>>> Boeing misses by $0.09, reports revs in-line, co says it will take time to r

Boeing misses by $0.09, reports revs in-line, co says it will take time to return to its former legacy (159.85)
  • Reports Q3 (Sep) core (non-GAAP) loss of $(10.44) per share, excluding non-recurring items, $0.09 worse than the FactSet Consensus of ($10.35); revenues fell 1.5% year/year to $17.84 bln vs the $17.81 bln FactSet Consensus.
  • "It will take time to return Boeing to its former legacy, but with the right focus and culture, we can be an iconic company and aerospace leader once again," said Kelly Ortberg, Boeing President and Chief Executive Officer. "Going forward, we will be focused on fundamentally changing the culture, stabilizing the business, and improving program execution, while setting the foundation for the future of Boeing."
  • Financials reflect impacts of work stoppage and previously announced charges on commercial and defense programs.
  • Total company backlog of $511 bln, including over 5,400 commercial airplanes.
  • Segment Performance:
    • Commercial Airplanes Q3 segment revenue fell 5% yr/yr to $7.44 bln with (54)% segment operating margin.
      • Results reflect previously announced pre-tax charges of $3.0 billion on the 777X and 767 programs as well as the IAM work stoppage and higher period expense, including R&D.
      • The 787 program is currently producing at 4 per month and maintains plans to return to 5 per month by year end.
      • In the quarter, Commercial Airplanes booked 49 net orders and delivered 116 airplanes, with backlog of over 5,400 airplanes valued at $428 billion.
    • Defense, Space & Security Q3 segment revenue grew 1% yr/yr to $5.54 bln. Operating margin declined to (43.1)%.
      • Results reflect the previously announced pre-tax charges of $2.0 billion on the T-7A, KC-46A Tanker, Commercial Crew, and MQ-25 programs. Results also reflect unfavorable performance on other programs.
      • During the quarter, Defense, Space & Security delivered the first production MH-139A to the U.S. Air Force and definitized a contract for two E-7A Wedgetails from the U.S. Air Force.
      • Backlog at Defense, Space & Security was $62 billion, of which 28% represents orders from customers outside the US.
    • Global Services Q3 segment revenue rose 2% yr/yr to $4.90 bln with 17.0% segment op mgn, reflecting higher commercial volume and mix.