Fourth Quarter 2018
Record revenue of $28.3 billion and record operating profit of $4.2 billion driven by higher volume
Record GAAP EPS of $5.93 and record core EPS (non-GAAP)* of $5.48 on strong performance

Full-Year 2018
Record revenue of $101.1 billion reflecting strong growth across the portfolio
Record GAAP EPS of $17.85 and record core EPS (non-GAAP)* of $16.01 driven by solid execution
Record operating cash flow of $15.3 billion; repurchased 26.1 million shares for $9.0 billion
Total backlog remains robust at $490 billion, including nearly 5,900 commercial airplanes
Cash and marketable securities of $8.6 billion provide strong liquidity

Outlook for 2019
Revenue guidance of between $109.5 and $111.5 billion reflects higher volume across all businesses
GAAP EPS of between $21.90 and $22.10; core EPS (non-GAAP)* of between $19.90 and $20.10
Operating cash flow expected to increase to between $17.0 and $17.5 billion

Table 1. Summary Financial Results
Fourth Quarter Full Year (Dollars in Millions, except per share data) 2018 2017 Change 2018 2017 Change

Revenues $28,341 $24,770 14% $101,127 $94,005 8%
AAP
Earnings From Operations $4,175 $2,978 40% $11,987 $10,344 16%
Operating Margin 14.7% 12.0% 2.7 Pts 11.9% 11.0% 0.9 Pts
Net Earnings $3,424 $3,320 3% $10,460 $8,458 24%
Earnings Per Share $5.93 $5.49 8% $17.85 $13.85 29%
Operating Cash Flow $2,947 $2,903 2% $15,322 $13,34615%

Non-GAAP*
Core Operating Earnings $3,867 $2,589 49% $10,660 $8,906 20%
Core Operating Margin 13.6% 10.5% 3.1 Pts 10.5% 9.5% 1.0 Pts
Core Earnings Per Share $5.48 $5.07 8% $16.01 $12.33 30%


Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 6, "Non-GAAP Measures Disclosures."


The Boeing Company [NYSE: BA] reported fourth-quarter revenue of $28.3 billion, GAAP earnings per share of $5.93 and core earnings per share (non-GAAP)* of $5.48, all company records. These results reflect record commercial deliveries, higher defense and services volume and strong performance which outweighed favorable tax impacts recorded in the fourth quarter of 2017 (Table 1). Boeing generated operating cash flow of $2.9 billion, repurchased 1.6 million shares for $0.6 billion, paid $1.0 billion of dividends and completed the acquisition of KLX.

Revenue was a record $101.1 billion for the full year reflecting higher commercial deliveries and increased volume across the company. Records for GAAP earnings per share of $17.85 and core earnings per share (non-GAAP)* of $16.01 were driven by higher volume, improved mix and solid execution.

"Across the enterprise our team delivered strong core operating performance and customer focus, driving record revenues, earnings and cash flow and further extending our global aerospace industry leadership in 2018," said Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg. "Our financial performance provided a firm platform to further invest in new growth businesses, innovation and future franchise programs, as well as in our people and enabling technologies. In the last 5 years, we have invested nearly $35 billion in key strategic areas of our business, all while increasing cash returns to shareholders."

"Our One Boeing focus, clear strategies for growth, and leading positions in large and growing markets, give us confidence for continued strong performance, revenue expansion and solid execution across all three businesses, which is reflected in our 2019 guidance."

"We remain focused on executing on our production and development programs as well as our growth strategy while driving further productivity, quality and safety improvements, investing in our team and creating more value and opportunity for our customers, shareholders and employees."


Table 2. Cash Flow
Fourth Quarter Full Year
(Millions) 2018 2017 2018 2017
Operating Cash Flow $2,947 $2,903 $15,322 $13,346
Less Additions to Property, Plant & Equipment ($495) ($435) ($1,722) ($1,739)
Free Cash Flow* $2,452 $2,468 $13,600 $11,607



*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 6, "Non-GAAP Measures Disclosures."


Operating cash flow was $2.9 billion in the quarter and $15.3 billion for the full year, reflecting planned higher commercial airplane production rates and strong operating performance as well as timing of receipts and expenditures (Table 2). During the quarter, the company repurchased 1.6 million shares for $0.6 billion, paid $1.0 billion in dividends, and completed the acquisition of KLX. For the full year, the company repurchased 26.1 million shares for $9.0 billion and paid $3.9 billion in dividends. Based on strong cash generation and confidence in the company's outlook, the board of directors in December increased the quarterly dividend per share by 20 percent and replaced the existing share repurchase program with a new $20 billion authorization.

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