Revenue rose 5% in the full year to a record $90.8 billion and core earnings per share (non-GAAP) increased 22% to $8.60 on record deliveries. Full-year 2014 GAAP earnings per share was $7.38.
“Strong operating performance in the final quarter of 2014 propelled us to some of our best-ever results and sealed a fifth consecutive year of core operating earnings growth. By responding to strong demand with market-leading and proven products and capabilities, and delivering them more efficiently,” said Boeing Chairman and Chief Executive Officer Jim McNerney.
“Our Commercial Airplanes business successfully increased production rates and set an industry record for annual deliveries while also growing its backlog to new highs on record new orders for the year. Our Defense, Space & Security team navigated a challenging market environment to achieve solid revenue and healthy margins while also winning significant new contracts,” said McNerney.
“For 2015, we will continue to build on our commercial airplanes market leadership, strengthening and repositioning our defense, space and security business and working to better meet the needs of our customers by focusing on improving productivity, executing to development plans and delivering our industry-leading portfolio of innovative aerospace products and services,” he added.
Commercial Airplanes 4th quarter revenue increased 15% to a record $16.8 billion on higher delivery volume and mix. Commercial Airplanes booked 432 net orders during the quarter with a record 1,432 orders in 2014. Backlog remains strong with nearly 5,800 airplanes valued at a record $440 billion.
Boeing Military Aircraft (BMA) 4th quarter revenue was $3.0 billion, reflecting lower planned F-15 and C-17 deliveries. Operating margin increased to 12.3%, reflecting strong operating performance. During the quarter, BMA completed the first flight of the 767-2C test aircraft for the KC-46 tanker program and Congress approved funding for 15 EA-18G Growlers.
Network & Space Systems (N&SS) 4th quarter revenue was $2.2 billion, reflecting lower government satellite volume, and operating margin was 8.8 percent. During the quarter, N&SS completed the first two all-electric propulsion 702SP satellites.
Global Services & Support (GS&S) 4th quarter revenue increased to $2.4 billion on higher volume in maintenance, modification and upgrades (MM&U). During the quarter, GS&S was awarded a 25-year order from the Australian government to train navy and army rotary wing aircrew.
Backlog at Defense, Space & Security was $62 billion, of which 36% represents orders with international customers.
