By Liz Segrist
Published April 23, 2014
The Boeing Co. reported revenue of $20.5 billion for the first quarter, up 8% from a year ago due to higher commercial deliveries, according to the aerospace giant’s quarterly results.
Boeing’s Commercial Airplanes business delivered 161 commercial airplanes in the first quarter, up 18% from this time last year. The commercial airplane revenue for the first quarter was $12.7 million, up 19% from a year ago.
Of those 161 deliveries, Boeing delivered 18 787 Dreamliners during the first quarter compared to one delivery in the first quarter of 2013. North Charleston and Everett, Wash., operations produce the Dreamliners.
During the first quarter, the 787 program reached a 10-per-month production rate and completed preliminary design review on the 787-10. The final assembly site has not been chosen for the 787-10 plane yet.
Overall, Commercial Airplanes booked 235 net orders during the quarter. Backlog includes 5,100 airplanes valued at $374 billion.
“Operating cash flow in the quarter was $1.1 billion, reflecting commercial airplane production rates, strong core operating performance and timing of receipts and expenditures,” according to the company.
Boeing Chairman and CEO Jim McNerney said the company increased revenue, core operating earnings, cash flow and core operating margins during the first quarter.
“This financial and operational strength enabled the return of more than $3 billion to shareholders in the quarter through share repurchase and an increased dividend, even as we continued to invest in our future,” McNerney said in a statement.
Earnings from operations included previously announced non-cash charges totaling $334 million, or $0.29 per share, for retirement plan changes.
During the quarter, the company repurchased 19.4 million shares for $2.5 billion, leaving $8.3 billion remaining under the current repurchase authorization expected to be completed over the next two to three years.
“Our outlook for the full year remains positive on the strength of demand for our fuel-efficient new commercial airplanes, our solid position in global defense, space and security markets, and our enterprise focus on meeting customer commitments, improving productivity and profitably delivering the growth in our sizable backlog,” McNerney said.
Reach Liz Segrist at 843-849-3119 or @lizsegrist on Twitter.
Read more on the Business Journal’s aerospace blog: