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Boeing Reports Fourth Quarter Results

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January 28, 2025 7:00 AM EST

ARLINGTON, Va., Jan. 28, 2025 /PRNewswire/ --

Fourth Quarter 2024

  • Finalized the International Association of Machinists and Aerospace Workers (IAM) agreement and resumed production across the 737, 767 and 777/777X programs
  • Financials reflect previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year
  • Revenue of $15.2 billion, GAAP loss per share of ($5.46) and core (non-GAAP)* loss per share of ($5.90)
  • Operating cash flow of ($3.5) billion; cash and marketable securities of $26.3 billion

Full Year 2024

  • Delivered 348 commercial airplanes and recorded 279 net orders
  • Total company backlog grew to $521 billion, including over 5,500 commercial airplanes







































Table 1. Summary Financial Results


Fourth Quarter




Full Year



(Dollars in Millions, except per share data)


2024


2023


Change


2024


2023


Change














Revenues


$15,242



$22,018



(31) %


$66,517



$77,794



(14) %














GAAP













(Loss)/earnings from operations


($3,770)



$283



NM


($10,707)



($773)



NM

Operating margins


(24.7)

%


1.3

%


NM


(16.1)

%


(1.0)

%


NM

Net loss


($3,861)



($30)



NM


($11,829)



($2,242)



NM

Basic loss per share


($5.46)



($0.04)



NM


($18.36)



($3.67)



NM

Operating cash flow


($3,450)



$3,381



NM


($12,080)



$5,960



NM

Non-GAAP*













Core operating (loss)/earnings


($4,042)



$90



NM


($11,811)



($1,829)



NM

Core operating margins


(26.5)

%


0.4

%


NM


(17.8)

%


(2.4)

%


NM

Core loss per share


($5.90)



($0.47)



NM


($20.38)



($5.81)



NM


*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." 

The Boeing Company [NYSE: BA] recorded fourth quarter revenue of $15.2 billion, GAAP loss per share of ($5.46) and core loss per share (non-GAAP)* of ($5.90) (Table 1) primarily reflecting previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year. Boeing reported operating cash flow of ($3.5) billion and free cash flow of ($4.1) billion (non-GAAP)*.

"We made progress on key areas to stabilize our operations during the quarter and continued to strengthen important aspects of our safety and quality plan," said Kelly Ortberg, Boeing president and chief executive officer. "My team and I are focused on making the fundamental changes needed to fully recover our company's performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us."
































Table 2. Cash Flow


Fourth Quarter


Full Year





(Millions)


2024


2023


2024


2023





Operating cash flow


($3,450)



$3,381



($12,080)



$5,960






Less additions to property, plant & equipment


($648)



($431)



($2,230)



($1,527)






Free cash flow*


($4,098)



$2,950



($14,310)



$4,433







*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." 

Operating cash flow was ($3.5) billion in the quarter reflecting lower commercial deliveries, as well as unfavorable working capital timing, primarily driven by the IAM work stoppage (Table 2).
















Table 3. Cash, Marketable Securities and Debt Balances


Quarter End

(Billions)


4Q 2024


3Q 2024

Cash


$13.8


$10.0

Marketable securities1


$12.5


$0.5

Total


$26.3


$10.5






Consolidated debt


$53.9


$57.7


1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."

Cash and investments in marketable securities totaled $26.3 billion, compared to $10.5 billion at the beginning of the quarter, primarily driven by a $24 billion capital raise partially offset by free cash flow usage and debt repayment in the quarter (Table 3). Debt was $53.9 billion, down from $57.7 billion at the beginning of the quarter, driven by the early repayment of a $3.5 billion bond originally maturing in 2025. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.

Total company backlog at quarter end was $521 billion.

Segment Results

Commercial Airplanes








































Table 4. Commercial Airplanes


Fourth Quarter




Full Year



(Dollars in Millions)


2024


2023


Change


2024


2023


Change














Deliveries


57



157



(64) %


348



528



(34) %














Revenues


$4,762



$10,481



(55) %


$22,861



$33,901



(33) %

(Loss)/earnings from operations


($2,090)



$41



NM


($7,969)



($1,635)



NM

Operating margins


(43.9)

%


0.4

%


NM


(34.9)

%


(4.8)

%


NM

Commercial Airplanes fourth quarter revenue of $4.8 billion and operating margin of (43.9) percent reflect the previously announced impacts associated with the IAM work stoppage and agreement including lower deliveries and pre-tax charges of $1.1 billion on the 777X and 767 programs (Table 4).

