Second Quarter 2024
- Submitted comprehensive safety and quality plan to the Federal Aviation Administration
- Announced agreement to acquire Spirit AeroSystems in July; transaction expected to close mid-2025
- Revenue of $16.9 billion, GAAP loss per share of ($2.33) and core (non-GAAP)* loss per share of ($2.90)
- Operating cash flow of ($3.9) billion and free cash flow of ($4.3) billion (non-GAAP)*
- Total company backlog of $516 billion, including over 5,400 commercial airplanes
| Table 1. Summary Financial Results | Second Quarter | First Half | ||||||||||||||||||||||||||||||||||||
| (Dollars in Millions, except per share data) | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||||||||||||||||||||||||
| Revenues | $16,866 | $19,751 | (15) % | $33,435 | $37,672 | (11) % | ||||||||||||||||||||||||||||||||
| GAAP | ||||||||||||||||||||||||||||||||||||||
| Loss from operations | ($1,090) | ($99) | NM | ($1,176) | ($248) | NM | ||||||||||||||||||||||||||||||||
| Operating margins | (6.5) | % | (0.5) | % | NM | (3.5) | % | (0.7) | % | NM | ||||||||||||||||||||||||||||
| Net loss | ($1,439) | ($149) | NM | ($1,794) | ($574) | NM | ||||||||||||||||||||||||||||||||
| Loss per share | ($2.33) | ($0.25) | NM | ($2.90) | ($0.93) | NM | ||||||||||||||||||||||||||||||||
| Operating cash flow | ($3,923) | $2,875 | NM | ($7,285) | $2,557 | NM | ||||||||||||||||||||||||||||||||
| Non-GAAP* | ||||||||||||||||||||||||||||||||||||||
| Core operating loss | ($1,392) | ($390) | NM | ($1,780) | ($830) | NM | ||||||||||||||||||||||||||||||||
| Core operating margins | (8.3) | % | (2.0) | % | NM | (5.3) | % | (2.2) | % | NM | ||||||||||||||||||||||||||||
| Core loss per share | ($2.90) | ($0.82) | NM | ($4.04) | ($2.08) | NM | ||||||||||||||||||||||||||||||||
| *Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures.” |
The Boeing Company [NYSE: BA] recorded second quarter revenue of $16.9 billion, GAAP loss per share of ($2.33) and core loss per share (non-GAAP)* of ($2.90) (Table 1). Boeing reported operating cash flow of ($3.9) billion and free cash flow of ($4.3) billion (non-GAAP)*. Results primarily reflect lower commercial delivery volume and losses on fixed-price defense development programs.
“Despite a challenging quarter, we are making substantial progress strengthening our quality management system and positioning our company for the future,” said Dave Calhoun, Boeing president and chief executive officer. “We are executing on our comprehensive safety and quality plan and have reached an agreement to acquire Spirit AeroSystems. While we have more work ahead, the steps we’re taking will help stabilize our operations and ensure Boeing is the company the world needs it to be. We are making important progress in our recovery and will continue to build trust through action and transparency.”
