UNITED STATES SECURITIES AND EXCHANGE COMMISSION | ||||
Washington, D.C. 20549 | ||||
FORM 8-K |
THE BOEING COMPANY | ||
(Exact name of registrant as specified in its charter) |
Commission file number 1-442 |
Delaware | 91-0425694 | |||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||
100 N. Riverside, Chicago, IL | 60606-1596 | |||
(Address of principal executive offices) | (Zip Code) | |||
(312) 544-2000 | ||||
(Registrant's telephone number, including area code) | ||||
c | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
c | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
c | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
c | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Press Release issued by The Boeing Company dated October 22, 2014, reporting Boeing's financial results for the third quarter of 2014, furnished herewith. |
THE BOEING COMPANY | ||||
(Registrant) | ||||
/s/ Robert E. Verbeck | ||||
Robert E. Verbeck | ||||
Vice President of Finance & Corporate Controller | ||||
October 22, 2014 |
Exhibit Number | Description | |
99.1 | Press release issued by The Boeing Company dated October 22, 2014, reporting Boeing’s financial results for the third quarter of 2014, furnished herewith. |
Exhibit 99.1 | ||
News Release | ||
Boeing Corporate Offices 100 North Riverside Plaza Chicago, IL 60606-1596 www.boeing.com |
▪ | Core EPS (non-GAAP)* rose 19 percent to $2.14 on strong operating performance; GAAP EPS of $1.86 |
▪ | Revenue increased 7 percent to $23.8 billion reflecting higher deliveries |
▪ | Backlog grew to a record $490 billion with over 5,500 commercial airplane orders |
▪ | Solid operating cash flow before pension contributions* of $1.7 billion |
▪ | Repurchased 8 million shares for $1 billion |
▪ | 2014 Core EPS guidance increased $0.20 to between $8.10 and $8.30 |
Table 1. Summary Financial Results | Third Quarter | Nine months | ||||||||||||||||||||
(Dollars in Millions, except per share data) | 2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||
Revenues | $23,784 | $22,130 | 7% | $66,294 | $62,838 | 5% | ||||||||||||||||
Non-GAAP* | ||||||||||||||||||||||
Core Operating Earnings | $2,430 | $2,143 | 13% | $6,516 | $6,038 | 8% | ||||||||||||||||
Core Operating Margin | 10.2 | % | 9.7 | % | 0.5 Pts | 9.8 | % | 9.6 | % | 0.2 Pts | ||||||||||||
Core Earnings Per Share | $2.14 | $1.80 | 19% | $6.30 | $5.20 | 21% | ||||||||||||||||
Operating Cash Flow Before Pension Contributions | $1,689 | $4,308 | (61)% | $4,610 | $8,312 | (45)% | ||||||||||||||||
GAAP | ||||||||||||||||||||||
Earnings From Operations | $2,119 | $1,803 | 18% | $5,448 | $5,047 | 8% | ||||||||||||||||
Operating Margin | 8.9 | % | 8.1 | % | 0.8 Pts | 8.2 | % | 8.0 | % | 0.2 Pts | ||||||||||||
Net Earnings | $1,362 | $1,158 | 18% | $3,980 | $3,352 | 19% | ||||||||||||||||
Earnings Per Share | $1.86 | $1.51 | 23% | $5.36 | $4.36 | 23% | ||||||||||||||||
Operating Cash Flow | $939 | $2,808 | (67)% | $3,860 | $6,799 | (43)% |
Table 2. Cash Flow | Third Quarter | Nine months | ||||||||||||||
(Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating Cash Flow Before Pension Contributions* | $1,689 | $4,308 | $4,610 | $8,312 | ||||||||||||
Pension Contributions | ($750 | ) | ($1,500 | ) | ($750 | ) | ($1,513 | ) | ||||||||
Operating Cash Flow | $939 | $2,808 | $3,860 | $6,799 | ||||||||||||
Less Additions to Property, Plant & Equipment | ($622 | ) | ($484 | ) | ($1,568 | ) | ($1,460 | ) | ||||||||
Free Cash Flow* | $317 | $2,324 | $2,292 | $5,339 |
Table 3. Cash, Marketable Securities and Debt Balances | Quarter-End | |||||||
(Billions) | Q3 14 | Q2 14 | ||||||
Cash | $6.7 | $7.5 | ||||||
Marketable Securities1 | $3.4 | $3.8 | ||||||
Total | $10.1 | $11.3 | ||||||
Debt Balances: | ||||||||
The Boeing Company, net of intercompany loans to BCC | $6.4 | $6.4 | ||||||
Boeing Capital, including intercompany loans | $2.5 | $2.5 | ||||||
Total Consolidated Debt | $8.9 | $8.9 |
Table 4. Commercial Airplanes | Third Quarter | Nine months | ||||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||
Commercial Airplanes Deliveries | 186 | 170 | 9% | 528 | 476 | 11% | ||||||||||||||||
Revenues | $16,110 | $13,987 | 15% | $43,151 | $38,301 | 13% | ||||||||||||||||
Earnings from Operations | $1,797 | $1,617 | 11% | $4,849 | $4,289 | 13 % | ||||||||||||||||
Operating Margin | 11.2 | % | 11.6 | % | (0.4) Pts | 11.2 | % | 11.2 | % | 0.0 | Pts |
Table 5. Defense, Space & Security | Third Quarter | Nine months | |||||||||||||||||||
(Dollars in Millions) | 2014 | 2013 | Change | 2014 | 2013 | Change | |||||||||||||||
Revenues1 | |||||||||||||||||||||
Boeing Military Aircraft | $3,537 | $3,438 | 3% | $10,518 | $11,059 | (5)% | |||||||||||||||
Network & Space Systems | $2,027 | $2,231 | (9)% | $5,823 | $6,240 | (7)% | |||||||||||||||
Global Services & Support | $2,349 | $2,377 | (1)% | $6,952 | $7,043 | (1)% | |||||||||||||||
Total BDS Revenues | $7,913 | $8,046 | (2)% | $23,293 | $24,342 | (4)% | |||||||||||||||
Earnings from Operations1 | |||||||||||||||||||||
Boeing Military Aircraft | $440 | $245 | 80% | $937 | $1,058 | (11)% | |||||||||||||||
Network & Space Systems | $189 | $193 | (2)% | $507 | $486 | 4% | |||||||||||||||
Global Services & Support | $227 | $235 | (3)% | $772 | $737 | 5% | |||||||||||||||
Total BDS Earnings from Operations | $856 | $673 | 27% | $2,216 | $2,281 | (3)% | |||||||||||||||
Operating Margin | 10.8 | % | 8.4 | % | 2.4 Pts | 9.5 | % | 9.4 | % | 0.1 Pts |
Table 6. Additional Financial Information | Third Quarter | Nine months | ||||||||||||||
(Dollars in Millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | ||||||||||||||||
Boeing Capital | $91 | $94 | $263 | $303 | ||||||||||||
Unallocated items, eliminations and other | ($330 | ) | $3 | ($413 | ) | ($108 | ) | |||||||||
Earnings from Operations | ||||||||||||||||
Boeing Capital | ($11 | ) | $35 | $66 | $98 | |||||||||||
Unallocated items, eliminations and other excluding unallocated pension/postretirement | ($212 | ) | ($182 | ) | ($615 | ) | ($630 | ) | ||||||||
Unallocated pension/postretirement | ($311 | ) | ($340 | ) | ($1,068 | ) | ($991 | ) | ||||||||