The 737 program resumed production in the quarter and plans to gradually increase production rate. The 787 program exited the year at a production rate of five per month and recently announced plans to expand South Carolina operations. In January, the 777X program resumed FAA certification flight testing, and the company still anticipates first delivery of the 777-9 in 2026.

Commercial Airplanes booked 204 net orders in the quarter, including 100 737-10 airplanes for Pegasus Airlines and 30 787-9 airplanes for flydubai. Commercial Airplanes delivered 57 airplanes during the quarter and backlog included over 5,500 airplanes valued at $435 billion.

Defense, Space & Security








































Table 5. Defense, Space & Security


Fourth Quarter




Full Year



(Dollars in Millions)


2024


2023


Change


2024


2023


Change














Revenues


$5,411



$6,746



(20) %


$23,918



$24,933



(4) %

Loss from operations


($2,267)



($101)



NM


($5,413)



($1,764)



NM

Operating margins


(41.9)

%


(1.5)

%


NM


(22.6)

%


(7.1)

%


NM

Defense, Space & Security fourth quarter revenue of $5.4 billion and operating margin of (41.9) percent reflect the previously announced pre-tax charges of $1.7 billion on the KC-46A, T-7A, Commercial Crew, VC-25B and MQ-25 programs.

In January, the U.S. Air Force announced an updated acquisition approach for the T-7A Red Hawk that allows the company to provide a production-ready configuration to the customer prior to low-rate initial production, which better supports the operational needs of the customer and reduces future production risk.

During the quarter, Defense, Space & Security captured an award from the U.S. Air Force for 15 KC-46A Tankers, secured an order for seven P-8A Poseidon aircraft from the U.S. Navy, and delivered the final T-7A Red Hawk engineering and manufacturing development aircraft to the U.S. Air Force. 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)


2024


2023


Change


2024


2023


Change














Revenues


$5,119



$4,849



6 %


$19,954



$19,127



4 %

Earnings from operations


$998



$842



19 %


$3,618



$3,329



9 %

Operating margins


19.5

%


17.4

%


2.1 pts


18.1

%


17.4

%


0.7 pts

Global Services fourth quarter revenue of $5.1 billion and operating margin of 19.5 percent reflect higher commercial volume and mix.

During the quarter, Global Services secured awards for C-17 sustainment and a contract for F-15 Japan Super Interceptor upgrade services from the U.S. Air Force.

Additional Financial Information




























Table 7. Additional Financial Information


Fourth Quarter


Full Year

(Dollars in Millions)


2024


2023


2024


2023

Revenues









Unallocated items, eliminations and other


($50)



($58)



($216)



($167)


Loss from operations









Unallocated items, eliminations and other


($683)



($692)



($2,047)



($1,759)


FAS/CAS service cost adjustment


$272



$193



$1,104



$1,056


Other income, net


$432



$308



$1,222



$1,227


Interest and debt expense


($755)



($600)



($2,725)



($2,459)


Effective tax rate


5.7

%


(233.3)

%


3.1

%


(11.8)

%

Unallocated items, eliminations and other primarily reflects timing of allocations.

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

Core operating earnings/(loss) is defined as GAAP Earnings/(loss) from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margin is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share excluding the net earnings/(loss) 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 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 earnings/(loss), core operating margin and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core 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 of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12 and 13.

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. See Table 2 on page 2 for a reconciliation of free cash flow to the most directly comparable GAAP measure, 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," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and other similar words or expressions, or the negative thereof, generally can be used to help 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.

Forward-looking 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) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) work stoppages or other labor disruptions; (7) competition within our markets; (8) our non-U.S. operations and sales to non-U.S. customers; (9) changes in accounting estimates; (10) our pending acquisition of Spirit AeroSystems Holdings, Inc. (Spirit), including the satisfaction of closing conditions in the expected timeframe or at all; (11) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our pending acquisition of Spirit; (12) our dependence on U.S. government contracts; (13) our reliance on fixed-price contracts; (14) our reliance on cost-type contracts; (15) contracts that include in-orbit incentive payments; (16) management of a complex, global IT infrastructure; (17) compromise or unauthorized access to our, our customers' and/or our suppliers' information and systems; (18) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (19) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (20) potential environmental liabilities; (21) effects of climate change and legal, regulatory or market responses to such change; (22) credit rating agency actions and our ability to effectively manage our liquidity; (23) substantial pension and other postretirement benefit obligations; (24) the adequacy of our insurance coverage; and (25) customer and aircraft concentration in our customer financing portfolio.

