TheChek News Flow

Reports Q4 (Dec) earnings of $2.31 per share, excluding non-recurring items, $0.21 better than the Capital IQ Consensus Estimate of $2.10; revenues rose 2.9% year/year to $24.47 bln vs the $23.9 bln consensus. Co issues mixed guidance for FY15, sees EPS of $8.20-8.40, excluding non-recurring items, vs. $8.65 Capital IQ Consensus Estimate; sees FY15 revs of $94.5-96.5 bln vs. $93.37 bln Capital IQ Consensus Estimate.

Additional 2015 Outlooks In billions except per share data:

• Operating cash flow is expected to be greater than $9.0 billion.
• Commercial Airplanes
• • Deliveries 750 - 755
  • Revenue $64.5 - 65.5
  • Operating Margin 9.5% - 10.0%
• Defense, Space & Security (revised for business realignment)
• • Revenue Boeing Military Aircraft ~$12.5
  • Network & Space Systems ~$8.0
  • Global Services & Support ~$9.5
  • Total BDS Revenue $29.5 - 30.5
  • Operating Margin
  • • Boeing Military Aircraft ~9.5%
    • Network & Space Systems ~9.0%
    • Global Services & Support ~11.0%
  • Total BDS Operating Margin 9.75% - 10.0%
• Boeing Capital
  
• • Portfolio Size Stable
  • Revenue ~$0.3
  • Pre-Tax Earnings ~$0.05
  • Research & Development ~ $3.5
• Capital Expenditures ~ $2.8
  
• Pension Expense ~ $2.1
  
• Effective Tax Rate ~ 30.5%