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Mar 31, 2024
Boeing Q1 2024 Earnings Report
Boeing's financial performance was affected by lower 737 deliveries and the 737-9 grounding, while comprehensive actions were undertaken to strengthen quality and safety in the commercial business.
Key Takeaways
Boeing reported a revenue of $16.6 billion for Q1 2024. The company experienced a GAAP loss per share of ($0.56) and a core (non-GAAP) loss per share of ($1.13). Operating cash flow was ($3.4) billion and free cash flow was ($3.9) billion (non-GAAP). Total company backlog grew to $529 billion, including over 5,600 commercial airplanes.
Undertaking comprehensive actions in our commercial business to strengthen quality and safety
Financial results reflect lower 737 deliveries and 737-9 grounding customer considerations
Total company backlog grew to $529 billion, including over 5,600 commercial airplanes
The 737 program slowed production below 38 per month to incorporate improvements to its quality management system
Boeing
Boeing
Boeing Revenue by Segment
Revenue by Segment
Commercial Airplanes Revenue
CapyFin.comDefense, Space & Security Revenue
CapyFin.comGlobal Services Revenue
CapyFin.com Forward Guidance
Boeing is focused on strengthening its quality and safety management systems, which is expected to lead to a stronger and more stable future. However, the company faces risks related to economic conditions, reliance on commercial airline customers, production quality issues, and dependence on subcontractors and suppliers.
Positive Outlook
- Focus on strengthening quality and safety management systems
- Comprehensive action plan to address feedback from the FAA audit of 737 production
- Booked 125 net orders, including 85 737-10 airplanes for American Airlines and 28 777X airplanes for customers including Ethiopian Airlines
- Global Services opened a maintenance facility in Jacksonville, Florida, supporting military customers
- U.S. Navy exercised options on a P-8 sustainment modification contract
Challenges Ahead
- Lower 737 deliveries and 737-9 grounding customer considerations
- Slowing down 737 production to drive improvements in quality
- Results reflect $222 million of losses on certain fixed-price development programs
- Reliance on fixed-price contracts
- Potential adverse developments in new or pending litigation and/or government inquiries or investigations
Revenue & Expenses
Visualization of income flow from segment revenue to net income