The Boeing Company (BA) has reported a 19.03 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $1,451 million, or $2.34 a share in the quarter, compared with $1,219 million, or $1.83 a share for the same period last year. On an adjusted basis, earnings per share were at $2.01 for the quarter compared with $1.74 in the same period last year.
Revenue during the quarter dropped 7.32 percent to $20,976 million from $22,632 million in the previous year period. Gross margin for the quarter expanded 208 basis points over the previous year period to 17.70 percent. Total expenses were 90.35 percent of quarterly revenues, down from 92.10 percent for the same period last year. This has led to an improvement of 175 basis points in operating margin to 9.65 percent.
Operating income for the quarter was $2,024 million, compared with $1,788 million in the previous year period.
However, the adjusted operating income for the quarter stood at $1,709 million compared to $1,694 million in the prior year period. At the same time, adjusted operating margin improved 66 basis points in the quarter to 8.15 percent from 7.48 percent in the last year period.
"With a sharp focus on performance and productivity, our team delivered another quarter of solid financial results, including year-over-year earnings growth and strong operating cash flow," said Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg. "In turn, we continued to position Boeing for growth with 1 investments in new products and services, innovation, and our people, while again demonstrating our commitment to return significant cash to our shareholders."
For fiscal year 2017, Boeing Co forecasts revenue to be in the range of $90,500 million to $92,500 million for fiscal year 2017. The company expects diluted earnings per share to be in the range of $10.35 to $10.55. It expects diluted earnings per share to be in the range of $9.20 to $9.40 on adjusted basis.
Operating cash flow improves significantly The Boeing Company has generated cash of $2,094 million from operating activities during the quarter, up 64.24 percent or $819 million, when compared with the last year period. The company has spent $262 million cash to meet investing activities during the quarter as against cash outgo of $438 million in the last year period. It has incurred net capital expenditure of $457 million on net basis during the quarter, down 37.99 percent or $280 million from year ago period.
The company has spent $2,463 million cash to carry out financing activities during the quarter as against cash outgo of $4,265 million in the last year period.
Cash and cash equivalents stood at stood at $8,190 million as at Mar. 31, 2017.
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