Boeing Reports Record 2013 Revenue, EPS and Backlog and Provides 2014 Guidance

These are key tables in this morning's Financial Statement released by Boeing.

The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited)
	Twelve months ended December 31				Three months ended December 31
(Dollars in millions, except per share data)	2013		2012		2013		2012
Sales of products	$76,792		$71,234		$21,482		$19,793
Sales of services	9,831		10,464		2,303		2,509
Total revenues	86,623		81,698		23,785		22,302
Cost of products	(65,640)		(60,309)		(18,610)		(17,206)
Cost of services	(7,553)		(8,247)		(1,758)		(1,816)
Boeing Capital interest expense	(75)		(109)		(20)		(24)
Total costs and expenses	(73,268)		(68,665)		(20,388)		(19,046)
	13,355		13,033		3,397		3,256
Income from operating investments, net	214		268		67		57
General and administrative expense	(3,956)		(3,717)		(1,100)		(943)
Research and development expense, net	(3,071)		(3,298)		(848)		(753)
Gain/(loss) on dispositions, net	20		4		(1)		7
Earnings from operations	6,562		6,290		1,515		1,624
Other income, net	56		62		15		23
Interest and debt expense	(386)		(442)		(96)		(112)
Earnings before income taxes	6,232		5,910		1,434		1,535
Income tax expense	(1,646)		(2,007)		(201)		(557)
Net earnings from continuing operations	4,586		3,903		1,233		978
Net loss on disposal of discontinued operations, net of taxes of $0 and $2	(1)		(3)
Net earnings	$4,585		$3,900		$1,233		$978
Basic earnings per share from continuing operations	$6.03		$5.15		$1.63		$1.29
Net loss on disposal of discontinued operations, net of taxes
Basic earnings per share	$6.03		$5.15		$1.63		$1.29
Diluted earnings per share from continuing operations	$5.96		$5.11		$1.61		$1.28
Net loss on disposal of discontinued operations, net of taxes
Diluted earnings per share	$5.96		$5.11		$1.61		$1.28
Cash dividends paid per share	$1.94		$1.76		$0.485		$0.44
Weighted average diluted shares (millions)	769.5		763.8		768.4		768.3

Comment: From their statement, Boeing has a greater margin in their services group as opposed to their products group. Comparing the margin from 2012 to 2013, Boeing performed better in 2012 than in 2013. For the most part, Boeing has done very well. 

The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited)
	Twelve months ended December 31				Three months ended December 31
(Dollars in millions)	2013		2012		2013		2012
Revenues:
Commercial Airplanes	$52,981		$49,127		$14,680		$14,161
Defense, Space & Security:
Boeing Military Aircraft	15,936		16,019		4,395		4,037
Network & Space Systems	8,512		7,911		2,272		2,024
Global Services & Support	8,749		8,677		2,188		2,282
Total Defense, Space & Security	33,197		32,607		8,855		8,343
Boeing Capital	408		468		105		129
Other segment	102		106		22		27
Unallocated items and eliminations	(65)		(610)		123		(358)
Total revenues	$86,623		$81,698		$23,785		$22,302
Earnings from operations:
Commercial Airplanes	$5,795		$4,711		$1,506		$1,266
Defense, Space & Security:
Boeing Military Aircraft	1,465		1,489		441		313
Network & Space Systems	719		562		233		138
Global Services & Support	1,051		1,017		280		300
Total Defense, Space & Security	3,235		3,068		954		751
Boeing Capital	107		88		9		(12)
Other segment	(156)		(186)		(99)		31
Unallocated items and eliminations	(2,419)		(1,391)		(855)		(412)
Earnings from operations	6,562		6,290		1,515		1,624
Other income, net	56		62		15		23
Interest and debt expense	(386)		(442)		(96)		(112)
Earnings before income taxes	6,232		5,910		1,434		1,535
Income tax expense	(1,646)		(2,007)		(201)		(557)
Net earnings from continuing operations	4,586		3,903		1,233		978
Net loss on disposal of discontinued operations, net of taxes of $0 and $2	(1)		(3)
Net earnings	$4,585		$3,900		$1,233		$978
Research and development expense, net:
Commercial Airplanes	$1,807		$2,049		$510		$411
Defense, Space & Security	1,215		1,189		323		321
Other	49		60		15		21
Total research and development expense, net	$3,071		$3,298		$848		$753
Unallocated items and eliminations:
Share-based plans	($95)		($81)		($21)		($17)
Deferred compensation	(238)		(75)		(73)		(26)
Capitalized interest	(69)		(70)		(17)		(17)
Eliminations and other	(703)		(266)		(421)		(140)
Sub-total (included in core operating earnings)	(1,105)		(492)		(532)		(200)
Pension	(1,374)		(787)		(329)		(179)
Postretirement	60		(112)		6		(33)
Total unallocated items and eliminations	($2,419)		($1,391)		($855)		($412)

Comment: Boeing had a 7.84%  or $3.8 billion increase in its Commercial airplane division, however, its defense military aircraft under the  Defense, Space & Security division reduced by -0.52% or -$83 million. This isn't so much of a significant loss. The Operating Margin is higher as compared to last year.

The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited)
Deliveries		Twelve months ended December 31						Three months ended December 31
Commercial Airplanes		2013			2012			2013		2012
737		440			415			110		105
747		24			31			8		10
767		21			26			4		6
777		98			83			25		21
787		65	(1)		46	(3)		25		23	(3)
Total		648			601			172		165
Note: Deliveries under operating lease are identified by parentheses.

Summary: Boeing's decision to ramp up delivery as well decrease backlog so that the company can actually earn that revenue resulted to their increased performance. About a week ago, Boeing announced its increased production and manufacturing rate from 7 to 10 I believe, twice the production rate from last year, this favors Boeing in the long run, and as a result, better performance. I sincerely hope that better performance translates into better and quality products. 

To see more tables, visit Boeing Financials