Thursday, July 27, 2017

Boeing commercial jets revenue tops $15bn in Q2

The Boeing Company has posted a revenue of $15.7 billion in its commercial airplanes segment during the second quarter of the year with operating margins at 10 per cent.

The company posted total revenues of $22.7 billion in the second quarter of the year, reflecting planned production rates and timing of commercial and defence aircraft deliveries.

Commercial Airplanes booked 183 net orders during the quarter. Backlog remains robust with more than 5,700 airplanes valued at $424 billion.

During the quarter, Commercial Airplanes delivered the first 737 MAX 8 aircraft and announced the launch of the 737 MAX 10. Demand continues to be healthy with 571 incremental orders and commitments announced at the Paris Air Show, including 56 for widebody aircraft and 361 for the launch of the 737 MAX 10. Also at the Paris Air Show, a number of commercial service agreements were announced that provide further growth opportunity for Boeing Global Services.

Defence, Space & Security second-quarter revenue was $6.9 billion. Second-quarter operating margin increased to 12.9 per cent, reflecting increased productivity in all three segments.

Backlog at Defence, Space & Security was $58 billion, of which 37 per cent represents orders from international customers.

"Our teams are delivering better performance in every segment of the business, which is reflected in our strong second-quarter results and improved 2017 outlook," said chairman, president and chief executive officer Dennis Muilenburg.

"Our robust cash flow enabled us to return more value to shareholders, invest in future growth and in our people, including a plan to accelerate pension funding that also reduces risk and cyclicality in our business.

"In the second quarter, we added to our large and diverse order backlog with key wins in commercial airplanes, defence, space and services, while achieving important milestones such as delivering the first 737 MAX airplane, flying the second production-ready T-X trainer aircraft, and conducting a successful Ground-based Midcourse Defence intercept test.

"As we look to the second half of the year, our teams are focused on accelerating productivity, quality and safety improvements across the company, while completing key development efforts and delivering better capabilities and economics to our customers,” he added.

Operating cash flow in the quarter of $5.0 billion was driven by strong operating performance and favourable timing of receipts and expenditures. During the quarter, the company repurchased 13.6 million shares for $2.5 billion, leaving $9.0 billion remaining under the current repurchase authorization. The company also paid $0.9 billion in dividends in the quarter, reflecting a 30 per cent increase in dividends per share compared to the same period of the prior year. – TradeArabia News Service



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