Other income/(loss), net | ($9 | ) | $19 | $11 | $41 | |||||||||||
Interest and debt expense | ($79 | ) | ($95 | ) | ($252 | ) | ($290 | ) | ||||||||
Effective tax rate | 32.9 | % | 32.8 | % | 23.6 | % | 30.1 | % |
Table 7. 2014 Financial Outlook | Current | Prior | |
(Dollars in Billions, except per share data) | Guidance | Guidance | |
The Boeing Company | |||
Revenue | $87.5 - 90.5 | $87.5 - 90.5 | |
Core Earnings Per Share* | $8.10 - 8.30 | $7.90 - 8.10 | |
GAAP Earnings Per Share | $6.90 - 7.10 | $6.85 - 7.05 | |
Operating Cash Flow Before Pension Contributions* | > $7 | ~ $7 | |
Operating Cash Flow 1 | > $6.25 | ~ $6.25 | |
Commercial Airplanes | |||
Deliveries 2 | 715 - 725 | 715 - 725 | |
Revenue | $57.5 - 59.5 | $57.5 - 59.5 | |
Operating Margin | ~ 10.5% | > 10.0% | |
Defense, Space & Security (revised for business realignment) | |||
Revenue | |||
Boeing Military Aircraft | ~ $13.7 | ~ $14.2 | |
Network & Space Systems | ~ $7.7 | ~ $7.7 | |
Global Services & Support | ~ $9.1 | ~ $8.6 | |
Total BDS Revenue | $30 - 31 | $30 - 31 | |
Operating Margin | |||
Boeing Military Aircraft | ~ 9.0% | ~ 9.0% | |
Network & Space Systems | ~ 8.5% | ~ 8.5% | |
Global Services & Support | ~ 11.0% | ~ 11.0% | |
Total BDS Operating Margin | ~ 9.5% | ~ 9.5% | |
Boeing Capital | |||
Portfolio Size | Lower | Lower | |
Revenue | ~ $0.3 | ~ $0.3 | |
Pre-Tax Earnings | ~ $0.05 | ~ $0.05 | |
Research & Development | ~ $3.2 | ~ $3.2 | |
Capital Expenditures | ~ $2.3 | ~ $2.5 | |
Pension Expense 3 | ~ $3.3 | ~ $3.2 | |
Effective Tax Rate 4 | ~ 23% | ~ 23% |
Investor Relations: | Troy Lahr or Rob Martin (312) 544-2140 | |
Communications: | Chaz Bickers (312) 544-2002 |
Nine months ended September 30 | Three months ended September 30 | ||||||||||||||
(Dollars in millions, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Sales of products | $58,920 | $55,310 | $21,378 | $19,754 | |||||||||||
Sales of services | 7,374 | 7,528 | 2,406 | 2,376 | |||||||||||
Total revenues | 66,294 | 62,838 | 23,784 | 22,130 | |||||||||||
Cost of products | (50,023 | ) | (47,030 | ) | (18,091 | ) | (16,865 | ) | |||||||
Cost of services | (5,965 | ) | (5,795 | ) | (1,966 | ) | (1,791 | ) | |||||||
Boeing Capital interest expense | (53 | ) | (55 | ) | (18 | ) | (18 | ) | |||||||
Total costs and expenses | (56,041 | ) | (52,880 | ) | (20,075 | ) | (18,674 | ) | |||||||
10,253 | 9,958 | 3,709 | 3,456 | ||||||||||||
Income from operating investments, net | 212 | 147 | 92 | 59 | |||||||||||
General and administrative expense | (2,727 | ) | (2,856 | ) | (932 | ) | (956 | ) | |||||||
Research and development expense, net | (2,292 | ) | (2,223 | ) | (750 | ) | (755 | ) | |||||||
Gain/(loss) on dispositions, net | 2 | 21 | (1 | ) | |||||||||||
Earnings from operations | 5,448 | 5,047 | 2,119 | 1,803 | |||||||||||
Other income/(loss), net | 11 | 41 | (9 | ) | 19 | ||||||||||
Interest and debt expense | (252 | ) | (290 | ) | (79 | ) | (95 | ) | |||||||
Earnings before income taxes | 5,207 | 4,798 | 2,031 | 1,727 | |||||||||||
