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- Revenue increased 11 percent to $24.5 billion reflecting record commercial deliveries
- Core EPS (non-GAAP)* of $1.62; GAAP EPS of $1.59
- Strong operating cash flow of $3.3 billion on higher volume and improved productivity
- Backlog remains strong at $489 billion with nearly 5,700 commercial airplane orders
- Repurchased 14 million shares for $2.0 billion
- Cash & marketable securities of $9.6 billion provide strong liquidity
- EPS guidance updated for KC-46 charge that offset strong performance; cash guidance unchanged
The Boeing Company reported second-quarter revenue increased 11 percent to $24.5 billion on record commercial deliveries (Table 1). Second quarter 2015 results included the previously announced $536 million after-tax charge ($0.77 per share) on the KC-46 Tanker program reflecting higher estimated costs. Core earnings per share (non-GAAP)* guidance for 2015 has been adjusted to between $7.70 and $7.90 per share, from $8.20 and $8.40, to reflect the impact of the second quarter 2015 KC-46 Tanker charge ($0.77 per share), partially offset by strong performance ($0.27 per share). GAAP earnings per share has been adjusted to between $7.60 and $7.80, from $8.10 and $8.30.
"Record commercial airplane deliveries to customers worldwide drove solid revenue growth, and the strength of our overall portfolio and diligent focus produced significant operating cash flow during the quarter," said Boeing President and Chief Executive Officer Dennis Muilenburg. "Strong operating performance across our commercial and defense production programs partially offset the tanker charge and enabled us to maintain our commitments to return cash to our shareholders and invest in innovation and our people."
"Overall, our outlook for the second half of the year remains positive. On the tanker program, we are investing the necessary resources to keep this vitally important program on schedule for our customer. We have a clear understanding of the work to be done and we are confident that the long-term financial value of the program will reward our additional investment."
"With our sustained focus on productivity and growth, we will continue to profitably deliver on our large and diverse backlog, capture new orders, and deliver increasing value to all of our stakeholders."