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:


Matt Welch or David Dufault [email protected]

Communications:


Peter Pedraza [email protected]

 

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)

2024


2023


2024


2023

Sales of products

$53,227



$65,581



$11,901



$18,920


Sales of services

13,290



12,213



3,341



3,098


Total revenues

66,517



77,794



15,242



22,018










Cost of products

(57,394)



(59,864)



(14,010)



(16,724)


Cost of services

(11,114)



(10,206)



(2,821)



(2,597)


Total costs and expenses

(68,508)



(70,070)



(16,831)



(19,321)



(1,991)



7,724



(1,589)



2,697


Income from operating investments, net

71



46



12



1


General and administrative expense

(5,021)



(5,168)



(1,398)



(1,535)


Research and development expense, net

(3,812)



(3,377)



(836)



(881)


Gain on dispositions, net

46



2



41



1


(Loss)/earnings from operations

(10,707)



(773)



(3,770)



283


Other income, net

1,222



1,227



432



308


Interest and debt expense

(2,725)



(2,459)



(755)



(600)


Loss before income taxes

(12,210)



(2,005)



(4,093)



(9)


Income tax benefit/(expense)

381



(237)



232



(21)


Net loss

(11,829)



(2,242)



(3,861)



(30)


Less: net (loss)/earnings attributable to noncontrolling interest

(12)



(20)



4



(7)


Net loss attributable to Boeing shareholders

($11,817)



($2,222)



($3,865)



($23)


Less: Mandatory convertible preferred stock dividends
accumulated during the period

58






58




Net loss attributable to Boeing common shareholders

($11,875)



($2,222)



($3,923)



($23)


Basic loss per share

($18.36)



($3.67)



($5.46)



($0.04)










Diluted loss per share

($18.36)



($3.67)



($5.46)



($0.04)










Weighted average diluted shares (millions)

647.2


606.1


718.1


609.5

 

The Boeing Company and Subsidiaries

Consolidated Statements of Financial Position

(Unaudited) 













(Dollars in millions, except per share data)

December 31
2024


December 31
2023

Assets




Cash and cash equivalents

$13,801



$12,691


Short-term and other investments

12,481



3,274


Accounts receivable, net

2,631



2,649


Unbilled receivables, net

8,363



8,317


Current portion of financing receivables, net

207



99


Inventories

87,550



79,741


Other current assets, net

2,965



2,504


Total current assets

127,998



109,275


Financing receivables and operating lease equipment, net

314



860


Property, plant and equipment, net of accumulated depreciation of $22,925
and $22,245

11,412



10,661


Goodwill

8,084



8,093


Acquired intangible assets, net

1,957



2,094


Deferred income taxes

185



59


Investments

999



1,035


Other assets, net of accumulated amortization of $1,085 and $1,046

5,414



4,935


Total assets

$156,363



$137,012


Liabilities and equity




Accounts payable

$11,364



$11,964


Accrued liabilities

24,103



22,331


Advances and progress billings

60,333



56,328


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

1,278



5,204


Total current liabilities

97,078



95,827


Deferred income taxes

122



229


Accrued retiree health care

2,176



2,233


Accrued pension plan liability, net

5,997



6,516


Other long-term liabilities

2,318



2,332


Long-term debt

52,586



47,103


Total liabilities

160,277



154,240


Shareholders' equity:




Mandatory convertible preferred stock, 6% Series A, par value $1.00 -
20,000,000 shares authorized; 5,750,000 shares issued; aggregate
liquidation preference $5,750

6





     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

18,964



10,309


     Treasury stock, at cost - 263,044,841 and 402,746,136 shares

(32,386)



(49,549)


Retained earnings

15,362



27,251


Accumulated other comprehensive loss

(10,915)



(10,305)


Total shareholders' deficit

(3,908)



(17,233)


Noncontrolling interests

(6)



5


Total equity

(3,914)



(17,228)


Total liabilities and equity

$156,363



$137,012


 

The Boeing Company and Subsidiaries

Consolidated Statements of Cash Flows
(Unaudited)














Twelve months ended
December 31

(Dollars in millions)

2024


2023

Cash flows – operating activities:




Net loss

($11,829)



($2,242)


Adjustments to reconcile net loss to net cash (used)/provided by operating activities:




Non-cash items – 




Share-based plans expense

407



690


Treasury shares issued for 401(k) contribution

1,601



1,515


Depreciation and amortization

1,836



1,861


Investment/asset impairment charges, net

112



46


Gain on dispositions, net

(46)



(2)


777X and 767 reach-forward losses

4,079




Other charges and credits, net

528



3


Changes in assets and liabilities – 




Accounts receivable

(37)



