Boeing Reports Record 2018 Results and Provides 2019 Guidance

Cash and investments in marketable securities totaled $8.6 billion, compared to $10.0 billion at the beginning of the quarter (Table 3). Debt was $13.8 billion, up from $11.9 billion at the beginning of the quarter primarily due to the issuance of new debt following the KLX acquisition.

Total company backlog at quarter-end was relatively unchanged at $490 billion and included net orders for the quarter of $27 billion.

Segment Results

Commercial Airplanes













Table 4. Commercial Airplanes

Fourth Quarter




Full Year



(Dollars in Millions)

2018


2017


Change


2018


2017


Change













Commercial Airplanes Deliveries

238


209


14%


806


763


6%













Revenues

$17,306


15,388


12%


$60,715


$58,014


5%

Earnings from Operations

$2,704


$1,787


51%


$7,879


$5,452


45%

Operating Margin

15.6%


11.6%


4.0 Pts


13.0%


9.4%


3.6 Pts

Commercial Airplanes fourth-quarter revenue increased to $17.3 billion reflecting higher deliveries and favorable mix (Table 4). Fourth-quarter operating margin increased to 15.6 percent, driven by higher 737 volume and strong operating performance on production programs, including higher 787 margins.

During the quarter, Commercial Airplanes delivered 238 airplanes, including the delivery of the 787th 787 Dreamliner and the first 737 MAX Boeing Business Jet. The 737 program delivered 111 MAX airplanes in the fourth quarter, including the first MAX delivery from the China Completion Center, and delivered 256 MAX airplanes in 2018. The first 777X flight test airplane completed final body join and power-on, and the program remains on track for flight testing this year and first delivery in 2020.

Commercial Airplanes booked 262 net orders during the quarter, valued at $16 billion. Backlog remains robust with nearly 5,900 airplanes valued at $412 billion.

Defense, Space & Security













Table 5. Defense, Space & Security

Fourth Quarter




Full Year



(Dollars in Millions)

2018


2017


Change


2018


2017


Change













Revenues

$6,111


$5,257


16%


$23,195


$20,561


13%

Earnings from Operations

$669


$544


23%


$1,594


$2,193


(27%)

Operating Margin

10.9%


10.3%


0.6 Pts


6.9%


10.7%


(3.8) Pts


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