Boeing financial analysis presentation
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Transcript of Boeing financial analysis presentation
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BOEING
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Brief Introduction Company Name: Boeing Co.
Year Established: 1916
Headquarter: Chicago, Illinois
Sector: Industrial Goods
Industry: Aerospace/DefenseProducts & Services
Fiscal Ending Month: December
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LIQUIDITY OF SHORT-TERM ASSETS &
RELATED DEBT PAYING ABILITY
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Contd.
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LONG-TERM DEBT-PAYING ABILITY
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PROFITABILITY
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Contd.
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FOR THE INVESTOR
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The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Dollars in millions, except per share data) Common Size Trend Analysis
December 31, 2010 2009 2010 2009 2010 2009
Assets
Cash and cash equivalents 5,359 9,215 7.82 14.85 58.16 100.00
Short-term and other investments 5,158 2,008 7.52 3.24 256.87 100.00
Accounts receivable, net 5,422 5,785 7.91 9.32 93.73 100.00Current portion of customer financing, net 285 368 0.42 0.59 77.45 100.00
Deferred income taxes 31 966 0.05 1.56 3.21 100.00
Inventories, net of advances and progress billings 24,317 16,933 35.47 27.29 143.61 100.00
Total current assets 40,572 35,275 59.17 56.85 115.02 100.00
Customer financing, net 4,395 5,466 6.41 8.81 80.41 100.00
Property, plant and equipment, net 8,931 8,784 13.03 14.16 101.67 100.00Goodwill 4,937 4,319 7.20 6.96 114.31 100.00
Other acquired intangibles, net 2,979 2,877 4.34 4.64 103.55 100.00
Deferred income taxes 4,031 3,062 5.88 4.93 131.65 100.00
Investments 1,111 1,030 1.62 1.66 107.86 100.00
Pension plan assets, net 6 16 0.01 0.03 37.50 100.00
Other assets, net of accumulated amortization of $630 and $492 1,603 1,224 2.34 1.97 130.96 100.00
Total assets 68,565 62,053 100.00 100.00 110.49 100.00
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Liabilities and Equity
Accounts payable 7,715 7,096 11.25 11.44 108.72 100.00
Other accrued liabilities 13,802 12,822 20.13 20.66 107.64 100.00
Advances and billings in excess of related costs 12,323 12,076 17.97 19.46 102.05 100.00
Deferred income taxes and income taxes payable 607 182 0.89 0.29 333.52 100.00
Short-term debt and current portion of long-term debt 948 707 1.38 1.14 134.09 100.00
Total current liabilities 35,395 32,883 51.62 52.99 107.64 100.00
Accrued retiree health care 8,025 7,049 11.70 11.36 113.85 100.00
Accrued pension plan liability, net 9,800 6,315 14.29 10.18 155.19 100.00
Non-current income taxes payable 418 827 0.61 1.33 50.54 100.00
Other long-term liabilities 592 537 0.86 0.87 110.24 100.00
Long-term debt 11,473 12,217 16.73 19.69 93.91 100.00
Shareholders equity:
Common stock, par value $5.00 1,012,261,159 shares issued 5,061 5,061 7.38 8.16 100.00 100.00
Additional paid-in capital 3,866 3,724 5.64 6.00 103.81 100.00
Treasury stock, at cost -17,187 -15,911 -25.07 -25.64 108.02 100.00
Retained earnings 24,784 22,746 36.15 36.66 108.96 100.00
Accumulated other comprehensive loss -13,758 -11,877 -20.07 -19.14 115.84 100.00
ShareValue Trust -1,615 0.00 -2.60 0.00 100.00
Total shareholders equity 2,766 2,128 4.03 3.43 129.98 100.00
Noncontrolling interest 96 97 0.14 0.16 98.97 100.00
Total equity 2,862 2,225 4.17 3.59 128.63 100.00
Total liabilities and equity 68,565 62,053 100.00 100.00 110.49 100.00
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The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Dollars in millions, except per share data) COMMON SIZE Trend Analysis
Years ended December 31, 2010 2009 2010 2009 2010 2009
Sales of products $52,586 $57,032 $81.77 $83.53 92.20 100
Sales of services 11,720 11,249 $18.23 $16.47 104.19 100
Total revenues 64,306 68,281 $100.00 $100.00 94.18 100
Cost of products -42,194 -47,639 ($65.61) ($69.77) 88.57 100
Cost of services -9,489 -8,726 ($14.76) ($12.78) 108.74 100
Boeing Capital Corporation interest expense -160 -175 ($0.25) ($0.26) 91.43 100
Total costs and expenses -51,843 -56,540 ($80.62) ($82.80) 91.69 100
12,463 11,741 $19.38 $17.20 106.15 100
Income from operating investments, net 267 249 $0.42 $0.36 107.23 100
General and administrative expense -3,644 -3,364 ($5.67) ($4.93) 108.32 100Research and development expense, net -4,121 -6,506 ($6.41) ($9.53) 63.34 100
Gain/(loss) on dispositions, net 6 -24 $0.01 ($0.04) -25.00 100
Earnings from operations 4,971 2,096 $7.73 $3.07 237.17 100
Other income/(expense), net 52 -26 $0.08 ($0.04) -200.00 100
Interest and debt expense -516 -339 ($0.80) ($0.50) 152.21 100
Earnings before income taxes 4,507 1,731 $7.01 $2.54 260.37 100
Income tax expense -1,196 -396 ($1.86) ($0.58) 302.02 100
Net earnings from continuing operations 3,311 1,335 $5.15 $1.96 248.01 100Net (loss)/gain on disposal of discontinued operations, net of taxes of $2, $13 and
($10) -4 -23 ($0.01) ($0.03) 17.39 100
Net earnings $3,307 $1,312 $5.14 $1.92 252.06 100
Basic earnings per share from continuing operations $4.50 $1.89 $0.01 $0.00 238.10 100
Net (loss)/gain on disposal of discontinued operations, net of taxes -0.01 -0.03 ($0.00) ($0.00) 33.33 100
Basic earnings per share $4.49 $1.86 $0.01 $0.00 241.40 100
Diluted earnings per share from continuing operations $4.46 $1.87 $0.01 $0.00 238.50 100
Net (loss)/gain on disposal of discontinued operations, net of taxes -0.01 -0.03 ($0.00) ($0.00) 33.33 100Diluted earnings per share $4.45 $1.84 $0.01 $0.00 241.85 100
