The Boeing Company Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Full Year of 2018
January 31, 2018 at 12:33 pm
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The Boeing Company announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total revenues of $25,368 million compared to $23,286 million a year ago. Earnings from operations were $3,030 million compared to $2,183 million a year ago. Earnings before income taxes were $2,972 million compared to $2,103 million a year ago. Net earnings were $3,132 million or $5.18 per diluted share compared to $1,631 million or $2.59 per diluted share a year ago. Core operating earnings (non-GAAP) were $2,676 million or $4.80 per share compared to $2,064 million or $7.61 per share a year ago.
For the year, the company reported total revenues of $93,392 million compared to $94,571 million a year ago. Earnings from operations were $10,278 million compared to $5,834 million a year ago. Earnings before income taxes were $10,047 million compared to $5,568 million a year ago. Net earnings were $8,197 million or $13.43 per diluted share compared to $4,895 million or $7.61 per diluted share a year ago. Net cash provided by operating activities was $13,344 million compared to $10,499 million a year ago. Property, plant and equipment additions were $1,739 million compared to $2,613 million a year ago. Core operating earnings (non-GAAP) were $8,970 million or $12.04 per share compared to $5,464 million or $7.24 per share a year ago.
The company provided earnings guidance for the full year of 2018. For the year, the company's operating cash flow expected to increase to approximately $15.0 billion. Revenue guidance of between $96.0 and $98.0 billion reflects commercial deliveries of between 810 and 815. 2018 GAAP EPS of between $15.90 and $16.10; core EPS (non-GAAP) of between $13.80 and $14.00. The company expects capital expenditure of $0.1 billion and effective tax rate of 16.0%.
The Boeing Company is the worldwide leader in aeronautical construction. Net sales (including intragroup) break down by market as follows:
- commercial aviation (43.5%). In addition to commercial aircraft, the group supplies spare parts and offers technical support, maintenance and engineering services;
- defense, space and security (32%): military aircraft and mobility systems (warplanes, helicopters, and air defense missiles), support services (logistics, engineering, maintenance and training services) and space equipment (satellites, launch pads, etc.).
The remaining sales (24.5%) are from services (logistics and supply management, engineering, maintenance, modification and training services, etc.), and commercial and private aircraft financing as well as aircraft equipment leasing activities.
Net sales are distributed geographically as follows: the United States (58.4%), Europe (13.5%), Asia (12.9%), Middle East (8.5%), Oceania (2.1%), Canada (1.6%), Africa (1.1%) and other (1.9%).
The Boeing Company Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Full Year of 2018