The Boeing Company Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Earnings Guidance for the Full Year of Fiscal 2013
January 30, 2013 at 07:30 am
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The Boeing Company announced unaudited Consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, total revenues were $22,302 million, earnings from operations was $1,629 million, earnings before income taxes was $1,535 million, net earnings from continuing operations was $978 million or $1.28 per diluted share and net earnings were $978 million or $1.28 per diluted share against total revenues of $19,555 million, earnings from operations of $1,597 million, earnings before income taxes of $1,444 million, net earnings from continuing operations of $1,387 million or $1.83 per diluted share and net earnings of $1,393 million or $1.84 per diluted share for the same period a year ago. Core earnings per share (non-GAAP) was $1.46 against $1.92 a year ago. Core operating earnings (non-GAAP) were $1,841 million against $1,690 million a year ago.
For the full year, total revenues were $81,698 million, earnings from operations was $6,311 million, earnings before income taxes was $5,910 million, net earnings from continuing operations was $3,903 million or $5.11 per diluted share and net earnings were $3,900 million or $5.11 per diluted share against total revenues of $68,735 million, earnings from operations of $5,844 million, earnings before income taxes of $5,393 million, net earnings from continuing operations of $4,011 million or $5.33 per diluted share and net earnings of $4,018 million or $5.34 per diluted share for the same period a year ago. Net cash provided by operating activities was $7,508 million and property, plant and equipment additions was $1,703 million against net cash provided by operating activities of $4,023 million and property, plant and equipment additions was $1,713 million a year ago. Core earnings per share (non-GAAP) was $5.88 against $5.79 a year ago. Core operating earnings (non-GAAP) were $7,210 million against $6,361 million a year ago.
The Boeing Company provided earnings guidance for the full year of fiscal 2013. For the period, the company expected revenue guidance is between $82 billion to $85 billion; Core earnings per share of $6.10 billion to $6.30 billion; Earnings per share guidance is established at between $5.00 to $5.20; Operating cash flow is expected to be greater than $6.5 billion in 2013, including $1.5 billion of discretionary pension contributions. Capital expenditures are expected to be between $2.3 billion to $2.5 billion and effective tax rate is expected to be approximately 30% in 2013 reflecting the benefit of research and development credits for 2012 and 2013.
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%).
The Boeing Company Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Earnings Guidance for the Full Year of Fiscal 2013