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Jun 30, 2021
Boeing Q2 2021 Earnings Report
Boeing's Q2 2021 performance was driven by increased commercial airplanes and services volume, with progress on the 737 MAX return to service.
Key Takeaways
Boeing reported Q2 2021 revenue of $17.0 billion, with GAAP earnings per share of $1.00 and core earnings per share (non-GAAP) of $0.40. Operating cash flow was ($0.5) billion. The results reflect higher commercial volume and lower period costs.
Continued progress on global safe return to service of 737 MAX.
Revenue of $17.0 billion, GAAP earnings per share of $1.00 and core (non-GAAP) earnings per share of $0.40.
Operating cash flow of ($0.5) billion; cash and marketable securities of $21.3 billion.
Commercial Airplanes backlog grew to $285 billion and added 180 net orders.
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 driving stability across its operations and transforming its business for the future, while closely monitoring COVID-19 impacts and global trade.
Positive Outlook
- The 737 program is currently producing at a rate of approximately 16 per month and continues to expect to gradually increase production to 31 per month in early 2022.
- Continued progress on the global safe return to service of the 737 MAX with more than 130 737 MAX aircraft delivered since FAA approval.
- Commercial Airplanes secured orders for 200 737 aircraft for United Airlines and 34 737 aircraft for Southwest Airlines.
- Defense, Space & Security secured an award for 14 H-47 extended-range Chinook helicopters for the U.K. Royal Air Force.
- Global Services signed an expanded parts agreement with Turkish Technic.
Challenges Ahead
- Boeing is conducting inspections and rework and continues to engage in detailed discussions with the FAA on verification methodology for 787.
- The 787 production rate will temporarily be lower than five per month and will gradually return to that rate.
- Boeing expects to deliver fewer than half of the 787s currently in inventory this year.
- Commercial market environment is improving, but Boeing is closely monitoring COVID-19 case rates, vaccine distribution and global trade.
- Cash and investments in marketable securities decreased to $21.3 billion, compared to $21.9 billion at the beginning of the quarter, primarily driven by operating cash outflows.
Revenue & Expenses
Visualization of income flow from segment revenue to net income