Income tax expense | (1,227 | ) | (1,445 | ) | (669 | ) | (567 | ) | |||||||
Net earnings from continuing operations | 3,980 | 3,353 | 1,362 | 1,160 | |||||||||||
Net loss on disposal of discontinued operations, net of taxes of $0, $0, $0 and $0 | (1 | ) | (2 | ) | |||||||||||
Net earnings | $3,980 | $3,352 | $1,362 | $1,158 | |||||||||||
Basic earnings per share from continuing operations | $5.43 | $4.40 | $1.88 | $1.53 | |||||||||||
Net loss on disposal of discontinued operations, net of taxes | |||||||||||||||
Basic earnings per share | $5.43 | $4.40 | $1.88 | $1.53 | |||||||||||
Diluted earnings per share from continuing operations | $5.36 | $4.36 | $1.86 | $1.51 | |||||||||||
Net loss on disposal of discontinued operations, net of taxes | |||||||||||||||
Diluted earnings per share | $5.36 | $4.36 | $1.86 | $1.51 | |||||||||||
Cash dividends paid per share | $2.19 | $1.455 | $0.73 | $0.485 | |||||||||||
Weighted average diluted shares (millions) | 742.3 | 769.8 | 731.9 | 769.1 |
(Dollars in millions, except per share data) | September 30 2014 | December 31 2013 | |||||
Assets | |||||||
Cash and cash equivalents | $6,655 | $9,088 | |||||
Short-term and other investments | 3,422 | 6,170 | |||||
Accounts receivable, net | 7,799 | 6,546 | |||||
Current portion of customer financing, net | 257 | 344 | |||||
Deferred income taxes | 27 | 14 | |||||
Inventories, net of advances and progress billings | 47,058 | 42,912 | |||||
Total current assets | 65,218 | 65,074 | |||||
Customer financing, net | 3,347 | 3,627 | |||||
Property, plant and equipment, net of accumulated depreciation of $15,645 and $15,070 | 10,707 | 10,224 | |||||
Goodwill | 5,131 | 5,043 | |||||
Acquired intangible assets, net | 2,954 | 3,052 | |||||
Deferred income taxes | 2,546 | 2,939 | |||||
Investments | 1,203 | 1,204 | |||||
Other assets, net of accumulated amortization of $447 and $448 | 1,547 | 1,500 | |||||
Total assets | $92,653 | $92,663 | |||||
Liabilities and equity | |||||||
Accounts payable | $11,136 | $9,498 | |||||
Accrued liabilities | 12,677 | 14,131 | |||||
Advances and billings in excess of related costs | 21,127 | 20,027 | |||||
Deferred income taxes and income taxes payable | 6,685 | 6,267 | |||||
Short-term debt and current portion of long-term debt | 1,579 | 1,563 | |||||
Total current liabilities | 53,204 | 51,486 | |||||
Accrued retiree health care | 6,494 | 6,528 | |||||
Accrued pension plan liability, net | 9,262 | 10,474 | |||||
Non-current income taxes payable | 709 | 156 | |||||
Other long-term liabilities | 1,046 | 950 | |||||
Long-term debt | 7,301 | 8,072 | |||||
Shareholders’ equity: | |||||||
Common stock, par value $5.00 – 1,200,000,000 shares authorized; 1,012,261,159 and 1,012,261,159 shares issued | 5,061 | 5,061 | |||||
Additional paid-in capital | 4,572 | 4,415 | |||||
Treasury stock, at cost – 298,419,764 and 264,882,461 shares | (22,349 | ) | (17,671 | ) | |||
Retained earnings | 35,880 | 32,964 | |||||
Accumulated other comprehensive loss | (8,653 | ) | (9,894 | ) | |||
