Boeing creuse son déficit de 2019

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Boeing a publié ses résultats financiers de 2019, tel que l’on s’y attendait la compagnie termine l’année en déficit. Pour le quatrième trimestre, Boeing a essuyé une perte de près de 2 G $ sur ses opérations qui sont plombées par le 737MAX.

Voici le bilan complet:

Fourth Quarter 2019

  • Financial results continue to be significantly impacted by the 737 MAX grounding
  • Revenue of $17.9 billion, GAAP loss per share of ($1.79) and core (non-GAAP)* loss per share of ($2.33)

Full-Year 2019

  • Revenue of $76.6 billion, GAAP loss per share of ($1.12) and core (non-GAAP)* loss per share of ($3.47)
  • Operating cash flow of ($2.4) billion; cash and marketable securities of $10.0 billion
  • Total backlog of $463 billion, including over 5,400 commercial airplanes

 

Table 1. Summary Financial Results

Fourth Quarter

Full Year

(Dollars in Millions, except per share data)

2019

2018

Change

2019

2018

Change

Revenues

$17,911

$28,341

(37)%

$76,559

$101,127

(24)%

GAAP

(Loss)/Earnings From Operations

($2,204)

$4,175

NM

($1,975)

$11,987

NM

Operating Margin

(12.3)%

14.7%

NM

(2.6)%

11.9%

NM

Net (Loss)/Earnings

($1,010)

$3,424

NM

($636)

$10,460

NM

(Loss)/Earnings Per Share

($1.79)

$5.93

NM

($1.12)

$17.85

NM

Operating Cash Flow

($2,220)

$2,947

NM

($2,446)

$15,322

NM

Non-GAAP*

Core Operating (Loss)/Earnings

($2,526)

$3,867

NM

($3,390)

$10,660

NM

Core Operating Margin

(14.1)%

13.6%

NM

(4.4)%

10.5%

NM

Core (Loss)/Earnings Per Share

($2.33)

$5.48

NM

($3.47)

$16.01

NM

*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 6, « Non-GAAP Measures Disclosures. »    

The Boeing Company [NYSE: BA] reported fourth-quarter revenue of $17.9 billion, GAAP loss per share of ($1.79) and core loss per share (non-GAAP)* of ($2.33), primarily reflecting the impacts of the 737 MAX grounding (Table 1). Boeing recorded operating cash flow of ($2.2) billion and paid $1.2 billion of dividends.

« We recognize we have a lot of work to do, » said Boeing President and Chief Executive Officer David Calhoun. « We are focused on returning the 737 MAX to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public. We are committed to transparency and excellence in everything we do.  Safety will underwrite every decision, every action and every step we take as we move forward. Fortunately, the strength of our overall Boeing portfolio of businesses provides the financial liquidity to follow a thorough and disciplined recovery process. »

Table 2. Cash Flow

Fourth Quarter

Full Year

(Millions)

2019

2018

2019

2018

Operating Cash Flow

($2,220)

$2,947

($2,446)

$15,322

Less Additions to Property, Plant & Equipment

($447)

($495)

($1,834)

($1,722)

Free Cash Flow*

($2,667)

$2,452

($4,280)

$13,600

*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 6, « Non-GAAP Measures Disclosures. »    

Operating cash flow was ($2.2) billion in the quarter, primarily reflecting the impact of the 737 MAX grounding as well as timing of receipts and expenditures (Table 2). During the quarter, the company paid $1.2 billion of dividends.

Table 3. Cash, Marketable Securities and Debt Balances

Quarter-End

(Billions)

Q4 19

Q3 19

Cash

$9.5

$9.8

Marketable Securities1

$0.5

$1.1

Total

$10.0

$10.9

Debt Balances:

The Boeing Company, net of intercompany loans to BCC

$25.3

$22.8

Boeing Capital, including intercompany loans

$2.0

$1.9

Total Consolidated Debt

$27.3

$24.7

1 Marketable securities consists primarily of time deposits due within one year classified as « short-term investments. »

Cash and investments in marketable securities totaled $10.0 billion, compared to $10.9 billion at the beginning of the quarter (Table 3). Debt was $27.3 billion, up from $24.7 billion at the beginning of the quarter primarily due to increased commercial paper borrowings.

Total company backlog at quarter-end was $463 billion and included net orders for the quarter of $13 billion.