(128)


Unbilled receivables

(60)



321


Advances and progress billings

4,069



3,365


Inventories

(12,353)



(1,681)


Other current assets

(16)



389


Accounts payable

(793)



1,672


Accrued liabilities

1,563



779


Income taxes receivable, payable and deferred

(567)



44


Other long-term liabilities

(329)



(313)


Pension and other postretirement plans

(959)



(1,049)


Financing receivables and operating lease equipment, net

512



571


Other

202



119


Net cash (used)/provided by operating activities

(12,080)



5,960


Cash flows – investing activities:




Payments to acquire property, plant and equipment

(2,230)



(1,527)


Proceeds from disposals of property, plant and equipment

49



27


Acquisitions, net of cash acquired

(50)



(70)


Proceeds from dispositions

124




Contributions to investments

(13,856)



(16,448)


Proceeds from investments

4,743



15,739


Supplier notes receivable

(694)



(162)


Repayments on supplier notes receivable

40




Purchase of distribution rights

(88)




Other

(11)



4


Net cash used by investing activities

(11,973)



(2,437)


Cash flows – financing activities:




New borrowings

10,161



75


Debt repayments

(8,673)



(5,216)


Common stock issuance, net of issuance costs

18,200




Mandatory convertible preferred stock issuance, net of issuance costs

5,657




Stock options exercised




45


Employee taxes on certain share-based payment arrangements

(83)



(408)


Other

(53)



17


Net cash provided/(used) by financing activities

25,209



(5,487)


Effect of exchange rate changes on cash and cash equivalents

(47)



30


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

1,109



(1,934)


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

12,713



14,647


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

13,822



12,713


Less restricted cash & cash equivalents, included in Investments

21



22


Cash & cash equivalents at end of year

$13,801



$12,691


 

The Boeing Company and Subsidiaries

Summary of Business Segment Data

(Unaudited)


























Twelve months ended

December 31


Three months ended

December 31

(Dollars in millions)

2024


2023


2024


2023

Revenues:








Commercial Airplanes

$22,861



$33,901



$4,762



$10,481


Defense, Space & Security

23,918



24,933



5,411



6,746


Global Services

19,954



19,127



5,119



4,849


Unallocated items, eliminations and other

(216)



(167)



(50)



(58)


Total revenues

$66,517



$77,794



$15,242



$22,018


(Loss)/earnings from operations:








Commercial Airplanes

($7,969)



($1,635)



($2,090)



$41


Defense, Space & Security

(5,413)



(1,764)



(2,267)



(101)


Global Services

3,618



3,329



998



842


Segment operating (loss)/earnings

(9,764)



(70)



(3,359)



782


Unallocated items, eliminations and other

(2,047)



(1,759)



(683)



(692)


FAS/CAS service cost adjustment

1,104



1,056



272



193


(Loss)/earnings from operations

(10,707)



(773)



(3,770)



283


Other income, net

1,222



1,227



432



308


Interest and debt expense

(2,725)



(2,459)



(755)



(600)


Loss before income taxes

(12,210)



(2,005)



(4,093)



(9)


Income tax benefit/(expense)

381



(237)



232



(21)


Net loss

(11,829)



(2,242)



(3,861)



(30)


Less: net (loss)/earnings attributable to noncontrolling interest

(12)



(20)



4



(7)


Net loss attributable to Boeing shareholders

($11,817)



($2,222)



($3,865)



($23)


Less: Mandatory convertible preferred stock dividends
accumulated during the period

58






58





Net loss attributable to Boeing common shareholders

(11,875)



(2,222)



(3,923)



(23)


Research and development expense, net:








Commercial Airplanes

$2,386



$2,036



$534



$498


Defense, Space & Security

917



919



189



267


Global Services

132



107



29



23


Other

377



315



84



93


Total research and development expense, net

$3,812



$3,377



$836



$881


Unallocated items, eliminations and other:








Share-based plans

$171



$62



$53



$95


Deferred compensation

(114)



(188)



(14)



(117)


Amortization of previously capitalized interest

(93)



(95)



(23)



(24)


Research and development expense, net

(377)



(315)



(84)



(93)


Eliminations and other unallocated items

(1,634)



(1,223)



(615)



(553)


Sub-total (included in Core operating loss)

(2,047)



(1,759)



(683)



(692)


Pension FAS/CAS service cost adjustment

811



799



203



136


Postretirement FAS/CAS service cost adjustment

293



257



69



57


FAS/CAS service cost adjustment

1,104



1,056



$272



$193


Total

($943)



