The Boeing Company (NYSE:BA) released the earnings results from its most recently completed quarter this morning, posting core non-GAAP earnings of $2.14 per share, a 19% increase, on $23.7 billion in revenue, a 7% increase. Analysts had been expecting earnings of $1.98 per share on $23.02 billion in revenue.
GAAP earnings per share were $1.86.
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Key metrics from Boeing’s earnings report
Boeing reported a 15% increase in revenue from its Commercial Airplanes division, which hit a record $16.1 billion due to higher deliveries. The segment’s operating margin was 11.2%, and it booked 501 net orders during the third quarter. Boeing has a strong backlog of more than 5,500 airplanes with a value of $430 billion.
Revenue from the company’s Defense, Space and Security segment was $7.9 billion, while the operating margin for the segment was 10.8%. Backlog in the segment was $60 billion, with 37% of that amount being international orders.
Within the segment, Boeing reported $3.5 billion in Military Aircraft revenue, citing higher deliveries of its P-8s. Revenue for the Network and Space Systems division was $2 billion due to timing for the United Launch Alliance launches and also a reduction in government satellite volumes. Global Services and Support reported $2.3 billion in revenue due to lower volume.
“Continued strong operating performance across our production and services businesses drove significant growth in earnings-per-share, and enabled us to continue to capture new business, pushing our order backlog to a record $490 billion,” Boeing Chairman and CEO Jim McNerney said in a statement this morning. “We added net new orders for 501 commercial airplanes, launched the high-capacity 737 MAX 200, captured a NASA contract for the Commercial Crew program, and returned $1.5 billion to shareholders through dividends and share repurchases.”
Boeing increases earnings guidance
In this morning’s report, the defense contract also increased its full year guidance for earnings per share from between $7.90 and $8.10 per share to between $8.10 and $8.30 per share. GAAP earnings per share rose from between $6.85 and $7.05 per share to between $6.90 and $7.10 per share.
During the third quarter, Boeing repurchased 8 million shares for a total of $1 billion.