Boeing’s First Quarter Revenue Soars to $22.1 Billion
The Boeing Company has reported a 38% jump in its net income for the first quarter which soared to $1.3 billion from $965 million last year.
The aviation giant also reported an 8% increase in its first-quarter revenue which hit $22.1 billion on higher commercial deliveries.
“With disciplined execution and a sharp focus on productivity, we are meeting increasing customer commitments while profitably growing our business. The strong operational and financial performance reinforces our ability to continue providing competitive returns for our shareholders while investing in technology and our people,” said Boeing Chairman and Chief Executive Officer Jim McNerney (photo).
“Our outlook for the full year remains positive as our teams work to efficiently deliver our portfolio of industry-leading aerospace products and services. We are also maximizing the expertise of our talented people to accelerate development program milestones and improve affordability for our customers,” he added.
Total company backlog at quarter-end was $495 billion, down from $502 billion at the beginning of the year, and included net orders for the quarter of $15 billion.
Commercial Airplanes first-quarter revenue increased 21% to $15.4 billion on higher delivery volume and mix. First-quarter operating margin was 10.5%, reflecting the dilutive impact of higher 787 deliveries.
Commercial Airplanes captured orders for 52 737 MAX airplanes. The 737 program has won over 2,700 firm orders for the 737 MAX since launch.
Commercial Airplanes booked 110 net orders during the quarter. Backlog remains strong with over 5,700 airplanes valued at $435 billion.
Defense, Space & Security's first-quarter revenue was $6.7 billion with an operating margin of 11.1%.
Boeing Military Aircraft’s (BMA) first-quarter revenue was $2.7 billion, reflecting planned timing of deliveries and mix; operating margin was 9.5%. During the quarter, BMA was awarded contracts for 43 Apache helicopters.
Network and Space Systems’ (N&SS) first-quarter revenue was $1.7 billion, reflecting lower satellites and missile defense system program volume partially offset by higher volume on the Commercial Crew program.
Global Services and Support’s (GS&S) first-quarter revenue was $2.2 billion, reflecting slightly lower volume in integrated logistics. Operating margin increased to 14.1% on strong operating performance and program mix. During the quarter,
Backlog at Defense, Space & Security was $60 billion, of which 37% represents orders from international customers.