Boeing

Boeing Reports Fourth Quarter Results

ARLINGTON, Va., Jan. 31, 2024 /PRNewswire/ --

Fourth Quarter 2023

  • Delivered 157 commercial airplanes and recorded 611 net orders
  • 787 production rate at five per month; 737 production rate at 38 per month
  • Generated $3.4 billion of operating cash flow and $3.0 billion of free cash flow (non-GAAP)

Full Year 2023

  • Delivered 528 commercial airplanes and recorded 1,576 net orders
  • Total company backlog grew to $520 billion, including over 5,600 commercial airplanes
  • Generated $6.0 billion of operating cash flow and $4.4 billion of free cash flow (non-GAAP)







































Table 1. Summary Financial Results


Fourth Quarter




Full Year



(Dollars in Millions, except per share data)


2023


2022


Change


2023


2022


Change














Revenues


$22,018



$19,980



10 %


$77,794



$66,608



17 %














GAAP













Earnings/(loss) from operations


$283



($345)



NM


($773)



($3,519)



NM

Operating margins


1.3

%


(1.7)

%


NM


(1.0)

%


(5.3)

%


NM

Net loss


($30)



($663)



NM


($2,242)



($5,053)



NM

Loss per share


($0.04)



($1.06)



NM


($3.67)



($8.30)



NM

Operating cash flow


$3,381



$3,457



(2) %


$5,960



$3,512



70 %

Non-GAAP*













Core operating earnings/(loss)


$90



($642)



NM


($1,829)



($4,662)



NM

Core operating margins


0.4

%


(3.2)

%


NM


(2.4)

%


(7.0)

%


NM

Core loss per share


($0.47)



($1.75)



NM


($5.81)



($11.06)



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 fourth quarter revenue of $22.0 billion, GAAP loss per share of ($0.04) and core loss per share (non-GAAP)* of ($0.47) (Table 1). Boeing reported operating cash flow of $3.4 billion and free cash flow of $3.0 billion (non-GAAP). Results improved on higher commercial volume and performance.

"While we report our financial results today, our full focus is on taking comprehensive actions to strengthen quality at Boeing, including listening to input from our 737 employees that do this work every day," said Dave Calhoun, Boeing president and chief executive officer. "As we move forward, we will support our customers, work transparently with our regulator and ensure we complete all actions to earn the confidence of our stakeholders."
































Table 2. Cash Flow


Fourth Quarter


Full Year





(Millions)


2023


2022


2023


2022





Operating cash flow


$3,381



$3,457



$5,960



$3,512






Less additions to property, plant & equipment


($431)



($326)



($1,527)



($1,222)






Free cash flow*


$2,950



$3,131



$4,433



$2,290







*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." 

Operating cash flow was $3.4 billion in the quarter reflecting higher volume and favorable receipt timing (Table 2).
















Table 3. Cash, Marketable Securities and Debt Balances


Quarter End

(Billions)


Q4 23


Q3 23

Cash


$12.7



$6.8


Marketable securities1


$3.3



$6.6


Total


$16.0



$13.4







Consolidated debt


$52.3



$52.3



1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."

Cash and investments in marketable securities totaled $16.0 billion, compared to $13.4 billion at the beginning of the quarter (Table 3). The company has access to credit facilities of $10.0 billion, which remain undrawn.

Total company backlog at quarter end was $520 billion.

Segment Results

Commercial Airplanes








































Table 4. Commercial Airplanes


Fourth Quarter




Full Year



(Dollars in Millions)


2023


2022


Change


2023


2022


Change














Deliveries


157



152



3 %


528



480



10 %














Revenues


$10,481



$9,271



13 %


$33,901



$26,026



30 %

Earnings/(loss) from operations


$41



($603)



NM


($1,635)



($2,341)



NM

Operating margins


0.4

%


(6.5)

%


NM


(4.8)

%


(9.0)

%


NM

Commercial Airplanes fourth quarter revenue increased to $10.5 billion driven by higher deliveries and favorable mix (Table 4). Operating margin of 0.4 percent also reflects improved performance and lower abnormal costs.

The company continues to cooperate transparently with the FAA following the Alaska Airlines Flight 1282 accident involving a 737-9. Commercial Airplanes is taking immediate actions to strengthen quality on the 737 program, including requiring additional inspections within its factory and at key suppliers, supporting expanded oversight from airline customers and pausing 737 production for one day to refocus its employees on quality. The company has also appointed an outside expert to lead an in-depth independent assessment of Commercial Airplanes' quality management system, with recommendations provided directly to Calhoun and the Aerospace Safety Committee of Boeing's Board of Directors.

