Charges related to 737 Max customer considerations were $551 million vs. $5.6 billion a year ago. Global Services also delivered the first F/A-18 Super Hornet test aircraft modified for the U.S. Navy Blue Angels.Effective at the beginning of 2020, certain programs were realigned between our Defense, Space & Security segment and Unallocated items, eliminations and other. services designed to increase efficiency and extend the economic lives of airplanes," Boeing wrote in its 2019 annual report for investors. 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.
But the KC-46 Air Force tanker continues to face delays and cost overruns. Business segment data for 2019 has been adjusted to reflect the realignment.Commercial Airplanes delivered 20 airplanes during the quarter, and backlog included over 4,500 airplanes valued at $326 billion.The Boeing Company [NYSE: BA] reported second-quarter revenue of $11.8 billion, GAAP loss per share of ($4.20) and core loss per share (non-GAAP)* of ($4.79), primarily reflecting the impacts of COVID-19 and the 737 MAX grounding (Table 1). The Boeing Company 2019 Annual Report (PDF 22.13 MB) View Proxy … Authors may own the stocks they discuss. Global Services second-quarter revenue decreased to $3.5 billion, driven by lower commercial services volume due to COVID-19, partially offset by higher government services volume (Table 6).
*Real-time prices by Nasdaq Last Sale. 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. The following definitions are provided:During the quarter, Global Services was awarded a contract modification for P-8A integrated logistics support for the U.S. Navy. "Regretfully, the prolonged impact of COVID-19 causing further reductions in our production rates and lower demand for commercial services means we'll have to further assess the size of our workforce," CEO Dave Calhoun wrote in a memo to employees.Boeing 737 Max production was halted in January and resumed in May. Annual Reports Files on this page are PDF. Global Services captured an order for four 767-300 freighter conversions for DHL and was awarded a contract for F-15 pre-delivery training support for the Qatar Emiri Air Force. Overview; Investor News; Financial Reports. "We are taking the right action to ensure we're well positioned for the future by strengthening our culture, improving transparency, rebuilding trust and transforming our business to become a better, more sustainable Boeing. Boeing Investors Financial Reports Quarterly Reports. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. At this time, production rate assumptions have not changed on the 767 and 747 programs. 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. 2019. Estimated potential concessions and other considerations to customers related to the 737 MAX grounding increased by $551 million in the quarter. Debt was $61.4 billion, up from $38.9 billion at the beginning of the quarter due to the issuance of new debt, partially offset by repayment of maturing debt.CHICAGO, July 29, 2020 /PRNewswire/ --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.
Boeing recorded operating cash flow of ($5.3) billion. Get market updates, educational videos, webinars, and stock analysis.Get instant access to exclusive stock lists, expert market analysis and powerful tools with 5 weeks of IBD Digital for only $5!Ownership data provided by Refinitiv and Estimates data provided by FactSet.Meanwhile, widebody jets have been the only moneymakers for Boeing.
"Commercial Airplanes second-quarter revenue and operating margin decreased reflecting lower delivery volume, partially offset by a lower 737 MAX customer consideration charge of $551 million in the quarter compared to a $5.6 billion charge in the same period last year. Boeing Investors. 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. Currently, it's split between Washington state and South Carolina.While the Boeing 737 Max gets ready to fly again, demand from carriers for new jets has plummeted as the coronavirus pandemic halts global travel.But sources told the Wall Street Journal last week that after pilot training and FAA certification of individual airlines' 737 Max return plans, the plane might not carry passengers until the end of December or later.Calhoun told analysts on a call Wednesday that Covid-19 is creating logistical challenges for the necessary international travel and in-person meetings needed to work on regulatory approvals.Smith said Boeing would have liked to brought some production rates down sooner but had to take the supply chain into consideration.