Segment Results

Commercial Airplanes

Table 4. Commercial Airplanes

Fourth Quarter

Full Year

(Dollars in Millions)

2019

2018

Change

2019

2018

Change

Commercial Airplanes Deliveries

79

238

(67)%

380

806

(53)%

Revenues

$7,462

$16,531

(55)%

$32,255

$57,499

(44)%

(Loss)/Earnings from Operations

($2,844)

$2,600

NM

($6,657)

$7,830

NM

Operating Margin

(38.1)%

15.7%

NM

(20.6)%

13.6%

NM

Commercial Airplanes fourth-quarter revenue was $7.5 billion and fourth-quarter operating margin decreased to (38.1) percent reflecting lower 737 deliveries and an additional pre-tax charge of $2.6 billion related to estimated potential concessions and other considerations to customers related to the 737 MAX grounding (Table 4). The estimated costs to produce 737 aircraft included in the accounting quantity increased by $2.6 billion during the quarter, primarily to reflect updated production and delivery assumptions. In addition, the suspension of 737 MAX production and a gradual resumption of production at low production rates will result in approximately $4 billion of abnormal production costs that will be expensed as incurred, primarily in 2020.

Commercial Airplanes delivered 79 airplanes during the quarter, including 45 787’s, and captured orders for 30 737 MAX aircraft at the Dubai Air Show and 2 777 freighters for Lufthansa. The 787 program also booked 36 net orders in the quarter. As previously announced, the 787 production rate will be reduced from the current rate of 14 airplanes per month to 12 airplanes per month in late 2020. Based on the current environment and near-term market outlook, the production rate is expected to be further adjusted to 10 airplanes per month in early 2021, and return to 12 airplanes per month in 2023. The first flight of the 777X was completed on January 25, and first delivery is targeted for 2021.

Commercial Airplanes backlog included over 5,400 airplanes valued at $377 billion.

Defense, Space & Security

Table 5. Defense, Space & Security

Fourth Quarter

Full Year

(Dollars in Millions)

2019

2018

Change

2019

2018

Change

Revenues

$5,962

$6,874

(13)%

$26,227

$26,392

(1%)

Earnings from Operations

$31

$771

(96)%

$2,608

$1,657

57%

Operating Margin

0.5%

11.2%

(10.7) Pts

9.9%

6.3%

3.6 Pts

Defense, Space & Security fourth-quarter revenue decreased to $6.0 billion primarily driven by lower volume across the portfolio as well as the impact of a Commercial Crew charge (Table 5). Fourth-quarter operating margin decreased to 0.5 percent due to a $410 million pre-tax Commercial Crew charge primarily to provision for an additional uncrewed mission for the Commercial Crew program, performance and mix. NASA is evaluating the data received during the December 2019 mission to determine if another uncrewed mission is required.

During the quarter, Defense, Space & Security received an award for 10 Space Launch System core stages and up to 8 Exploration Upper Stages. Defense, Space & Security also received contracts for the remanufacture of 47 AH-64E Apache helicopters for three countries and to upgrade the NATO Airborne Warning & Control System fleet. Significant milestones achieved during the quarter included the delivery of the first modified MV-22 Osprey to the U.S. Marine Corps and delivery of the first P-8A Poseidon aircraft to the United Kingdom Royal Air Force. Defense, Space & Security also conducted a Commercial Crew spacecraft uncrewed Orbital Flight Test.

Backlog at Defense, Space & Security was $64 billion, of which 29 percent represents orders from customers outside the U.S.

Global Services

Table 6. Global Services

Fourth Quarter

Full Year

(Dollars in Millions)

2019

2018

Change

2019

2018

Change

Revenues

$4,648

$4,908

(5)%

$18,468

$17,056

8%

Earnings from Operations

$684

$737

(7)%

$2,697

$2,536

6%

Operating Margin

14.7%

15.0%

(0.3) Pts

14.6%

14.9%

(0.3) Pts

Global Services fourth-quarter revenue was $4.6 billion, primarily driven by lower commercial services volume (Table 6). Fourth-quarter operating margin decreased to 14.7 percent primarily due to a charge related to the retirement of the Aviall brand and mix of products and services, partially offset by a gain on divestiture.

During the quarter, Global Services was awarded V-22 support contracts for Japan and the U.S. and AH-64 and CH-47 global support for the U.S. Army. Global Services signed a multi-year Landing Gear Exchange services agreement with LATAM Airlines Group and a 5-year digital navigation renewal agreement with Saudi Arabian Airlines. Global Services also expanded its digital offerings by launching ForeFlight Dispatch and signed a contract with Flexjet to be the inaugural customer.