The 737 program continues to deliver airplanes and its production rate is now at 38 per month. The 787 program production rate is now at five per month.

During the quarter, Commercial Airplanes booked 611 net orders, including 411 737, 98 777X, and 83 787 airplanes, began certification flight testing on the 737-10, and resumed production on the 777X program. Commercial Airplanes delivered 157 airplanes during the quarter and backlog included over 5,600 airplanes valued at $441 billion.

Defense, Space & Security








































Table 5. Defense, Space & Security


Fourth Quarter




Full Year



(Dollars in Millions)


2023


2022


Change


2023


2022


Change














Revenues


$6,746



$6,181



9 %


$24,933



$23,162



8 %

(Loss)/earnings from operations


($101)



$112



NM


($1,764)



($3,544)



NM

Operating margins


(1.5)

%


1.8

%


NM


(7.1)

%


(15.3)

%


NM

Defense, Space & Security fourth quarter revenue was $6.7 billion. Fourth quarter operating margin was (1.5) percent, primarily driven by $139 million of losses on certain fixed-price development programs. Results were also impacted by unfavorable performance and mix on other programs.

During the quarter, Defense, Space & Security captured an award from the U.S. Air Force for 15 KC-46A Tankers, began the U.S. Air Force developmental flight test program for the T-7A Red Hawk, and Canada selected the P-8A Poseidon as its multi-mission aircraft. Backlog at Defense, Space & Security was $59 billion, of which 29 percent represents orders from customers outside the U.S.

Global Services








































Table 6. Global Services


Fourth Quarter




Full Year



(Dollars in Millions)


2023


2022


Change


2023


2022


Change














Revenues


$4,849



$4,567



6 %


$19,127



$17,611



9 %

Earnings from operations


$842



$634



33 %


$3,329



$2,727



22 %

Operating margins


17.4

%


13.9

%


3.5 pts


17.4

%


15.5

%


1.9 pts

Global Services fourth quarter revenue of $4.8 billion and operating margin of 17.4 percent reflect higher commercial volume and mix.

During the quarter, Global Services opened its first parts distribution center in India and received a follow-on contract option to provide sustainment for the C-17 Globemaster III.

Additional Financial Information




























Table 7. Additional Financial Information


Fourth Quarter


Full Year

(Dollars in Millions)


2023


2022


2023


2022

Revenues









Unallocated items, eliminations and other


($58)



($39)



($167)



($191)


Earnings/(loss) from operations









FAS/CAS service cost adjustment


$193



$297



$1,056



$1,143


Other unallocated items and eliminations


($692)



($785)



($1,759)



($1,504)


Other income, net


$308



$336



$1,227



$1,058


Interest and debt expense


($600)



($640)



($2,459)



($2,561)


Effective tax rate


(233.3)

%


(2.2)

%


(11.8)

%


(0.6)

%

Other unallocated items and eliminations primarily reflects timing of allocations. The fourth quarter effective tax rate primarily reflects tax expense on pre-tax losses driven by an increase in the valuation allowance.

Non-GAAP Measures Disclosures

We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided:

Core Operating Earnings/(loss), Core Operating Margin and Core Earnings/(loss) Per Share

Core operating earnings/(loss) is defined as GAAP Earnings/(loss) from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margin is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share excluding the net earnings/(loss) per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings/(loss), core operating margin and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12 and page 13.

Free Cash Flow

Free cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. See Table 2 on page 2 for reconciliation of free cash flow to GAAP operating cash flow.

Caution Concerning Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and similar expressions generally identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) work stoppages or other labor disruptions; (7) competition within our markets; (8) our non-U.S. operations and sales to non-U.S. customers; (9) changes in accounting estimates; (10) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures; (11) our dependence on U.S. government contracts; (12) our reliance on fixed-price contracts; (13) our reliance on cost-type contracts; (14) contracts that include in-orbit incentive payments; (15) unauthorized access to our, our customers' and/or our suppliers' information and systems; (16) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (17) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (18) potential environmental liabilities; (19) effects of climate change and legal, regulatory or market responses to such change; (20) changes in our ability to obtain debt financing on commercially reasonable terms, at competitive rates and in sufficient amounts; (21) substantial pension and other postretirement benefit obligations; (22) the adequacy of our insurance coverage; and (23) customer and aircraft concentration in our customer financing portfolio.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Contact:


Investor Relations:


