Premier trimestre encourageant pour Boeing.
CHICAGO, April 23, 2014
| Â Â Â Â Â Â Â Â Â Â Â Summary Financial Results |
First Quarter |
|||||
| (Dollars in Millions, except per share data) |
2014 |
2013 |
Change |
|||
| Â
Revenues |
$20,465 |
$18,893 |
8% |
|||
| Non-GAAP* | ||||||
| Core Operating Earnings |
$2,095 |
$1,867 |
12% |
|||
| Core Operating Margin |
10.2% |
9.9% |
0.3 Pts |
|||
| Core Earnings Per Share |
$1.76 |
$1.73 |
2% |
|||
| Operating Cash Flow Before Pension Contributions |
$1,112 |
$524 |
112% |
|||
| Â
GAAP |
||||||
| Earnings From Operations |
$1,542 |
$1,528 |
1% |
|||
| Operating Margin |
7.5% |
8.1% |
(0.6) Pts |
|||
| Â
Net Earnings |
$965 |
$1,106 |
(13)% |
|||
| Earnings Per Share |
$1.28 |
$1.44 |
(11)% |
|||
| Â
Operating Cash Flow |
$1,112 |
$524 |
112% |
|||
| * Non-GAAP measures (core operating earnings, core operating margin and core earnings per share) exclude certain components of pension and post retirement benefit expense that management believes are not reflective of underlying business performance. Complete definitions of Boeing’s non-GAAP measures are on page 7, “Non-GAAP Measures Disclosures.” |
Segment Results
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Boeing Commercial Airplanes
|
Table 4. Boeing Commercial Airplanes |
First Quarter |
|||||
|
(Dollars in Millions) |
2014 |
2013 |
Change |
|||
|
Commercial Airplanes Deliveries |
161 |
137 |
18% |
|||
|
Revenues |
$12,737 |
$10,690 |
19% |
|||
|
Earnings from Operations |
$1,502 |
$1,219 |
23% |
|||
|
Operating Margin |
11.8% |
11.4% |
0.4 Pts |
|||
Boeing Commercial Airplanes first-quarter revenue increased to $12.7 billion on higher 787 and 737 deliveries. First-quarter operating margin improved to 11.8 percent reflecting the delivery volume and mix and lower period costs partially offset by higher R&D (Table 4).
During the quarter, the 787 program reached a 10 per month production rate and completed preliminary design review on the 787-10. The company selected the Everett, Washington site as the location for a new composite wing center for the 777X. In April, the 737 program reached a production rate of 42 per month.
Commercial Airplanes booked 235 net orders during the quarter. Backlog remains strong with over 5,100 airplanes valued at $374 billion.
Boeing Defense, Space & Security
|
Table 5. Defense, Space & Security |
First Quarter |
||||
|
(Dollars in Millions) |
2014 |
2013 |
Change |
||
|
Revenues1 |
|||||
|
Boeing Military Aircraft |
$3,458 |
$3,980 |
(13)% |
||
|
Network & Space Systems |
$1,876 |
$1,960 |
(4)% |
||
|
Global Services & Support |
$2,299 |
$2,170 |
6% |
||
|
Total BDS Revenues |
$7,633 |
$8,110 |
(6)% |
||
|
Earnings from Operations1 |
|||||
|
Boeing Military Aircraft |
$332 |
$427 |
(22)% |
||
|
Network & Space Systems |
$168 |
$156 |
8% |
||
|
Global Services & Support |
$278 |
$249 |
12% |
||
|
Total BDS Earnings from Operations |
$778 |
$832 |
(6)% |
||
|
Operating Margin |
10.2% |
10.3% |
(0.1) Pts |
||
| 1Â During the first quarter of 2014, certain programs were realigned between Boeing Military Aircraft and Global Services & Support. See page 15 of this release for additional information. |
Boeing Defense, Space & Security’s first-quarter revenue was $7.6 billion with an operating margin of 10.2 percent (Table 5).
Boeing Military Aircraft (BMA) first-quarter revenue declined to $3.5 billion, as the first quarter of 2013 included revenue associated with F-15 development milestones and due to fewer P-8 deliveries in the first quarter of 2014. Operating margin was 9.6 percent, reflecting strong performance offset by a previously announced C-17 inventory-related charge. During the quarter, BMA was awarded a contract for 16 P-8A Poseidon aircraft from the U.S. Navy and a contract for 82 Apache Block III helicopters from the U.S. Army.
Network & Space Systems (N&SS) first-quarter revenue was $1.9 billion, reflecting lower satellites volume, and operating margin increased to 9.0 percent on strong performance. During the quarter, N&SS completed on-orbit testing of the first Inmarsat-5 satellite.
Global Services & Support (GS&S) first-quarter revenue increased to $2.3 billion, reflecting higher volume in maintenance, modifications and upgrades. Operating margin increased to 12.1 percent on improved performance in integrated logistics. During the quarter, GS&S was awarded a contract to provide maintenance training devices for the U.S. Navy’s P-8A Poseidon aircraft.
Backlog at Defense, Space & Security was $66 billion, of which 35 percent represents orders with international customers.
Outlook
The company’s 2014 financial guidance (Table 7) reflects continued strong performance in both businesses.
| Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Financial Outlook | |
| (Dollars in Billions, except per share data) |
2014 |
| The Boeing Company | |
| Â Â Â Â Â Â Â Revenue |
$87.5 – 90.5 |
| Â Â Â Â Â Â Â Core Earnings Per Share* |
$7.15 – 7.35 |
| Â Â Â Â Â Â Â GAAP Earnings Per Share |
$6.10 – 6.30 |
| Â Â Â Â Â Â Â Operating Cash Flow Before Pension Contributions* |
~ $7 |
|        Operating Cash Flow 1 |
~ $6.25 |
| Â
Boeing Commercial Airplanes |
|
|        Deliveries 2 |
715 – 725 |
| Â Â Â Â Â Â Â Revenue |
$57.5 – 59.5 |
| Â Â Â Â Â Â Â Operating Margin |
~ 10% |
| Â
Boeing Defense, Space & Security (revised for business realignment) |
|
| Â Â Â Â Â Â Â Revenue | |
| Â Â Â Â Â Â Â Â Â Â Â Â Â Â Boeing Military Aircraft |
~ $14.2 |
| Â Â Â Â Â Â Â Â Â Â Â Â Â Â Network & Space Systems |
~ $7.7 |
| Â Â Â Â Â Â Â Â Â Â Â Â Â Â Global Services & Support |
~ $8.6 |
| Â Â Â Â Â Â Â Total BDS Revenue |
$30 – 31 |
Diplômé universitaire en histoire, journalisme et relations publiques, en 1993, Philippe Cauchi amorce une carrière de journalisme, analyste et consultant en aérospatiale. En 2013, il fonde avec Daniel Bordeleau, le site d’information aérospatial Info Aéro Québec.
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