Additional Financial Information

Table 7. Additional Financial Information

Fourth Quarter

Full Year

(Dollars in Millions)

2019

2018

2019

2018

Revenues

Boeing Capital

$37

$60

$244

$274

Unallocated items, eliminations and other

($198)

($32)

($635)

($94)

Earnings from Operations

Boeing Capital

($58)

$8

$28

$79

FAS/CAS service cost adjustment

$322

$308

$1,415

$1,327

Other unallocated items and eliminations

($339)

($249)

($2,066)

($1,442)

Other income, net

$104

$29

$438

$92

Interest and debt expense

($242)

($158)

($722)

($475)

Effective tax rate

56.9%

15.4%

71.8%

9.9%

At quarter-end, Boeing Capital’s net portfolio balance was $2.3 billion. Revenue in other unallocated items and eliminations decreased primarily due to the timing of eliminations for intercompany aircraft deliveries. The change in earnings from other unallocated items and eliminations is primarily due to higher deferred compensation expense and increased enterprise research and development investment. Interest and debt expense increased due to higher debt balances. The fourth quarter 2019 effective tax rate reflects a $371 million tax benefit related to the settlement of state tax audits as well as the impact of pre-tax losses.

Non-GAAP Measures Disclosures

We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company’s ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided:

Core Operating (Loss)/Earnings, Core Operating Margin and Core (Loss)/Earnings Per Share

Core operating (loss)/earnings is defined as GAAP (loss)/earnings from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the FAS pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margin is defined as core operating (loss)/earnings expressed as a percentage of revenue. Core (loss)/earnings per share is defined as GAAP diluted (loss)/earnings per share excluding the net (loss)/earnings per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs, comprising service and prior service costs computed in accordance with GAAP are allocated to Commercial Airplanes and BGS businesses supporting commercial customers. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating (loss)/earnings, core operating margin and core (loss)/earnings per share for purposes of evaluating and forecasting underlying business performance. Management believes these core (loss)/earnings measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation between the GAAP and non-GAAP measures is provided on page 13-14.

Free Cash Flow

Free cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment. 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 as a measure to assess both business performance and overall liquidity. Table 2 provides a reconciliation of free cash flow to GAAP operating cash flow.

Caution Concerning Forward-Looking Statements

This press release contains « forward-looking statements » within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as « may, » « should, » « expects, » « intends, » « projects, » « plans, » « believes, » « estimates, » « targets, » « anticipates, » and similar expressions generally 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 expectations and assumptions that we believe to be reasonable when made, but that 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) the 737 MAX, including the timing and conditions of 737 MAX regulatory approvals, delays in the resumption of production, lower than planned production rates and/or delivery rates, and increased considerations to customers and suppliers, (2) general conditions in the economy and our industry, including those due to regulatory changes; (3) our reliance on our commercial airline customers; (4) the overall health of our aircraft production system, planned commercial aircraft production rate changes, our commercial development and derivative aircraft programs, and our aircraft being subject to stringent performance and reliability standards; (5) changing budget and appropriation levels and acquisition priorities of the U.S. government; (6) our dependence on U.S. government contracts; (7) our reliance on fixed-price contracts; (8) our reliance on cost-type contracts; (9) uncertainties concerning contracts that include in-orbit incentive payments; (10) our dependence on our subcontractors and suppliers, as well as the availability of raw materials; (11) changes in accounting estimates; (12) changes in the competitive landscape in our markets; (13) our non-U.S. operations, including sales to non-U.S. customers; (14) threats to the security of our or our customers’ information; (15) potential adverse developments in new or pending litigation and/or government investigations; (16) customer and aircraft concentration in our customer financing portfolio; (17) changes in our ability to obtain debt on commercially reasonable terms and at competitive rates; (18) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures; (19) the adequacy of our insurance coverage to cover significant risk exposures; (20) potential business disruptions, including those related to physical security threats, information technology or cyber-attacks, epidemics, sanctions or natural disasters; (21) work stoppages or other labor disruptions; (22) substantial pension and other postretirement benefit obligations; and (23) 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:

Maurita Sutedja or Keely Moos (312) 544-2140

Communications:

Caroline Hutcheson (312) 544-2002

 

The Boeing Company and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

Twelve months ended
December 31

Three months ended
December 31

(Dollars in millions, except per share data)

2019

2018

2019

2018

Sales of products

$66,094

$90,229

$15,580

$25,381

Sales of services

10,465

10,898

2,331

2,960

Total revenues

76,559

101,127

17,911

28,341

Cost of products

(62,877)

(72,922)

(16,293)

(19,788)

Cost of services

(9,154)

(8,499)

(2,402)

(2,284)

Boeing Capital interest expense

(62)

(69)

(13)

(18)

Total costs and expenses

(72,093)

(81,490)

(18,708)

(22,090)

4,466

19,637

(797)

6,251

(Loss)/income from operating investments, net

(4)

111

(1)

(1)

General and administrative expense

(3,909)

(4,567)

(1,052)

(1,222)

Research and development expense, net

(3,219)

(3,269)

(749)

(852)

Gain/(loss) on dispositions, net

691

75

395

(1)

(Loss)/earnings from operations

(1,975)

11,987

(2,204)

4,175

Other income, net

438

92

104

29

Interest and debt expense

(722)

(475)

(242)

(158)

(Loss)/earnings before income taxes

(2,259)

11,604

(2,342)

4,046

Income tax benefit/(expense)

1,623

(1,144)

1,332

(622)

Net (loss)/earnings

($636)

$10,460

($1,010)

$3,424

Basic (loss)/earnings per share

($1.12)

$18.05

($1.79)

$6.00

Diluted (loss)/earnings per share

($1.12)

$17.85

($1.79)

$5.93

Weighted average diluted shares (millions)

566.0

586.2

565.4

577.5

 

The Boeing Company and Subsidiaries

Consolidated Statements of Financial Position

(Unaudited) 

(Dollars in millions, except per share data)

December 31
2019

December 31
2018

Assets

Cash and cash equivalents

$9,485

$7,637

Short-term and other investments

545

927

Accounts receivable, net

3,266

3,879

Unbilled receivables, net

9,043

10,025

Current portion of customer financing, net

162

460

Inventories

76,622

62,567

Other current assets

3,106

2,335

Total current assets

102,229

87,830

Customer financing, net

2,136

2,418

Property, plant and equipment, net of accumulated depreciation of $19,342 and $18,568

12,502

12,645

Goodwill

8,060

7,840

Acquired intangible assets, net

3,338

3,429

Deferred income taxes

683

284

Investments

1,092

1,087

Other assets, net of accumulated amortization of $580 and $503

3,585

1,826

Total assets

$133,625

$117,359

Liabilities and equity

Accounts payable

$15,553

$12,916

Accrued liabilities

22,868

14,808

Advances and progress billings

51,551

50,676

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

7,340

3,190

Total current liabilities

97,312

81,590

Deferred income taxes

413

1,736

Accrued retiree health care

4,540

4,584

Accrued pension plan liability, net

16,276

15,323

Other long-term liabilities

3,422

3,059

Long-term debt

19,962

10,657

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

6,745

6,768

Treasury stock, at cost

(54,914)

(52,348)

Retained earnings

50,644

55,941

Accumulated other comprehensive loss

(16,153)

(15,083)

Total shareholders’ equity

(8,617)

339

Noncontrolling interests

317

71

Total equity

(8,300)

410

Total liabilities and equity

$133,625

$117,359

 

The Boeing Company and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

Twelve months ended
December 31

(Dollars in millions)

2019

2018

Cash flows – operating activities:

Net (loss)/earnings

($636)

$10,460

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

Non-cash items – 

Share-based plans expense

212

202

Depreciation and amortization

2,271

2,114

Investment/asset impairment charges, net

443

93

Customer financing valuation adjustments

250

(3)

Gain on dispositions, net

(691)

(75)

Other charges and credits, net

334

247

Changes in assets and liabilities – 

Accounts receivable

603

(795)

Unbilled receivables

982

(1,826)

Advances and progress billings

737

2,636

Inventories

(12,391)

568

Other current assets

(682)

98

Accounts payable

1,600

2

Accrued liabilities

7,781

1,117

Income taxes receivable, payable and deferred

(2,476)

(180)

Other long-term liabilities

(621)

87

Pension and other postretirement plans

(777)

(153)

Customer financing, net

419

120

Other

196

610

Net cash (used)/provided by operating activities

(2,446)

15,322

Cash flows – investing activities:

Property, plant and equipment additions

(1,834)

(1,722)

