27 Jan 10. The Boeing Company [NYSE: BA] reported fourth-quarter revenue for the full year reached a record $68.3bn on higher commercial deliveries and growth in Defense, Space & Security.
Revenue grew to $17.9bn and operating margin grew to 9.4 percent, driving net income to $1.75 per share
Operating cash flow increased to $3.2bn
Revenue grew to $68.3bn while earnings reflected solid core operating performance affected by previously announced events
Operating cash flow of $5.6bn reflects strong management of working capital
Cash and marketable securities of $11.2bn provides strong liquidity for 2010
Backlog of $316bn – over four times current annual revenue
2010 EPS guidance of $3.70 to $4.00 reflects lower volumes and considers risks
Earnings for the year declined to per share due to a combined $3.58 per share impact from previously announced 787 and 747 events in Commercial Airplanes. Earnings for 2008 of $3.67 per share included a combined $2.56 per share impact primarily due to a labor strike and charges on the 747 program.
Earnings guidance for 2010 has been established at $3.70 to $4.00 per share, reflecting the previously announced 777 production rate reduction, reduced scope on Army modernization and missile defense programs, and some consideration for development program and market risks.
“We put a strong finish on 2009 by getting the 787 in the air and generating solid core operating performance across the company,” said Jim McNerney, Boeing chairman, president and chief executive officer. “Focus areas for 2010 are to continue our strong operational performance, certify and deliver the 787 and 747-8, and further reposition our defense, space and security business. While the challenges ahead are significant, I believe we have the people and the resources we need to be successful and to begin consistently delivering on this company’s great potential.”
Total company backlog at quarter-end was $316bn, down 1 percent in the quarter, as backlog for both Commercial Airplanes and Defense, Space & Security declined during the period.