Boeing Reports Record 2018 Results and Provides 2019 Guidance

Defense, Space & Security fourth-quarter revenue increased to $6.1 billion driven by increased volume across F/A-18, satellites, and weapons (Table 5). Fourth-quarter operating margin increased to 10.9 percent, primarily reflecting favorable mix.

During the quarter, Defense, Space & Security was awarded contracts for the second KC-46 Tanker to Japan, a joint ground system to provide tactical satellite communications for the U.S. Air Force and to modernize 17 Chinooks for Spain. Defense, Space & Security also completed a successful test for the U.S. Air Force's Minuteman III and unveiled the SB>1 DEFIANT helicopter for the U.S. Army. In January, the first two KC-46 Tankers were delivered to the U.S. Air Force.

Backlog at Defense, Space & Security was $57 billion, of which 30 percent represents orders from customers outside the U.S.

Global Services













Table 6. Global Services

Fourth Quarter




Full Year



(Dollars in Millions)

2018


2017


Change


2018


2017


Change













Revenues

$4,894


$3,797


29%


$17,018


$14,581


17%

Earnings from Operations

$732


$559


31%


$2,522


$2,246


12%

Operating Margin

15.0%


14.7%


0.3 Pts


14.8%


15.4%


(0.6) Pts

Global Services fourth-quarter revenue increased to $4.9 billion, primarily driven by higher parts volume including the acquisition of KLX (Table 6). Fourth-quarter operating margin increased to 15.0 percent reflecting improved performance, partially offset by higher period costs.

During the quarter, Global Services was awarded Performance Based Logistics contracts for C-17 and F-22 for the U.S. Air Force and F-15 for Qatar as well as contracts for F/A-18 services for the U.S Navy. Global Services was also selected by Shenzhen Airlines to provide crew management solutions, making them the first airline in China to utilize Boeing AnalytX-powered services. Significant milestones during the quarter included the first KC-46 training flight with the U.S. Air Force. In addition, Global Services successfully began integrating KLX and began operations of the Auxiliary Power Unit joint venture with Safran.

Additional Financial Information









Table 7. Additional Financial Information

Fourth Quarter


Full Year

(Dollars in Millions)

2018


2017


2018


2017

Revenues








Boeing Capital

$60


$73


$274


$307

Unallocated items, eliminations and other

($30)


$255


($75)


$542

Earnings from Operations








Boeing Capital

$8


$27


$79


$114

FAS/CAS service cost adjustment

$308


$389


$1,327


$1,438

Other unallocated items and eliminations

($246)


($328)


($1,414)


($1,099)

Other income, net

$29


$32


$92


$123

Interest and debt expense

($158)


($93)


($475)


($360)

Effective tax rate

15.4%


(13.8)%


9.9%


16.3%


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