Property, plant and equipment reductions

334

120

Acquisitions, net of cash acquired

(455)

(3,230)

Proceeds from dispositions

464

Contributions to investments

(1,658)

(2,607)

Proceeds from investments

1,759

2,898

Purchase of distribution rights

(127)

(69)

Other

(13)

(11)

Net cash used by investing activities

(1,530)

(4,621)

Cash flows – financing activities:

New borrowings

25,389

8,548

Debt repayments

(12,171)

(7,183)

Contributions from noncontrolling interests

7

35

Stock options exercised

58

81

Employee taxes on certain share-based payment arrangements

(248)

(257)

Common shares repurchased

(2,651)

(9,000)

Dividends paid

(4,630)

(3,946)

Other

(15)

Net cash provided/(used) by financing activities

5,739

(11,722)

Effect of exchange rate changes on cash and cash equivalents, including restricted

(5)

(53)

Net increase/(decrease) in cash & cash equivalents, including restricted

1,758

(1,074)

Cash & cash equivalents, including restricted, at beginning of year

7,813

8,887

Cash & cash equivalents, including restricted, at end of period

9,571

7,813

Less restricted cash & cash equivalents, included in Investments

86

176

Cash and cash equivalents at end of period

$9,485

$7,637

The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)

Effective at the beginning of 2019, all revenues and costs associated with military derivative aircraft production are reported in the Defense, Space & Security segment. Revenues and costs associated with military derivative aircraft production were previously reported in the Commercial Airplanes and Defense, Space & Security segments. Business segment data for 2018 reflects the realignment for military derivative aircraft as well as the realignment of certain programs from Defense, Space & Security to Global Services.

Twelve months ended
December 31

Three months ended
December 31

(Dollars in millions)

2019

2018

2019

2018

Revenues:

Commercial Airplanes

$32,255

$57,499

$7,462

$16,531

Defense, Space & Security

26,227

26,392

5,962

6,874

Global Services

18,468

17,056

4,648

4,908

Boeing Capital

244

274

37

60

Unallocated items, eliminations and other

(635)

(94)

(198)

(32)

Total revenues

$76,559

$101,127

$17,911

$28,341

(Loss)/earnings from operations:

Commercial Airplanes

($6,657)

$7,830

($2,844)

$2,600

Defense, Space & Security

2,608

1,657

31

771

Global Services

2,697

2,536

684

737

Boeing Capital

28

79

(58)

8

Segment operating (loss)/profit

(1,324)

12,102

(2,187)

4,116

Unallocated items, eliminations and other

(2,066)

(1,442)

(339)

(249)

FAS/CAS service cost adjustment

1,415

1,327

322

308

(Loss)/earnings from operations

(1,975)

11,987

(2,204)

4,175

Other income, net

438

92

104

29

Interest and debt expense

(722)

(475)

(242)

(158)

(Loss)/earnings before income taxes

(2,259)

11,604

(2,342)

4,046

Income tax benefit/(expense)

1,623

(1,144)

1,332

(622)

Net (loss)/earnings

($636)

$10,460

($1,010)

$3,424

Research and development expense, net:

Commercial Airplanes

$1,956

$2,188

$427

$572

Defense, Space & Security

758

788

189

175

Global Services

121

161

19

42

Other

384

132

114

63

Total research and development expense, net

$3,219

$3,269

$749

$852

Unallocated items, eliminations and other:

Share-based plans

($65)

($76)

($8)

($16)

Deferred compensation

(174)

(19)

(20)

93

Amortization of previously capitalized interest

(89)

(92)

(21)

(25)

Customer financing impairment

(250)

Research and development expense, net

(384)

(132)

(97)

(63)

Eliminations and other unallocated items

(1,104)

(1,123)

(193)

(238)

Sub-total (included in core operating earnings)

(2,066)

(1,442)

(339)

(249)

Pension FAS/CAS service cost adjustment

1,071

1,005

248

225

Postretirement FAS/CAS service cost adjustment

344

322

74

83

FAS/CAS service cost adjustment

1,415

1,327

$322

$308

Total

($651)

($115)

($17)

$59

 

The Boeing Company and Subsidiaries

Operating and Financial Data

(Unaudited)

Deliveries

Twelve months ended
December 31

Three months ended
December 31

Commercial Airplanes

2019

2018

2019

2018

737

127

580

9

173

747

7

6

2

1

767

43

27

11

14

777

45

(2)

48

12

(1)

