Risultati finanziari Boeing nel 2007 Boeing 2007 Financial Results | ||
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Boeing Commercial Airplanes
Boeing Commercial Airplanes ha ricevuto 520 nuovi ordini (al netto delle cancellazioni) durante l’ultimo trimestre 2007, portando il totale dell’intero anno a 1.423 aeroplani. Il valore contrattuale degli ordini da evadere ha raggiunto la cifra record di 255 miliardi di dollari, con un aumento del 46% e pari a sette volte il fatturato annuale della divisione. Il portafoglio ordini ha raggiunto il valore record di $255 miliardi (+46%, oltre sette volte il valore del fatturato annuale), con 520 ordini ricevuti nell’ultimo trimestre e 1.423 nell’intero anno (nuovo record storico). Recentemente è stato comunicata la riprogrammazione del primo volo del 787 (ora previsto intorno alla fine del secondo trimestre di quest’anno) e della prima consegna (inizio 2009). Finora il Dreamliner ha ricevuto 857 ordini fermi (369 nel 2007, nuovo primato annuale) da 56 clienti.
Durante l’anno, la divisione si è aggiudicata nove delle undici gare più importanti alle quali ha preso parte, dimostrando il successo dei propri prodotti in tutto il mondo. Il margine operativo è stato sostenuto dal positivo andamento dei programmi in produzione, come l’EA-18G ed il C-17. La contenuta variazione nel fatturato è dovuta alle minori consegne, anno su anno. Network & Space Systems ha raggiunto significative milestone su programmi importanti. Il margine operativo è aumentato del 10,2% nell’ultimo trimestre, trascinato da forti performance in tutto lo spettro dei programmi, compresi il Future Combat Systems ed il Ground-based Midcourse Defense, che hanno conseguito tutti i risultati attesi. I proventi sono tuttavia scesi a 2,9 miliardi di dollari. