreciation of $13,516 and $13,322

    8,973

    8,931

     

    Goodwill

    4,944

    4,937

     

    Acquired intangible assets, net

    2,933

    2,979

     

    Deferred income taxes

    3,862

    4,031

     

    Investments

    1,091

    1,111

     

    Pension plan assets, net

    4

    6

     

    Other assets, net of accumulated amortization of $614 and $630

    1,624

    1,603

     

    Total assets

    $ 68,760

    $ 68,565

     

    Liabilities and equity

         

    Accounts payable

    $ 8,304

    $ 7,715

     

    Accrued liabilities

    12,835

    13,802

     

    Advances and billings in excess of related costs

    12,363

    12,323

     

    Deferred income taxes and income taxes payable

    789

    607

     

    Short-term debt and current portion of long-term debt

    966

    948

     

    Total current liabilities

    35,257

    35,395

     

    Accrued retiree health care

    8,034

    8,025

     

    Accrued pension plan liability, net

    9,979

    9,800

     

    Non-current income taxes payable

    427

    418

     

    Other long-term liabilities

    333

    592

     

    Long-term debt

    10,723

    11,473

     

    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

    3,903

    3,866

     

    Treasury stock, at cost – 274,304,690 and 277,002,059 shares

    (17,021)

    (17,187)

     

    Retained earnings

    25,370

    24,784

     

    Accumulated other comprehensive loss

    (13,401)

    (13,758)

     

    Total shareholders’ equity

    3,912

    2,766

     

    Noncontrolling interest

    95

    96

     

    Total equity

    4,007

    2,862

     

    Total liabilities and equity

    $ 68,760

    $ 68,565

     
         




    The Boeing Company and Subsidiaries

     

    Consolidated Statements of Financial Position

     

    (Unaudited)

     
           
     

    March 31

    December 31

     

    (Dollars in millions, except per share data)

    2011

    2010

     

    Assets

         

    Cash and cash equivalents

    $  5,670

    $  5,359

     

    Short-term and other investments

    2,102

    5,158

     

    Accounts receivable, net

    6,036

    5,422

     

    Current portion of customer financing, net

    252

    285

     

    Deferred income taxes

    37

    31

     

    Inventories, net of advances and progress billings

    26,912

    24,317

     

    Total current assets

    41,009

    40,572

     

    Customer financing, net

    4,320

    4,395

     

    Property, plant and equipment, net of accumulated depreciation of $13,516 and $13,322

    8,973

    8,931

     

    Goodwill

    4,944

    4,937

     

    Acquired intangible assets, net

    2,933

    2,979

     

    Deferred income taxes

    3,862

    4,031

     

    Investments

    1,091

    1,111

     

    Pension plan assets, net

    4

    6

     

    Other assets, net of accumulated amortization of $614 and $630

    1,624

    1,603

     

    Total assets

    $ 68,760

    $ 68,565

     

    Liabilities and equity

         

    Accounts payable

    $ 8,304

    $ 7,715

     

    Accrued liabilities

    12,835

    13,802

     

    Advances and billings in excess of related costs

    12,363

    12,323

     

    Deferred income taxes and income taxes payable

    789

    607

     

    Short-term debt and current portion of long-term debt

    966

    948

     

    Total current liabilities

    35,257

    35,395

     

    Accrued retiree health care

    8,034

    8,025

     

    Accrued pension plan liability, net

    9,979

    9,800

     

    Non-current income taxes payable

    427

    418

     

    Other long-term liabilities

    333

    592

     

    Long-term debt

    10,723

    11,473

     

    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

    3,903

    3,866

     

    Treasury stock, at cost – 274,304,690 and 277,002,059 shares

    (17,021)

    (17,187)

     

    Retained earnings

    25,370

    24,784

     

    Accumulated other comprehensive loss

    (13,401)

    (13,758)

     

    Total shareholders’ equity

    3,912

    2,766

     

    Noncontrolling interest

    95

    96

     

    Total equity

    4,007

    2,862

     

    Total liabilities and equity

    $ 68,760

    $ 68,565

     
         


    The Boeing Company and Subsidiaries

     

    Consolidated Statements of Cash Flows

     

    (Unaudited)

     
           
     

    Three months ended

     
     

    March 31

     

    (Dollars in millions)

    2011

    2010

     

    Cash flows - operating activities:

         

       Net earnings

    $ 586

    $ 519

     

       Adjustments to reconcile net earnings to net cash used by operating activities:

         

         Non-cash items –

         

              Share-based plans expense

    51

    66

     

              Depreciation

    331

    350

     

              Amortization of acquired intangible assets

    49

    55

     

              Amortization of debt discount/premium and issuance costs

    4

    5

     

              Investment/asset impairment charges, net

    10

    15

     

              Customer financing valuation provision

    (15)

    12

     

              Loss on disposal of discontinued operations

    3

       

              Loss on dispositions, net

     

    4

     

              Other charges and credits, net

    113

    30

     

              Excess tax benefits from share-based payment arrangements

    (22)

    (8)

     

          Changes in assets and liabilities –

         

              Accounts receivable

    (633)

    (572)

     

              Inventories, net of advances and progress billings

    (2,622)

    (1,833)

     

              Accounts payable

    969

    225

     

              Accrued liabilities

    (736)

    (136)

     

              Advances and billings in excess of related costs

    40

    (221)

     

              Income taxes receivable, payable and deferred

    217

    429

     

              Other long-term liabilities

    (66)

    246

     

              Pension and other postretirement plans

    617

    355

     

              Customer financing, net

    102

    221

     

              Other

    49

    (47)

     

    Net cash used by operating activities

    (953)

    (285)

     

    Cash flows - investing activities:

         

       Property, plant and equipment additions

    (417)

    (186)

     

       Property, plant and equipment reductions

    14

    3

     

       Acquisitions, net of cash acquired

    (16)

    (24)

     

       Contributions to investments

    (1,644)

    (4,744)

     

       Proceeds from investments

    4,701

    910

     

       Receipt of economic development program funds

    69

       

    Net cash provided/(used) by investing activities

    2,707

    (4,041)

     

    Cash flows - financing activities:

         

       New borrowings

    14

    19

     

       Debt repayments

    (812)

    (51)

     

       Repayments of distribution rights financing

    (392)

    (13)

     

       Stock options exercised, other

    24

    23

     

       Excess tax benefits from share-based payment arrangements

    22

    8

     

       Employee taxes on certain share-based payment arrangements

    (15)

    (15)

     

       Dividends paid

    (309)

    (318)

     

    Net cash used by financing activities

    (1,468)

    (347)

     

    Effect of exchange rate changes on cash and cash equivalents

    25

    (25)

     

    Net increase/(decrease) in cash and cash equivalents

    311

    (4,698)

     

    Cash and cash equivalents at beginning of year

    5,359

    9,215

     

    Cash and cash equivalents at end of period

    $ 5,670

    $ 4,517

     
         




    The Boeing Company and Subsidiaries

     

    Consolidated Statements of Cash Flows

     

    (Unaudited)

     
           
     

    Three months ended

     
     

    March 31

     

    (Dollars in millions)

    2011

    2010

     

    Cash flows - operating activities:

         

       Net earnings

    $ 586

    $ 519

     

       Adjustments to reconcile net earnings to net cash used by operating activities:

         

         Non-cash items –

         

              Share-based plans expense

    51

    66

     

              Depreciation

    331

    350

     

              Amortization of acquired intangible assets

    49

    55

     

              Amortization of debt discount/premium and issuance costs

    4

    5

     

              Investment/asset impairment charges, net

    10

    15

     

              Customer financing valuation provision

    (15)

    12

     

              Loss on disposal of discontinued operations

    3

       

              Loss on dispositions, net

     

    4

     

              Other charges and credits, net

    113

    30

     

              Excess tax benefits from share-based payment arrangements

    (22)

    (8)

     

          Changes in assets and liabilities –

         

              Accounts receivable

    (633)

    (572)

     

              Inventories, net of advances and progress billings

    (2,622)

    (1,833)

     

              Accounts payable

    969

    225

     

              Accrued liabilities

    (736)

    (136)

     

              Advances and billings in excess of related costs

    40

    (221)

     

              Income taxes receivable, payable and deferred

    217

    429

     

              Other long-term liabilities

    (66)

    246

     

              Pension and other postretirement plans

    617

    355

     

              Customer financing, net

    102

    221

     

              Other

    49

    (47)

     

    Net cash used by operating activities

    (953)

    (285)

     

    Cash flows - investing activities:

         

       Property, plant and equipment additions

    (417)

    (186)

     

       Property, plant and equipment reductions

    14

    3

     

       Acquisitions, net of cash acquired

    (16)

    (24)

     

       Contributions to investments

    (1,644)

    (4,744)

     

       Proceeds from investments

    4,701

    910

     

       Receipt of economic development program funds

    69

       

    Net cash provided/(used) by investing activities

    2,707

    (4,041)

     

    Cash flows - financing activities:

         

       New borrowings

    14

    19

     

       Debt repayments

    (812)

    (51)

     

       Repayments of distribution rights financing

    (392)

    (13)

     

       Stock options exercised, other

    24

    23

     

       Excess tax benefits from share-based payment arrangements

    22

    8

     

       Employee taxes on certain share-based payment arrangements

    (15)

    (15)

     

       Dividends paid

    (309)

    (318)

     

    Net cash used by financing activities

    (1,468)

    (347)

     

    Effect of exchange rate changes on cash and cash equivalents

    25

    (25)

     

    Net increase/(decrease) in cash and cash equivalents

    311

    (4,698)

     

    Cash and cash equivalents at beginning of year

    5,359

    9,215

     

    Cash and cash equivalents at end of period

    $ 5,670

    $ 4,517

     
         


    The Boeing Company and Subsidiaries

     

    Summary of Business Segment Data

     

    (Unaudited)

     
       
     

    Three months ended

     
     

    March 31

     

    (Dollars in millions)

    2011

    2010

     

    Revenues:

         

      Commercial Airplanes

    $ 7,118

    $ 7,468

     

      Boeing Defense, Space & Security:

         

         Boeing Military Aircraft

    3,392

    3,241

     

         Network & Space Systems

    2,349

    2,323

     

         Global Services & Support

    1,876

    2,049

     

      Total Boeing Defense, Space & Security

    7,617

    7,613

     

      Boeing Capital Corporation

    143

    162

     

      Other segment

    36

    36

     

      Unallocated items and eliminations

    (4)

    (63)

     

    Total revenues

    $ 14,910

    $ 15,216

     
           

    Earnings from operations:

         

      Commercial Airplanes

    $    509

    $    679

     

      Boeing Defense, Space & Security:

         

         Boeing Military Aircraft

    369

    270

     

         Network & Space Systems

    143

    174

     

         Global Services & Support

    159

    220

     

      Total Boeing Defense, Space & Security

    671

    664

     

      Boeing Capital Corporation

    52

    46

     

      Other segment

    (22)

    (50)

     

      Unallocated items and eliminations

    (210)

    (165)

     

    Earnings from operations

    1,000

    1,174

     

    Other income/(expense), net

    13

    (2)

     

    Interest and debt expense

    (130)

    (122)

     

    Earnings before income taxes

    883

    1,050

     

    Income tax expense

    (295)

    (531)

     

    Net earnings from continuing operations

    588

    519

     

    Net loss on disposal of discontinued operations, net of taxes of $1

    (2)

       

    Net earnings

    $    586

    $    519

     
           

    Research and development expense, net:

         

      Commercial Airplanes

    $    787

    $    698

     

      Boeing Defense, Space & Security:

         

         Boeing Military Aircraft

    125

    162

     

         Network & Space Systems

    104

    106

     

         Global Services & Support

    32

    34

     

      Total Boeing Defense, Space & Security

    261

    302

     

      Other segment

    9

       

    Total research and development expense, net

    $    1,057

    $    1,000

     
           

    Unallocated items and eliminations:

         

      Share-based plans expense

    $     (22)

    $     (47)

     

      Deferred compensation expense

    (50)

    (81)

     

      Pension

    (95)

    21

     

      Post-retirement

    (19)

    (11)

     

      Capitalized interest

    (15)

    (10)

     

      Eliminations and other

    (9)

    (37)

     

    Total

    $     (210)

    $     (165)

     
         




    The Boeing Company and Subsidiaries

     

    Summary of Business Segment Data

     

    (Unaudited)

     
       
     

    Three months ended

     
     

    March 31

     

    (Dollars in millions)

    2011

    2010

     

    Revenues:

         

      Commercial Airplanes

    $ 7,118

    $ 7,468

     

      Boeing Defense, Space & Security:

         

         Boeing Military Aircraft

    3,392

    3,241

     

         Network & Space Systems

    2,349

    2,323

     

         Global Services & Support

    1,876

    2,049

     

      Total Boeing Defense, Space & Security

    7,617

    7,613

     

      Boeing Capital Corporation

    143

    162

     

      Other segment

    36

    36

     

      Unallocated items and eliminations

    (4)

    (63)

     

    Total revenues

    $ 14,910

    $ 15,216

     
           

    Earnings from operations:

         

      Commercial Airplanes

    $    509

    $    679

     

      Boeing Defense, Space & Security:

         

         Boeing Military Aircraft

    369

    270

     

         Network & Space Systems

    143

    174

     

         Global Services & Support

    159

    220

     

      Total Boeing Defense, Space & Security

    671

    664

     

      Boeing Capital Corporation

    52

    46

     

      Other segment

    (22)

    (50)

     

      Unallocated items and eliminations

    (210)

    (165)

     