($703)



($411)



($499)


 

The Boeing Company and Subsidiaries

Operating and Financial Data

(Unaudited)




























Deliveries


Twelve months ended

 December 31


Three months ended

December 31

Commercial Airplanes


2024


2023


2024


2023

737


265



396



36



110


747


—



1



—



—


767


18



32



3



15


777


14



26



3



9


787


51



73



15



23


Total


348



528



57



157



Defense, Space & Security









AH-64 Apache (New)


16



20



6



3


AH-64 Apache (Remanufactured)   


34



57



10



19


CH-47 Chinook (New)


4



11



2



3


CH-47 Chinook (Renewed)


9



9



2



2


F-15 Models


14



9



4



3


F/A-18 Models


11



22



6



6


KC-46 Tanker


10



13



—



9


MH-139


6



2



3



1


P-8 Models


4



11



—



4


     T-7A Red Hawk


2



3



1



2


     Commercial Satellites


2



5



2



2











Total1


112



162



36



54


1 Deliveries of new-build production units, including remanufactures and modifications























Total backlog (Dollars in millions)









December 31
2024


December 31
2023

Commercial Airplanes









$435,175



$440,507


Defense, Space & Security









64,023



59,012


Global Services









21,403



19,869


Unallocated items, eliminations and other          









735



807


Total backlog









$521,336



$520,195














Contractual backlog









$498,802



$497,094


Unobligated backlog









22,534



23,101


Total backlog









$521,336



$520,195














 

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

The tables provided below reconcile the non-GAAP financial measures core operating loss, core operating margin, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margin, and diluted loss per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.
























(Dollars in millions, except per share data)




Fourth Quarter 2024


Fourth Quarter 2023





$ millions

Per Share


$ millions

Per Share

Revenues




$15,242




$22,018



(Loss)/earnings from operations (GAAP)




(3,770)




283



Operating margins (GAAP)




(24.7)

%



1.3

%











FAS/CAS service cost adjustment:









Pension FAS/CAS service cost adjustment




(203)




(136)



Postretirement FAS/CAS service cost adjustment




(69)




(57)



FAS/CAS service cost adjustment




(272)




(193)



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




($4,042)




$90



Core operating margins (non-GAAP)




(26.5)

%



0.4

%











Diluted loss per share (GAAP)





($5.46)




($0.04)


Pension FAS/CAS service cost adjustment




($203)


($0.28)



($136)


($0.23)


Postretirement FAS/CAS service cost adjustment





(69)


(0.10)




(57)


(0.09)


Non-operating pension income




(108)


(0.15)



(127)


(0.21)


Non-operating postretirement income





(18)


(0.03)




(14)


(0.02)


Provision for deferred income taxes on adjustments 1




84


0.12



70


0.12


Subtotal of adjustments




($314)


($0.44)



($264)


($0.43)


Core loss per share (non-GAAP)





($5.90)




($0.47)











Weighted average diluted shares (in millions)





718.1




609.5



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, core operating margin, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margin, and diluted loss per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.
























(Dollars in millions, except per share data)




Full Year 2024


Full Year 2023





$ millions

Per Share


$ millions

Per Share

Revenues




$66,517




$77,794



Loss from operations (GAAP)




(10,707)




(773)



Operating margins (GAAP)




(16.1)

%



(1.0)

%











FAS/CAS service cost adjustment:









Pension FAS/CAS service cost adjustment




(811)




(799)



Postretirement FAS/CAS service cost adjustment




(293)




(257)



FAS/CAS service cost adjustment




(1,104)




(1,056)



Core operating loss (non-GAAP)




($11,811)




($1,829)



Core operating margins (non-GAAP)




(17.8)

%



(2.4)

%











Diluted loss per share (GAAP)





($18.36)




($3.67)


Pension FAS/CAS service cost adjustment




($811)


($1.26)



($799)


($1.32)


Postretirement FAS/CAS service cost adjustment





(293)


(0.45)




(257)


(0.42)


Non-operating pension income




(476)


(0.74)



(529)


(0.87)


Non-operating postretirement income





(73)


(0.11)




(58)


(0.10)


Provision for deferred income taxes on adjustments 1




347


0.54



345


0.57


Subtotal of adjustments




($1,306)


($2.02)



($1,298)


($2.14)


Core loss per share (non-GAAP)





($20.38)




($5.81)











Weighted average diluted shares (in millions)





647.2




606.1



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

 

Cision View original content:https://www.prnewswire.com/news-releases/boeing-reports-fourth-quarter-results-302361871.html

SOURCE Boeing


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