Boeing Q1 Revenue Rises 14% to $22.2B with 143 Jet Deliveries
Boeing posted Q1 revenue of $22.2B, up 14% year-over-year, driven by 143 commercial airplane deliveries and 21% growth in Defense & Space revenue. Operating margin dropped to 2% due to lower pension adjustments, free cash flow was negative $1.5B with a full-year positive FCF forecast of $1B–$3B.
1. Consolidated Results
Boeing reported consolidated revenue of $22.2B in Q1, a 14% increase year-over-year. Operating margin declined to 2% due to lower pension adjustments, while core loss per share improved to $0.20 from a larger loss last year.
2. Commercial Airplanes Performance
The Commercial Airplanes unit delivered 143 aircraft and generated $9.2B in revenue, up 13% year-over-year. Operating margin improved from last year’s negative levels despite a wiring nonconformance on the 737 program and certification delays on the 787.
3. Defense, Space & Services Highlights
Defense & Space revenue rose 21% to $7.6B, with operating margin up 60 basis points to 3.1% and a record $86B backlog. Global Services posted $5.4B in revenue, up 6%, and achieved an 18.1% margin on a $33B backlog.
4. Cash Flow and Outlook
Cash and marketable securities stood at $20.9B and debt was reduced by $6.9M to $47.2B. Q1 free cash flow used $1.5B, but management forecasts positive free cash flow of $1B–$3B for the full year.