    Earnings from operations

    1,000

    1,174

     

    Other income/(expense), net

    13

    (2)

     

    Interest and debt expense

    (130)

    (122)

     

    Earnings before income taxes

    883

    1,050

     

    Income tax expense

    (295)

    (531)

     

    Net earnings from continuing operations

    588

    519

     

    Net loss on disposal of discontinued operations, net of taxes of $1

    (2)

       

    Net earnings

    $    586

    $    519

     
           

    Research and development expense, net:

         

      Commercial Airplanes

    $    787

    $    698

     

      Boeing Defense, Space & Security:

         

         Boeing Military Aircraft

    125

    162

     

         Network & Space Systems

    104

    106

     

         Global Services & Support

    32

    34

     

      Total Boeing Defense, Space & Security

    261

    302

     

      Other segment

    9

       

    Total research and development expense, net

    $    1,057

    $    1,000

     
           

    Unallocated items and eliminations:

         

      Share-based plans expense

    $     (22)

    $     (47)

     

      Deferred compensation expense

    (50)

    (81)

     

      Pension

    (95)

    21

     

      Post-retirement

    (19)

    (11)

     

      Capitalized interest

    (15)

    (10)

     

      Eliminations and other

    (9)

    (37)

     

    Total

    $     (210)

    $     (165)

     
         


    The Boeing Company and Subsidiaries

     

    Operating and Financial Data

     

    (Unaudited)

     
             
     

    Three months ended

     

    Deliveries

    March 31

     

    Commercial Airplanes

    2011

     

    2010

     

        737

    87

     

    86

     

        767

    4

     

    3

     

        777

    13

     

    19

     

       Total

    104

     

    108

     
             

    Boeing Defense, Space & Security

           

    Boeing Military Aircraft

           

        F/A-18 Models

    13

     

    13

     

        F-15E Eagle

    4

     

    3

     

        C-17 Globemaster

    3

     

    3

     

        KC-767 International Tanker

    1

         

        CH-47 Chinook

    7

     

    2

     

        AH-64 Apache

       

    4

     
             

    Network & Space Systems

           

        Delta IV

       

    1

     

        Commercial and Civil Satellites

       

    1

     

        Military Satellites

       

    1

     
             
             
     

    March 31

     

    December 31

     

    Contractual backlog (Dollars in billions)

    2011

     

    2010

     

      Commercial Airplanes

    $260.9

     

    $255.6

     

      Boeing Defense, Space & Security:

           

        Boeing Military Aircraft

    26.5

     

    25.1

     

        Network & Space Systems

    9.4

     

    9.6

     

        Global Services & Support

    13.9

     

    13.7

     

      Total Boeing Defense, Space & Security

    49.8

     

    48.4

     

    Total contractual backlog

    $310.7

     

    $304.0

     

    Unobligated backlog

    $18.3

     

    $16.9

     

    Total backlog

    $329.0

     

    $320.9

     

    Workforce

    163,800

     

    160,500

     
           




    The Boeing Company and Subsidiaries

     

    Operating and Financial Data

     

    (Unaudited)

     
             
     

    Three months ended

     

    Deliveries

    March 31

     

    Commercial Airplanes

    2011

     

    2010

     

        737

    87

     

    86

     

        767

    4

     

    3

     

        777

    13

     

    19

     

       Total

    104

     

    108

     
             

    Boeing Defense, Space & Security

           

    Boeing Military Aircraft

           

        F/A-18 Models

    13

     

    13

     

        F-15E Eagle

    4

     

    3

     

        C-17 Globemaster

    3

     

    3

     

        KC-767 International Tanker

    1

         

        CH-47 Chinook

    7

     

    2

     

        AH-64 Apache

       

    4

     
             

    Network & Space Systems

           

        Delta IV

       

    1

     

        Commercial and Civil Satellites

       

    1

     

        Military Satellites

       

    1

     
             
             
     

    March 31

     

    December 31

     

    Contractual backlog (Dollars in billions)

    2011

     

    2010

     

      Commercial Airplanes

    $260.9

     

    $255.6

     

      Boeing Defense, Space & Security:

           

        Boeing Military Aircraft

    26.5

     

    25.1

     

        Network & Space Systems

    9.4

     

    9.6

     

        Global Services & Support

    13.9

     

    13.7

     

      Total Boeing Defense, Space & Security

    49.8

     

    48.4

     

    Total contractual backlog

    $310.7

     

    $304.0

     

    Unobligated backlog

    $18.3

     

    $16.9

     

    Total backlog

    $329.0

     

    $320.9

     

    Workforce

    163,800

     

    160,500

     
           


    SOURCE Boeing