Total shareholders’ equity | 14,511 | 14,875 | |||||
Noncontrolling interests | 126 | 122 | |||||
Total equity | 14,637 | 14,997 | |||||
Total liabilities and equity | $92,653 | $92,663 |
Nine months ended September 30 | |||||||
(Dollars in millions) | 2014 | 2013 | |||||
Cash flows – operating activities: | |||||||
Net earnings | $3,980 | $3,352 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Non-cash items – | |||||||
Share-based plans expense | 152 | 156 | |||||
Depreciation and amortization | 1,378 | 1,323 | |||||
Investment/asset impairment charges, net | 140 | 38 | |||||
Customer financing valuation benefit | (26 | ) | (7 | ) | |||
Loss on disposal of discontinued operations | 1 | ||||||
Gain on dispositions, net | (2 | ) | (21 | ) | |||
Other charges and credits, net | 145 | 48 | |||||
Excess tax benefits from share-based payment arrangements | (104 | ) | (86 | ) | |||
Changes in assets and liabilities – | |||||||
Accounts receivable | (1,385 | ) | (1,006 | ) | |||
Inventories, net of advances and progress billings | (4,425 | ) | (3,631 | ) | |||
Accounts payable | 1,819 | 943 | |||||
Accrued liabilities | (1,054 | ) | (338 | ) | |||
Advances and billings in excess of related costs | 1,100 | 3,543 | |||||
Income taxes receivable, payable and deferred | 887 | 1,336 | |||||
Other long-term liabilities | (42 | ) | (52 | ) | |||
Pension and other postretirement plans | 746 | 954 | |||||
Customer financing, net | 494 | 223 | |||||
Other | 57 | 23 | |||||
Net cash provided by operating activities | 3,860 | 6,799 | |||||
Cash flows – investing activities: | |||||||
Property, plant and equipment additions | (1,568 | ) | (1,460 | ) | |||
Property, plant and equipment reductions | 27 | 47 | |||||
Acquisitions, net of cash acquired | (163 | ) | (26 | ) | |||
Contributions to investments | (7,874 | ) | (9,640 | ) | |||
Proceeds from investments | 10,608 | 6,997 | |||||
Receipt of economic development program funds | 4 | ||||||
Net cash provided/(used) by investing activities | 1,034 | (4,082 | ) | ||||
Cash flows – financing activities: | |||||||
New borrowings | 105 | 547 | |||||
Debt repayments | (910 | ) | (1,397 | ) | |||
Payments to noncontrolling interests | (12 | ) | |||||
Repayments of distribution rights and other asset financing | (184 | ) | (139 | ) | |||
Stock options exercised, other | 293 | 871 | |||||
Excess tax benefits from share-based payment arrangements | 104 | 86 | |||||
Employee taxes on certain share-based payment arrangements | (94 | ) | (60 | ) | |||
Common shares repurchased | (5,000 | ) | (1,799 | ) | |||
Dividends paid | (1,596 | ) | (1,102 | ) | |||
Net cash used by financing activities | (7,294 | ) | (2,993 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (33 | ) | (24 | ) | |||
Net decrease in cash and cash equivalents | (2,433 | ) | (300 | ) | |||
Cash and cash equivalents at beginning of year | 9,088 | 10,341 | |||||
Cash and cash equivalents at end of period | $6,655 | $10,041 |
Nine months ended September 30 | Three months ended September 30 | ||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Revenues: | |||||||||||||||
