News
Boeing reports 57% Q1 profit growth
April 27th 2018
The Boeing Company this week reported first-quarter revenue of US$23.4 billion, which it said reflected higher commercial deliveries, defence contract volumes and services growth. Read More »
The OEM’s profit margin in the quarter through to March 31 grew more than 2%, which helped lift earnings by 57%, to U$2.5 billion. Consequently, Boeing raised its cash flow guidance to between US$15.0 and US$15.5 billion.
“Across Boeing, our teams performed at a high level in the quarter, driving revenue and earnings growth at all three business units, increasing profitability and operating cash flow, and delivering more value to our customers,” said Boeing chairman, president and CEO, Dennis Muilenburg. “Customers continue to recognize the value of our products and services, with strong orders booked in the quarter for defence, services and commercial offerings, including 221 net commercial aircraft orders,” he added.
Commercial aircraft milestones during the first quarter included the first flight of the B737 MAX 7 and deliveries of the first B787-10 Dreamliner to Singapore Airlines and the first B737 MAX 9 to Thai Lion Air.
“Our team's strong first-quarter performance, combined with the positive market outlook across our businesses and our confidence in executing on our production and development programs, gives us a solid foundation to raise our guidance for the year. Going forward, we remain focused on our disciplined growth strategy, improved profitability and cash flow to ensure we meet our commitments to our customers and our shareholders,” said Muilenburg.
In the first three months, Boeing’s order backlog grew to US$486 billion, including more than 5,800 commercial aircraft.
