• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Excelitas Qioptiq banner

BATTLESPACE Updates

   +44 (0)77689 54766
   

  • Home
  • Features
  • News Updates
  • Company Directory
  • About
  • Subscribe
  • Contact
  • Media Pack 2022

MIXED RESULTS FROM U.S. MAJORS

October 21, 2010 by

20 Oct 10. The third-quarter reporting season got under way with Lockheed Martin issuing flat figures with a profit warning, whilst Boeing produced improved results on the back of improved civil aircraft sales.

Boeing

The Boeing Company (NYSE: BA) reported third-quarter net income of $0.8bn, or $1.12 per share, on revenue of $17.0bn. The results reflect higher Commercial Airplanes volume and strong performance across the company’s core businesses. Results in 2009 were impacted by a 787 R&D reclassification ($2.60 per share) and a 747 charge ($0.99 per share).

The company increased its 2010 earnings per share guidance to between
$3.80 and $4.00 per share and operating cash flow guidance to greater than $1.5bn reflecting the continued strong performance in its Commercial Airplanes business. Revenue guidance was narrowed to between $64.5bn and $65.5bn.

“Our results and revised outlook reflect the continued strong performance of our commercial production and services programs and the ability of our defense businesses to produce solid results in a challenging environment,” said Jim McNerney, Boeing chairman, president and chief executive officer. “Orders were particularly encouraging, with a multi-year production contract for 124 F/A-18 aircraft and more than 200 net commercial airplane orders booked in the quarter, increasing our backlog and demonstrating improved overall market confidence.”

Boeing’s quarterly operating cash flow was $1.9bn, reflecting strong operating performance and timing of certain receipts and expenditures.

For the first nine months of 2010, operating cash flow was $1.8bn. Free cash flow was $1.6bn in the quarter and $1.1bn. Cash and investments in marketable securities totalled $10.0bn at quarter-end, unchanged from the prior quarter. Debt decreased by $0.5bn in the quarter due to Boeing Capital Corporation maturities. Also during the quarter, the company paid $0.8bn for the previously announced Argon ST and Narus acquisitions. Total company backlog at quarter-end was $321bn, up 3 percent in the
quarter, as backlog for both Commercial Airplanes and Defense, Space & Security increased during the period.

Segment Results

Commercial Airplanes

Boeing Commercial Airplanes third-quarter revenue was $8.7bn, on higher airplane deliveries and services volume. Operating margin was 11.6 percent, reflecting the higher deliveries and continued strong operating performance. The prior year quarterly results were impacted by a $2.6bn 787 R&D reclassification and a $1.0bn 747 charge. Commercial Airplanes booked 257 gross orders during the quarter while 36 orders were removed from its order book. This contrasts with the year-ago period when net orders were 79 airplanes. Contractual backlog remains strong with 3,401 airplanes valued at $255bn, more than seven times the unit’s projected 2010 revenue.

Commercial Airplanes Operating Results

The 787 program achieved a series of flight test milestones during the quarter, and the sixth – and final – dedicated test aircraft joined the flight test fleet on October 4. Total firm orders for the 787 at quarter-end were 847 airplanes from 55 customers. First delivery is expected in mid-first quarter 2011.

Flight testing of the 747-8 Freighter also continued during the quarter as engineers worked to resolve previously identified technical discoveries. Delivery of the first 747-8 is planned for mid-2011, and a fifth flight test aircraft is being added to support the test schedule.

Boeing Defense, Space & Security

Boeing Defense, Space & Security’s third-quarter revenue declined 6 percent to $8.2bn and operating margin was 8.4 percent on lower volume and margins in Network & Space Systems (N&SS) and Boeing Military Aircraft (BMA).

BMA third-quarter revenue decreased by 5 percent to $3.8bn driven by fewer deliveries and a less favourable mix on the C-17 program. Op

Primary Sidebar

Advertisers

  • qioptiq.com
  • Exensor
  • TCI
  • Visit the Oxley website
  • Visit the Viasat website
  • Blighter
  • SPECTRA
  • InVeris
  • Britbots logo
  • Faun Trackway
  • Systematic
  • CISION logo
  • ProTEK logo
  • businesswire logo
  • ProTEK logo
  • ssafa logo
  • DSEi
  • Atkins
  • IEE
  • EXFOR logo
  • KME logo
Hilux DVD2022 GlobalMilSat

Contact Us

BATTLESPACE Publications
Old Charlock
Abthorpe Road
Silverstone
Towcester NN12 8TW

+44 (0)77689 54766

BATTLESPACE Technologies

An international defence electronics news service providing our readers with up to date developments in the defence electronics industry.

Recent News

  • EXHIBITIONS AND CONFERENCES

    July 1, 2022
    Read more
  • VETERANS UPDATE

    July 1, 2022
    Read more
  • MANAGEMENT ON THE MOVE

    July 1, 2022
    Read more

Copyright BATTLESPACE Publications © 2002–2022.

This website uses cookies to improve your experience. If you continue to use the website, we'll assume you're ok with this.   Read More  Accept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT