Boeing Co. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for the Year 2012
January 25, 2012 at 07:30 am
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Boeing Co. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company has posted total revenue of $19,555 million against $16,550 million a year ago. Earnings from operations were $1,597 million against $1,103 million a year ago. Earnings before income tax were $1,444 million against $1,003 million a year ago. Net earnings from continuing operations were $1,387 million or $1.83 diluted per share against $1,166 million or $1.56 diluted per share a year ago. Net earnings were $1,393 million or $1.84 diluted per share against $1,164 million or $1.56 diluted per share a year ago. Free cash flow was $2,360 million against $716 million a year ago. Net earnings were backed by continued strong core performance across the company's businesses.
For the year, the company has posted total revenue of $68,735 million against $64,306 million a year ago. Earnings from operations were $5,844 million against $4,971 million a year ago. Earnings before income tax were $5,393 million against $4,507 million a year ago. Net earnings from continuing operations were $4,011 million or $5.33 diluted per share against $3,311 million or $4.46 diluted per share a year ago. Net earnings were $4,018 million or $5.34 diluted per share against $3,307 million or $4.45 diluted per share a year ago. Net cash provided by operating activities was $4,023 million against $2,952 million a year ago. Property, plant and equipment additions were $1,713 million against $1,125 million a year ago. Free cash flow was $2,310 million against $1,827 million a year ago. Strong fourth-quarter operating performance, record revenue and backlog, expanded earnings and cash flow capped a year of substantial progress for Boeing in 2011.
For the year 2012, the company expects earnings to be $4.05 and $4.25 per share reflecting solid core performance and higher pension expense. Revenue guidance for 2012 is between $78 billion and $80 billion. Operating cash flow guidance set at greater than $5.0 billion includes $1.5 billion of discretionary pension contributions. Capital expenditures for 2012 is expected to be approximately $2.0 billion. Tax rate for 2012 to increase to approximately 35% due to reduced R&D spending and the resulting lower R&D tax credit.
The Boeing Company is the worldwide leader in aeronautical construction. Net sales (including intragroup) break down by market as follows:
- commercial aviation (43.5%). In addition to commercial aircraft, the group supplies spare parts and offers technical support, maintenance and engineering services;
- defense, space and security (32%): military aircraft and mobility systems (warplanes, helicopters, and air defense missiles), support services (logistics, engineering, maintenance and training services) and space equipment (satellites, launch pads, etc.).
The remaining sales (24.5%) are from services (logistics and supply management, engineering, maintenance, modification and training services, etc.), and commercial and private aircraft financing as well as aircraft equipment leasing activities.
Net sales are distributed geographically as follows: the United States (58.4%), Europe (13.5%), Asia (12.9%), Middle East (8.5%), Oceania (2.1%), Canada (1.6%), Africa (1.1%) and other (1.9%).
Boeing Co. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for the Year 2012