11

787

158

145

45

39

Total

380

806

79

238

Note: Aircraft accounted for as revenues by BCA and as operating leases in consolidation identified by parentheses

Defense, Space & Security

AH-64 Apache (New)

37

10

AH-64 Apache (Remanufactured)

74

23

18

11

C-17 Globemaster III

1

C-40A

2

CH-47 Chinook (New)

13

13

2

CH-47 Chinook (Renewed)

22

17

6

3

F-15 Models

11

10

4

2

F/A-18 Models

23

17

7

7

KC-46 Tanker

28

7

P-8 Models

18

16

4

6

Commercial and Civil Satellites

2

1

1

Military Satellites

1

1

Total backlog (Dollars in millions)

December 31
2019

December 31

2018

Commercial Airplanes

$376,593

$408,140

Defense, Space & Security

63,908

61,277

Global Services

22,902

21,064

Total backlog

$463,403

$490,481

Contractual backlog

$436,473

$462,070

Unobligated backlog

26,930

28,411

Total backlog

$463,403

$490,481

The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating (loss)/earnings, core operating margin, and core (loss)/earnings per share with the most directly comparable GAAP financial measures, (loss)/earnings from operations, operating margin, and diluted (loss)/earnings per share. See page 6 of this release for additional information on the use of these non-GAAP financial measures.

(Dollars in millions, except per share data)

Fourth Quarter 2019

Fourth Quarter 2018

$ millions

Per Share

$ millions

Per Share

Revenues

17,911

28,341

(Loss)/earnings from operations (GAAP)

(2,204)

4,175

Operating margin (GAAP)

(12.3)%

14.7%

FAS/CAS service cost adjustment:

Pension FAS/CAS service cost adjustment

(248)

(225)

Postretirement FAS/CAS service cost adjustment

(74)

(83)

FAS/CAS service cost adjustment

(322)

(308)

Core operating (loss)/earnings (non-GAAP)

($2,526)

$3,867

Core operating margin (non-GAAP)

(14.1)%

13.6%

Diluted (loss)/earnings per share (GAAP)

($1.79)

$5.93

Pension FAS/CAS service cost adjustment

($248)

(0.44)

($225)

(0.39)

Postretirement FAS/CAS service cost adjustment

(74)

(0.13)

(83)

(0.14)

Non-operating pension expense

(94)

(0.17)

(45)

(0.08)

Non-operating postretirement expense

27

0.05

24

0.04

Provision for deferred income taxes on adjustments 1

82

0.15

69

0.12

Subtotal of adjustments

($307)

($0.54)

($260)

($0.45)

Core (loss)/earnings per share (non-GAAP)

($2.33)

$5.48

Weighted average diluted shares (in millions)

565.4

577.5

1 The income tax impact is calculated using the U.S. corporate statutory tax rate.

The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating (loss)/earnings, core operating margin, and core (loss)/earnings per share with the most directly comparable GAAP financial measures, (loss)/earnings from operations, operating margin, and diluted (loss)/earnings per share. See page 6 of this release for additional information on the use of these non-GAAP financial measures.

(Dollars in millions, except per share data)

Full Year 2019

Full Year 2018

$ millions

Per Share

$ millions

Per Share

Revenues

76,559

101,127

(Loss)/earnings from operations (GAAP)

(1,975)

11,987

Operating margin (GAAP)

(2.6)%

11.9%

FAS/CAS service cost adjustment:

Pension FAS/CAS service cost adjustment

(1,071)

(1,005)

Postretirement FAS/CAS service cost adjustment

(344)

(322)

FAS/CAS service cost adjustment

(1,415)

(1,327)

Core operating (loss)/earnings (non-GAAP)

($3,390)

$10,660

Core operating margin (non-GAAP)

(4.4)%

10.5%

Diluted (loss)/earnings per share (GAAP)

($1.12)

$17.85

Pension FAS/CAS service cost adjustment

($1,071)

(1.89)

($1,005)

(1.71)

Postretirement FAS/CAS service cost adjustment

(344)

(0.61)

(322)

(0.55)

Non-operating pension expense

(374)

(0.66)

(143)

(0.24)

Non-operating postretirement expense

107

0.19

101

0.17

Provision for deferred income taxes on adjustments 1

353

0.62

287

0.49

Subtotal of adjustments

($1,329)

($2.35)

($1,082)

($1.84)

Core (loss)/earnings per share (non-GAAP)

($3.47)