Matt Welch or David Dufault BoeingInvestorRelations@boeing.com

Communications:


Michael Friedman media@boeing.com 

 

The Boeing Company and Subsidiaries

Consolidated Statements of Operations

(Unaudited)


























Twelve months ended
December 31


Three months ended
December 31

(Dollars in millions, except per share data)

2023


2022


2023


2022

Sales of products

$65,581



$55,893



$18,920



$17,126


Sales of services

12,213



10,715



3,098



2,854


Total revenues

77,794



66,608



22,018



19,980










Cost of products

(59,864)



(53,969)



(16,724)



(15,732)


Cost of services

(10,206)



(9,109)



(2,597)



(2,384)


Total costs and expenses

(70,070)



(63,078)



(19,321)



(18,116)



7,724



3,530



2,697



1,864


Income/(loss) from operating investments, net

46



(16)



1



11


General and administrative expense

(5,168)



(4,187)



(1,535)



(1,430)


Research and development expense, net

(3,377)



(2,852)



(881)



(794)


Gain on dispositions, net

2



6



1



4


Loss/(earnings) from operations

(773)



(3,519)



283



(345)


Other income, net

1,227



1,058



308



336


Interest and debt expense

(2,459)



(2,561)



(600)



(640)


Loss before income taxes

(2,005)



(5,022)



(9)



(649)


Income tax (expense)/benefit

(237)



(31)



(21)



(14)


Net loss

(2,242)



(5,053)



(30)



(663)


Less: net loss attributable to noncontrolling interest

(20)



(118)



(7)



(29)


Net loss attributable to Boeing Shareholders

($2,222)



($4,935)



($23)



($634)










Basic loss per share

($3.67)



($8.30)



($0.04)



($1.06)










Diluted loss per share

($3.67)



($8.30)



($0.04)



($1.06)










Weighted average diluted shares (millions)

606.1


595.2


609.5


598.9

 

The Boeing Company and Subsidiaries

Consolidated Statements of Financial Position

(Unaudited) 













(Dollars in millions, except per share data)

December 31
2023


December 31
2022

Assets




Cash and cash equivalents

$12,691



$14,614


Short-term and other investments

3,274



2,606


Accounts receivable, net

2,649



2,517


Unbilled receivables, net

8,317



8,634


Current portion of financing receivables, net

99



154


Inventories

79,741



78,151


Other current assets, net

2,504



2,847


Total current assets

109,275



109,523


Financing receivables and operating lease equipment, net

860



1,450


Property, plant and equipment, net of accumulated depreciation of $22,245 and $21,442

10,661



10,550


Goodwill

8,093



8,057


Acquired intangible assets, net

2,094



2,311


Deferred income taxes

59



63


Investments

1,035



983


Other assets, net of accumulated amortization of of $1,046 and $949

4,935



4,163


Total assets

$137,012



$137,100


Liabilities and equity




Accounts payable

$11,964



$10,200


Accrued liabilities

22,331



21,581


Advances and progress billings

56,328



53,081


Short-term debt and current portion of long-term debt

5,204



5,190


Total current liabilities

95,827



90,052


Deferred income taxes

229



230


Accrued retiree health care

2,233



2,503


Accrued pension plan liability, net

6,516



6,141


Other long-term liabilities

2,332



2,211


Long-term debt

47,103



51,811


Total liabilities

154,240



152,948


Shareholders' equity:




     Common stock, par value $5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued

5,061



5,061


Additional paid-in capital

10,309



9,947


     Treasury stock, at cost - 402,746,136 and 414,671,383 shares

(49,549)



(50,814)


Retained earnings

27,251



29,473


Accumulated other comprehensive loss

(10,305)



(9,550)


Total shareholders' deficit

(17,233)



(15,883)


Noncontrolling interests

5



35


Total equity

(17,228)



(15,848)


Total liabilities and equity

$137,012



$137,100


 

The Boeing Company and Subsidiaries

Consolidated Statements of Cash Flows
(Unaudited)














Twelve months ended
December 31

(Dollars in millions)

2023


2022

Cash flows – operating activities:




Net loss

($2,242)



($5,053)


Adjustments to reconcile net loss to net cash provided by operating activities:




Non-cash items – 




Share-based plans expense

690



725


Treasury shares issued for 401(k) contribution

1,515



1,215


Depreciation and amortization

1,861



1,979


Investment/asset impairment charges, net

46



112


Gain on dispositions, net

(2)



(6)


Other charges and credits, net

3



401


Changes in assets and liabilities – 




Accounts receivable

(128)



