Boeing has reported fourth-quarter revenue of $25.4 billion with GAAP earnings per share of $5.18 and core earnings per share of $4.80 reflecting record deliveries and strong performance.
The figure also reflected the impact of a favourable tax reform of $1.74 per share.
Revenue was $93.4 billion for the full year, reflecting a strong deliveries mix, with GAAP earnings per share of $13.43 and core earnings per share of $12.04.
“Across Boeing our teams delivered a record year of financial and operational performance as they focused on disciplined execution of production and development programs, growing services, and delivering value to customers,” said Boeing chairman Dennis Muilenburg.
“That performance enables increased investments in our people and our business, and greater cash return to shareholders.”
Boeing saw commercial airplanes fourth-quarter revenue increase to $15.5 billion on higher planned delivery volume and mix.
The fourth-quarter operating margin increased to 11.5 per cent, reflecting strong execution.
During the quarter, the commercial airplanes delivered a record 209 airplanes and the 787-program rolled out the first 787-10 airplane – expected to be delivered to launch customer Singapore Airlines.
The 737-program delivered 44 MAX airplanes during the quarter and has captured over 4,300 orders since launch for the 737 MAX, including a recent order from flydubai for 175 airplanes.
Development on the 777X is on track as production began on the first 777X flight test airplane in early 2018.
Commercial Airplanes booked 414 net orders during the quarter.
Backlog remains robust with over 5,800 airplanes valued at $421 billion.
“In 2017 we delivered the first 737 MAX airplanes, launched the 737 MAX 10 and completed the 787-10 first flight, all while delivering more commercial airplanes than ever before,” said Muilenburg.
Operating cash flow in the quarter of $2.9 billion was driven by strong operating performance.
During the quarter, the company repurchased 6.7 million shares for $1.7 billion and paid $0.8 billion in dividends.
For the full year, the company repurchased 46.1 million shares for $9.2 billion and paid $3.4 billion in dividends.
Based on strong cash generation and confidence in the company’s outlook, the board of directors in December increased the quarterly dividend per share by 20 per cent and replaced the existing share repurchase program with a new $18 billion authorisation.
Share repurchases under the new authorisation are expected to be made over the next 24 to 30 months.