Boeing Reports Strong Earnings in the Second Quarter
Boeing reported a pop in earnings and operating cash flow in the second quarter of this year, driven by improved operating performance, according to the company. Revenue for the its network and space systems division came in at $1.7 billion, with operating margin increasing to 9.1 percent. Backlog for the full defense, space and security division was $58 billion, of which 37 percent represents orders from international customers.
Overall Generally Accepted Accounting Principles (GAAP) earnings per share increased to $2.89 on $22.7 billion in revenues. Boeing also increased GAAP earnings per share guidance to $11.10 and $11.30 from $10.35 and $10.55. Additionally, capital expenditures guidance decreased by $300 million to $2 billion.According to Boeing Chairman, President and Chief Executive Officer (CEO) Dennis Muilenburg, in the second half of the year Boeing will focus on accelerating productivity, quality and safety improvements across the company. “Our teams are delivering better performance in every segment of the business, which is reflected in our strong second-quarter results and improved 2017 outlook,” he said.
Boeing has delivered a number of satellites that were launched this year, including ViaSat 2, which doubled the capacity of its predecessor, and the all-electric SES 15 satellite, which featured more than 50 3D printed components.