142


Unbilled receivables

321



6


Advances and progress billings

3,365



108


Inventories

(1,681)



420


Other current assets

389



(591)


Accounts payable

1,672



838


Accrued liabilities

779



2,956


Income taxes receivable, payable and deferred

44



1,347


Other long-term liabilities

(313)



(158)


Pension and other postretirement plans

(1,049)



(1,378)


Financing receivables and operating lease equipment, net

571



142


Other

119



307


               Net cash provided by operating activities

5,960



3,512


Cash flows – investing activities:




Payments to acquire property, plant and equipment

(1,527)



(1,222)


Proceeds from disposals of property, plant and equipment

27



35


Acquisitions, net of cash acquired

(70)




Contributions to investments

(16,448)



(5,051)


Proceeds from investments

15,739



10,619


Other

(158)



(11)


Net cash (used)/provided by investing activities

(2,437)



4,370


Cash flows – financing activities:




New borrowings

75



34


Debt repayments

(5,216)



(1,310)


Stock options exercised

45



50


Employee taxes on certain share-based payment arrangements

(408)



(40)


Other

17




Net cash used by financing activities

(5,487)



(1,266)


Effect of exchange rate changes on cash and cash equivalents

30



(73)


Net (decrease)/increase in cash & cash equivalents, including restricted

(1,934)



6,543


Cash & cash equivalents, including restricted, at beginning of year

14,647



8,104


Cash & cash equivalents, including restricted, at end of period

12,713



14,647


Less restricted cash & cash equivalents, included in Investments

22



33


Cash & cash equivalents at end of year

$12,691



$14,614


 

The Boeing Company and Subsidiaries

Summary of Business Segment Data

(Unaudited)


























Twelve months ended
December 31


Three months ended
December 31

(Dollars in millions)

2023


2022


2023


2022

Revenues:








Commercial Airplanes

$33,901



$26,026



$10,481



$9,271


Defense, Space & Security

24,933



23,162



6,746



6,181


Global Services

19,127



17,611



4,849



4,567


Unallocated items, eliminations and other

(167)



(191)



(58)



(39)


Total revenues

$77,794



$66,608



$22,018



$19,980


Loss from operations:








Commercial Airplanes

($1,635)



($2,341)



$41



($603)


Defense, Space & Security

(1,764)



(3,544)



(101)



112


Global Services

3,329



2,727



842



634


Segment operating (loss)/earnings

(70)



(3,158)



782



143


Unallocated items, eliminations and other

(1,759)



(1,504)



(692)



(785)


FAS/CAS service cost adjustment

1,056



1,143



193



297


(Loss)/earnings from operations

(773)



(3,519)



283



(345)


Other income, net

1,227



1,058



308



336


Interest and debt expense

(2,459)



(2,561)



(600)



(640)


Loss before income taxes

(2,005)



(5,022)



(9)



(649)


Income tax expense

(237)



(31)



(21)



(14)


Net loss

(2,242)



(5,053)



(30)



(663)


Less: net loss attributable to noncontrolling interest

(20)



(118)



(7)



(29)


Net loss attributable to Boeing Shareholders

($2,222)



($4,935)



($23)



($634)


Research and development expense, net:








Commercial Airplanes

$2,036



$1,510



$498



$408


Defense, Space & Security

919



945



267



239


Global Services

107



119



23



30


Other

315



278



93



117


Total research and development expense, net

$3,377



$2,852



$881



$794


Unallocated items, eliminations and other:








Share-based plans

$62



($114)



$95



($50)


Deferred compensation

(188)



117



(117)



(87)


Amortization of previously capitalized interest

(95)



(95)



(24)



(24)


Research and development expense, net

(315)



(278)



(93)



(117)


Eliminations and other unallocated items

(1,223)



(1,134)



(553)



(507)


Sub-total (included in Core operating loss)

(1,759)



(1,504)



(692)



(785)


Pension FAS/CAS service cost adjustment

799



849



136



228


Postretirement FAS/CAS service cost adjustment

257



294



57



69


FAS/CAS service cost adjustment

1,056



1,143



$193



$297


Total

($703)



($361)



($499)



($488)


 

The Boeing Company and Subsidiaries

Operating and Financial Data

(Unaudited)































Deliveries


Twelve months ended
December 31


Three months ended
December 31


Commercial Airplanes


2023


2022


2023


2022


737


396



387



110



110



747


1



5





2



767


32



33



15



12



777


26



24



9



6



787


73



31



23



22



Total


528



480



157



152














Defense, Space & Security










AH-64 Apache (New)


