Boeing Company (the) · NYSE:BA
Boeing Company (the) — The Boeing Company — Q2 2024 Earnings Presentation
13 slides from Boeing Company (the)'s earnings presentation, Jul 31, 2024
Slide 1: Second-Quarter 2024 Performance Review
SECOND-QUARTER 2024 PERFORMANCE REVIEW David Calhoun President and Chief Executive Officer Brian West Executive Vice President and Chief Financial Officer July 31, 2024 Copyright © 2024 Boeing. All rights reserved.
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and other similar wo
Slide 3: Additional Information and Where to Find It
Additional Information and Where to Find It Boeing will file with the U.S. Securities and Exchange Commission (SEC) a registration statement on Form S-4, which will include a proxy statement of Spirit Aerosystems Holdings, Inc. (Spirit) that also constitutes a prospectus of Boeing, and any other doc
Slide 4: Business Update
BUSINESS UPDATE Focused on safety and quality Copyright © 2024 Boeing. All rights reserved.
Slide 5: Spirit Acquisition
SPIRIT ACQUISITION ▪ Announced agreement to acquire Spirit AeroSystems in July; expect mid-2025 closing ▪ Acquiring substantially all Boeing-related commercial and certain other operations ▪ Total estimated value of ~$8.3 billion, including all-stock transaction valued at ~$4.7 billion ▪ Aligns comm
Slide 6: Second-Quarter Financial Results
SECOND-QUARTER FINANCIAL RESULTS Second Quarter 2024 2023 Revenue $16.9B $19.8B Core Operating Margin* (8.3)% (2.0)% Core Loss Per Share* ($2.90) ($0.82) Free Cash Flow* ($4.3B) $2.6B * Non-GAAP measure. See slides 12 & 13 additional information on non-GAAP measures. Results primarily reflect lower
Slide 7: Commercial Airplanes Revenues and Operating Margins
COMMERCIAL AIRPLANES Revenues and Operating Margins $8.8 ▪ Submitted safety and quality plan to the FAA ▪ Obtained 777X type inspection authorization Revenue (billions) $6.0 and began FAA certification flight testing in July ▪ Delivered 92 airplanes ▪ Backlog of $437B; over 5,400 airplanes 2Q23 2Q24
Slide 8: Defense, Space & Security Revenues and Operating Margins
DEFENSE, SPACE & SECURITY Revenues and Operating Margins ▪ Recorded losses of $1B on certain fixed-price $6.2 $6.0 development programs Revenue (billions) ▪ Captured an award for seven MH-139A helicopters from the U.S. Air Force ▪ Delivered the first CH-47F Block II Chinook to the U.S. Army ▪ Orders
Slide 9: Global Services Revenues and Operating Margins
GLOBAL SERVICES Revenues and Operating Margins ▪ Results reflect higher commercial volume $4.9 and mix $4.7 Revenue (billions) ▪ Secured an Apache performance-based logistics contract from the U.S. Army ▪ Captured FliteDeck Pro service contracts with Hainan Airlines and Ryanair ▪ Orders valued at $4
Slide 10: Cash and Debt Balances
CASH AND DEBT BALANCES Cash and Marketable Securities Consolidated Debt S&P: BBB- Billions Billions Moody’s: Baa3 Fitch: BBB- $12.6 $57.9 $47.9 $7.5 1Q24 2Q24 1Q24 2Q24 $10.0 billion issuance of new debt partially offset by the usage of free cash flow Copyright © 2024 Boeing. All rights reserved.
Slide 11: Copyright © 2024 Boeing. All rights reserved.
Copyright © 2024 Boeing. All rights reserved.
Slide 12: Non-GAAP Measure Disclosure
NON-GAAP MEASURE DISCLOSURE The tables provided below reconcile the non-GAAP financial measures Core operating loss, Core operating margin, and Core loss per share with the most directly comparable GAAP financial measures of Loss from operations, operating margin, and diluted loss per share. See pag
Slide 13: Non-GAAP Measure Disclosure
NON-GAAP MEASURE DISCLOSURE The table provided below reconciles the non-GAAP financial measure free cash flow with the most directly comparable GAAP financial measure operating cash flow. See page 5 of the company’s earnings press release dated July 31, 2024 for additional information on the use of