By BERNAMA
The world’s largest aerospace company by sales, Boeing, posted higher revenue of US$96.1 billion for last year on record commercial deliveries, and up 6% from US$90.8 billion in 2014.
For the fourth quarter, revenue however eased by 4% to US$23.6 billion from US$24.5 billion previously, said Boeing.
“Building on our foundation of solid core operating performance and customer focus, Boeing extended its leadership of the aerospace industry in 2015 with record deliveries and revenue in commercial airplanes, alongside solid sales and healthy margins in our defence and space business.
“We also generated significant cash flow to fuel investments in innovation and our people, and provide compelling returns to our shareholders,” Boeing president and chief executive officer Dennis Muilenburg said.
He said with a large and diverse order backlog worth nearly US$500 billion, and multiple additional production rate increases planned yet this decade, Boeing is well positioned for profitable growth and higher cash flow as it moves into its second century in business.
Boeing tweaked its forecast for commercial jet deliveries for 2016 to be between 740 and 745, with revenue expected to be in the range of US$93 billion to US$95 billion.
“Our priorities for 2016 and beyond are to build on our existing strengths to deliver on current plans and commitments, and stretch beyond them by accelerating progress on key enterprise growth and productivity initiatives, investing in our team, and creating more value and opportunities for our customers, shareholders and employees,” Muilenburg said.
Elaborating on the 2015 results, Boeing said the operating cash flow increased to US$9.4 billion, with strong liquidity of US$12.1 billion in cash and marketable securities.
“Backlog remains strong at US$489 billion, including US$83 billion of nett orders during the year,” it added.
The fourth quarter’s operating margin was 3.5%, reflecting the previously announced US$885 million pre-tax charge on the 747 programme and higher research and development (R&D) partially offset by strong performance on production programmes.
During the quarter, Commercial Airplanes won orders for 203 737 MAX airplanes, it said in the statement.
The 737 programme has captured nearly 3,100 orders for the 737 MAX since its launch. Also during the quarter, the company completed detailed design for the 787-10 Dreamliner, final systems definition on the 777X, and rolled out the first 737 MAX airplane.
Boeing said commercial airplanes booked 321 nett orders during the quarter and 768 nett orders in 2015. Backlog remains strong with nearly 5,800 airplanes valued at US$432 billion.
Defense, Space & Security’s fourth-quarter revenue was US$7.8 billion with an operating margin of 12.4%.
Boeing Military Aircraft’s (BMA) fourth-quarter revenue increased to US$3.2 billion and operating margin increased to 13.7%, reflecting higher volume and delivery mix.
During the quarter, BMA was awarded a contract for 15 EA-18G Growlers and Japan selected the KC-46 tanker to meet their tanker requirement.
Also during the quarter, Boeing’s Global Services & Support (GS&S) delivered the final AEW&C aircraft to Turkey.
Backlog at Defense, Space & Security was US$58 billion, of which 40% represents orders from international customers, said Boeing.
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