20



25



3



5



AH-64 Apache (Remanufactured)


57



50



19



14



CH-47 Chinook (New)


11



19



3



9



CH-47 Chinook (Renewed)


9



9



2



3



F-15 Models


9



12



3



3



F/A-18 Models


22



14



6



3



KC-46 Tanker


13



15



9



6



MH-139


2



4



1





P-8 Models


11



12



4



2



     T-7A Red Hawk


3





2





     Commercial Satellites


5



4



2



2



     Military Satellites




1





1



Total1


162



165



54



48



1 Deliveries of new-build production units, including remanufactures and modifications
























Total backlog (Dollars in millions)







December 31
2023

December 31
2022



Commercial Airplanes







$440,507

$329,824



Defense, Space & Security







59,012

54,373



Global Services







19,869

19,338



Unallocated items, eliminations and other







807

846



Total backlog







$520,195

$404,381















Contractual backlog







$497,094

$381,977



Unobligated backlog







23,101

22,404



Total backlog







$520,195

$404,381













 

The Boeing Company and Subsidiaries 
Reconciliation of Non-GAAP Measures 
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margin, and core earnings/(loss) per share with the most directly comparable GAAP financial measures, earnings/(loss) from operations, operating margin, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.
























(Dollars in millions, except per share data)




Fourth Quarter 2023


Fourth Quarter 2022





$ millions

Per Share


$ millions

Per Share

Revenues




22,018




19,980



Earnings/(loss) from operations (GAAP)




283




(345)



Operating margin (GAAP)




1.3

%



(1.7)

%











FAS/CAS service cost adjustment:









Pension FAS/CAS service cost adjustment




(136)




(228)



Postretirement FAS/CAS service cost adjustment




(57)




(69)



FAS/CAS service cost adjustment




(193)




(297)



Core operating earnings/(loss) (non-GAAP)




$90




($642)



Core operating margin (non-GAAP)




0.4

%



(3.2)

%











Diluted loss per share (GAAP)





($0.04)




($1.06)


Pension FAS/CAS service cost adjustment




($136)


(0.23)



($228)


(0.38)


Postretirement FAS/CAS service cost adjustment





(57)


(0.09)




(69)


(0.12)


Non-operating pension expense




(127)


(0.21)



(215)


(0.35)


Non-operating postretirement expense





(14)


(0.02)




(14)


(0.02)


Provision for deferred income taxes on adjustments 1




70


0.12



110


0.18


Subtotal of adjustments




($264)


($0.43)



($416)


($0.69)


Core loss per share (non-GAAP)





($0.47)




($1.75)











Weighted average diluted shares (in millions)





609.5




598.9



1 The income tax impact is calculated using the U.S. corporate statutory tax rate.

 

The Boeing Company and Subsidiaries 
Reconciliation of Non-GAAP Measures 
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margin, and core earnings/(loss) per share with the most directly comparable GAAP financial measures, earnings/(loss) from operations, operating margin, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.
























(Dollars in millions, except per share data)




Full Year 2023


Full Year 2022





$ millions

Per Share


$ millions

Per Share

Revenues




77,794




66,608



Loss from operations (GAAP)




(773)




(3,519)



Operating margin (GAAP)




(1.0)

%



(5.3)

%











FAS/CAS service cost adjustment:









Pension FAS/CAS service cost adjustment




(799)




(849)



Postretirement FAS/CAS service cost adjustment




(257)




(294)



FAS/CAS service cost adjustment




(1,056)




(1,143)



Core operating loss (non-GAAP)




(1,829)




(4,662)



Core operating margin (non-GAAP)




(2.4)

%



(7.0)

%











Diluted loss per share (GAAP)





(3.67)




(8.30)


Pension FAS/CAS service cost adjustment




(799)


(1.32)



(849)


(1.43)


Postretirement FAS/CAS service cost adjustment





(257)


(0.42)




(294)


(0.49)


Non-operating pension expense




(529)


(0.87)



(881)


(1.47)


Non-operating postretirement expense





(58)


(0.10)




(58)


(0.10)


Provision for deferred income taxes on adjustments 1




345


0.57



437


0.73


Subtotal of adjustments




($1,298)


($2.14)



($1,645)


($2.76)


Core loss per share (non-GAAP)





($5.81)




($11.06)











Weighted average diluted shares (in millions)





606.1




595.2



1 The income tax impact is calculated using the U.S. corporate statutory tax rate.

 

SOURCE Boeing