$16.01

Weighted average diluted shares (in millions)

566.0

586.2

1 The income tax impact is calculated using the U.S. corporate statutory tax rate.

 

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9 réflexions sur “Boeing creuse son déficit de 2019

  • janvier 29, 2020 à 10:39 pm
    Permalink

    Un économiste nous fait comprendre l’impact négatif du MAX8 sur le PIB américain en utilisant des comparaisons avec d’autres produits de consommation.
    Par exemple :
    « If production of all chickens, turkeys and eggs in the U.S. stopped, that would have an impact on the economy similar to that of the Max. »
    https://www.marketplace.org/2020/01/28/unmatched-impact-boeing-737-max-economy/

    Il s’agit de Mark Zandi, économiste en chef chez Moody’s Analytics… probablement une connaissance d’André Allard 😉

    Répondre
  • janvier 30, 2020 à 12:36 am
    Permalink

    Les déclarations du nouveau PDG sont vraiment étranges. Extraits du Seattle Times.

    Mais le nouveau PDG Dave Calhoun a déclaré qu’il était confiant quant à la reprise éventuelle du MAX et de Boeing. « Nous traverserons ce moment », a-t-il déclaré. « Je crois que nous livrerons l’avion le plus sûr du ciel. »

    Il a également insisté sur le fait que la culture de Boeing et sa récente focalisation de l’entreprise sur les finances et la réduction des coûts n’étaient pas des facteurs dans le processus de conception défectueux de l’entreprise qui a conduit aux deux accidents MAX qui ont tué 346 personnes.

    nterrogé sur la manière dont Boeing avait manqué les problèmes de conception du nouveau système de commande de vol MAX – le système d’augmentation des caractéristiques de manœuvre (MCAS) -, il a réitéré les commentaires précédents selon lesquels la conception faisait des hypothèses incorrectes sur la réaction du pilote, hypothèses également émises par les régulateurs.

    «Il s’agit d’une décision d’ingénierie très discrète et très spécifique qui a finalement été viciée. Nous souhaitons tous que ce ne soit pas le cas », a déclaré Calhoun lors d’une téléconférence après le rapport sur les résultats.

    « Je ne pense pas que la culture ait contribué à cette erreur », a-t-il déclaré, ajoutant qu’il avait parlé directement aux ingénieurs qui ont conçu MCAS et qu’ils « pensaient qu’ils faisaient exactement la bonne chose, sur la base de leur expérience. »
    https://www.seattletimes.com/business/boeing-aerospace/boeing-doubles-the-projected-cost-of-the-737-max-grounding-to-18-4-billion/?utm_source=twitter&utm_medium=social&utm_campaign=article_inset_1#comments

    Le PDG semble vivre sur une autre planète, Il est dans le dénie. Comment peut il apporter des correctifs s’il ne voit pas qu’il y a plusieurs problèmes. Les régulateurs doivent se poser des questions sur la transparence de Boeing.

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    • janvier 30, 2020 à 9:46 am
      Permalink

      Dennis Muilenburg n’agissait pas seul. Il y a la culture d’entreprise… et le bouillon de culture qui fait son terreau.

      Lorsque le titre de Boeing aura suffisamment baissé pour ébranler la tolérance des actionnaires, on fera peut-être un ménage dans la direction de l’entreprise. Selon moi, ça devrait se produire quand l’action tombera sous les 250$; ou lorsqu’une catastrophe se produira aux États-Unis avec cet avion, ce qui serait complètement fou!

      Répondre
  • janvier 30, 2020 à 7:00 am
    Permalink

    Boeing reste particulièrement résiliant.
    76 milliards, c est plus que les 70 qu’ airbus va publier.

    Airbus a du chemin a faire pour garder la première place durablement.

    Répondre
    • janvier 30, 2020 à 7:20 am
      Permalink

      Le MAX contribuait pour 40% des revenus de Bowing avant la crise. En 2019, malgré l’interdiction de vol, la compagnie a continué de recevoir le versement des acomptes sur les avions assemblés mais non livré et cela explique en partie la baisse de revenu. Il y a également les problèmes du KC-46 car la USAF a retardé le versement sur les dernier appareils livrés le temps que Boeing règles les problèmes.

      La comptabilité par programme à permis à Boeing de reporter dans le temps l’immense coût de développement du B787 qui est d’environs 30 G$. Le ralentissement de la cadence de production va avoir un impact sur sa profitabilité.

      Répondre

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