Commercial Airplanes | $43,151 | $38,301 | $16,110 | $13,987 | |||||||||||
Defense, Space & Security: | |||||||||||||||
Boeing Military Aircraft | 10,518 | 11,059 | 3,537 | 3,438 | |||||||||||
Network & Space Systems | 5,823 | 6,240 | 2,027 | 2,231 | |||||||||||
Global Services & Support | 6,952 | 7,043 | 2,349 | 2,377 | |||||||||||
Total Defense, Space & Security | 23,293 | 24,342 | 7,913 | 8,046 | |||||||||||
Boeing Capital | 263 | 303 | 91 | 94 | |||||||||||
Unallocated items, eliminations and other | (413 | ) | (108 | ) | (330 | ) | 3 | ||||||||
Total revenues | $66,294 | $62,838 | $23,784 | $22,130 | |||||||||||
Earnings from operations: | |||||||||||||||
Commercial Airplanes | $4,849 | $4,289 | $1,797 | $1,617 | |||||||||||
Defense, Space & Security: | |||||||||||||||
Boeing Military Aircraft | 937 | 1,058 | 440 | 245 | |||||||||||
Network & Space Systems | 507 | 486 | 189 | 193 | |||||||||||
Global Services & Support | 772 | 737 | 227 | 235 | |||||||||||
Total Defense, Space & Security | 2,216 | 2,281 | 856 | 673 | |||||||||||
Boeing Capital | 66 | 98 | (11 | ) | 35 | ||||||||||
Unallocated items, eliminations and other | (1,683 | ) | (1,621 | ) | (523 | ) | (522 | ) | |||||||
Earnings from operations | 5,448 | 5,047 | 2,119 | 1,803 | |||||||||||
Other income/(loss), net | 11 | 41 | (9 | ) | 19 | ||||||||||
Interest and debt expense | (252 | ) | (290 | ) | (79 | ) | (95 | ) | |||||||
Earnings before income taxes | 5,207 | 4,798 | 2,031 | 1,727 | |||||||||||
Income tax expense | (1,227 | ) | (1,445 | ) | (669 | ) | (567 | ) | |||||||
Net earnings from continuing operations | 3,980 | 3,353 | 1,362 | 1,160 | |||||||||||
Net loss on disposal of discontinued operations, net of taxes of $0, $0, $0 and $0 | (1 | ) | (2 | ) | |||||||||||
Net earnings | $3,980 | $3,352 | $1,362 | $1,158 | |||||||||||
Research and development expense, net: | |||||||||||||||
Commercial Airplanes | $1,422 | $1,297 | $452 | $432 | |||||||||||
Defense, Space & Security | 866 | 892 | 289 | 313 | |||||||||||
Other | 4 | 34 | 9 | 10 | |||||||||||
Total research and development expense, net | $2,292 | $2,223 | $750 | $755 | |||||||||||
Unallocated items, eliminations and other: | |||||||||||||||
Share-based plans | ($66 | ) | ($74 | ) | ($22 | ) | ($21 | ) | |||||||
Deferred compensation | (22 | ) | (165 | ) | (3 | ) | (63 | ) | |||||||
Amortization of previously capitalized interest | (55 | ) | (52 | ) | (19 | ) | (18 | ) | |||||||
Eliminations and other unallocated items | (472 | ) | (339 | ) | (168 | ) | (80 | ) | |||||||
Sub-total (included in core operating earnings) | (615 | ) | (630 | ) | (212 | ) | (182 | ) | |||||||
Pension | (1,135 | ) | (1,045 | ) | (331 | ) | (356 | ) | |||||||
Postretirement | 67 | 54 | 20 | 16 | |||||||||||
Total unallocated items, eliminations and other | ($1,683 | ) | ($1,621 | ) | ($523 | ) | ($522 | ) |
Deliveries | Nine months ended September 30 | Three months ended September 30 | |||||||||||
