Boeing Reports Record 2018 Results and Provides 2019 Guidance

 

The Boeing Company and Subsidiaries

Reconciliation of Non-GAAP Measures

(Unaudited)


The tables provided below reconcile the non-GAAP financial measures core operating earnings, core operating margin, and core earnings per share with the most directly comparable GAAP financial measures, earnings from operations, operating margin, and diluted earnings per share. See page 6 of this release for additional information on the use of these non-GAAP financial measures.


(Dollars in millions, except per share data)

2019 Guidance


Full Year 2018


Full Year 2017


$ millions

Per Share


$ millions


Per Share


$ millions


Per Share

Revenues




101,127




94,005



Earnings from operations (GAAP)




11,987




10,344



Operating margins




11.9%




11.0%




FAS/CAS service cost adjustment:









Pension FAS/CAS service cost adjustment




(1,005)




(1,127)



Postretirement FAS/CAS service cost adjustment




(322)




(311)



FAS/CAS service cost adjustment

~($1,335)



(1,327)




(1,438)



Core operating earnings (non-GAAP)




$10,660




$8,906



Core operating margins (non-GAAP)




10.5%




9.5%




Diluted earnings per share (GAAP)


$21.90 - 22.10



$17.85



$13.85

Pension FAS/CAS service cost adjustment

~($1,335)



($1,005)


(1.71)


($1,127)


(1.84)

Postretirement FAS/CAS service cost adjustment



(322)


(0.55)


(311)


(0.51)

Non-operating pension expense

~($90)



(143)


(0.24)


(117)


(0.19)

Non-operating postretirement expense



101


0.17


123


0.20

Provision for deferred income taxes on adjustments  1




287


0.49


501


0.82

Subtotal of adjustments


($2.00)


($1,082)


($1.84)


($931)


($1.52)

Core earnings per share (non-GAAP)


$19.90 - 20.10



$16.01



$12.33


Weighted average diluted shares (in millions)

560 - 565




586.2



610.7


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


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