Boeing reported Q1/18 revenue of $23.4 billion was up 6% from $22.0 billion reflecting 184 commercial deliveries and higher defense contract volume and services growth. Net earnings of $2,477 million were up 57% from $1,579 million in Q1/17. Earnings per share of $3.64 were substantially higher than the EPS of $2.58 consensus forecast by Thomson Reuters.

• Backlog grew to $486 billion, including over 5,800 aircraft valued at $415 billion.
• At Q1/18 end, Boeing Capital’s net portfolio balance of $2.9 billion was down from $4.0 billion at the end of Q1/17.
• Boeing Capital revenue of $65 million compared to $92 million a year earlier. Earnings from operations of $20 million compared to $39 million in Q1/17.

“Across Boeing, our teams performed at a high level in the quarter, driving revenue and earnings growth at all three business units, increasing profitability and operating cash flow, and delivering more value to our customers,” said Boeing Chairman, President and CEO Dennis Muilenburg. “Customers continue to recognize the value of our products and services, with strong orders booked in the quarter for defense, services and commercial offerings, including 221 net commercial aircraft orders.

“During the quarter we captured important new business, including an initial contract for 28 F/A-18 Super Hornets for Kuwait, a Ground-based Midcourse Defense program contract extension from the Missile Defense Agency and we delivered the first Space Launch System intertank hardware to NASA. We achieved the first flight of the 737 MAX 7, and delivered the first 787-10 Dreamliner and the first 737 MAX 9. Within our services business, we received a follow-on contract to support the Royal Canadian Air Force’s Chinook fleet, captured a landing gear exchange contract for Aeromexico and released Self-Service Analytics to complement our digital solutions portfolio. All of these milestones demonstrated the value we bring to our customers through the strength of our One Boeing offerings.

“Our team’s strong first-quarter performance, combined with the positive market outlook across our businesses and our confidence in executing on our production and development programs, gives us a solid foundation to raise our guidance for the year. Going forward, we remain focused on our disciplined growth strategy, improved profitability and cash flow to ensure we meet our commitments to our customers and our shareholders.”