Commercial Airplanes | 2014 | 2013 | 2014 | 2013 | |||||||||
737 | 359 | 330 | 120 | 112 | |||||||||
747 | 12 | (2) | 16 | 6 | (2) | 4 | |||||||
767 | 3 | 17 | 2 | 5 | |||||||||
777 | 75 | 73 | 27 | 26 | |||||||||
787 | 79 | 40 | (1) | 31 | 23 | ||||||||
Total | 528 | 476 | 186 | 170 | |||||||||
Note: Deliveries under operating lease are identified by parentheses. | |||||||||||||
Defense, Space & Security | |||||||||||||
Boeing Military Aircraft | |||||||||||||
F/A-18 Models | 36 | 36 | 13 | 12 | |||||||||
F-15E Eagle | 10 | 3 | 2 | ||||||||||
C-17 Globemaster III | 7 | 8 | 2 | 2 | |||||||||
CH-47 Chinook | 46 | 32 | 14 | 15 | |||||||||
AH-64 Apache | 30 | 31 | 11 | 11 | |||||||||
P-8 Models | 6 | 7 | 4 | 2 | |||||||||
Global Services & Support | |||||||||||||
AEW&C | 3 | 1 | |||||||||||
Network & Space Systems | |||||||||||||
Commercial and Civil Satellites | 3 | 1 | 1 | ||||||||||
Military Satellites | 1 | 1 | |||||||||||
Contractual backlog (Dollars in billions) | September 30 2014 | June 30 2014 | March 31 2014 | December 31 2013 | ||||||||||||
Commercial Airplanes | $429.6 | $376.3 | $374.0 | $373.0 | ||||||||||||
Defense, Space & Security: | ||||||||||||||||
Boeing Military Aircraft | 21.2 | 23.8 | 23.2 | 23.6 | ||||||||||||
Network & Space Systems | 8.8 | 9.6 | 9.4 | 9.8 | ||||||||||||
Global Services & Support | 15.5 | 16.3 | 16.1 | 16.2 | ||||||||||||
Total Defense, Space & Security | 45.5 | 49.7 | 48.7 | 49.6 | ||||||||||||
Total contractual backlog | $475.1 | $426.0 | $422.7 | $422.6 | ||||||||||||
Unobligated backlog | $14.9 | $14.3 | $17.1 | $18.3 | ||||||||||||
Total backlog | $490.0 | $440.3 | $439.8 | $440.9 | ||||||||||||
Workforce | 168,000 | 169,300 | 169,000 | 168,400 |
Third Quarter | Nine Months | Guidance | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | |||||||||||||||
Revenues | $23,784 | $22,130 | $66,294 | $62,838 | |||||||||||||||
GAAP Earnings From Operations | $2,119 | $1,803 | $5,448 | $5,047 | |||||||||||||||
GAAP Operating Margin | 8.9 | % | 8.1 | % | 8.2 | % | 8.0 | % | |||||||||||
Unallocated Pension/Postretirement Expense | $311 | $340 | $1,068 | $991 | ~ $1,360 | ||||||||||||||
Core Operating Earnings (non-GAAP) | $2,430 | $2,143 | $6,516 | $6,038 | |||||||||||||||
Core Operating Margin (non-GAAP) | 10.2 | % | 9.7 | % | 9.8 | % | 9.6 | % | |||||||||||
Increase/(Decrease) in GAAP Earnings From Operations | 18 | % | 8 | % | |||||||||||||||
Increase/(Decrease) in Core Operating Earnings (non-GAAP) | 13 | % | 8 | % | |||||||||||||||
GAAP Diluted Earnings Per Share | $1.86 | $1.51 | $5.36 | $4.36 | $6.90 - $7.10 | ||||||||||||||
Unallocated Pension/Postretirement Expense1 | $0.28 | $0.29 | $0.94 | $0.84 | $1.20 | ||||||||||||||
Core Earnings Per Share (non-GAAP) | $2.14 | $1.80 | $6.30 | $5.20 | $8.10 - $8.30 | ||||||||||||||
Weighted Average Diluted Shares (millions) | 731.9 | 769.1 | 742.3 | 769.8 | ~ 739 | ||||||||||||||
Increase/(Decrease) in GAAP Earnings Per Share | 23 | % | 23 | % | |||||||||||||||
Increase/(Decrease) in Core Earnings Per Share (non-GAAP) | 19 | % | 21 | % |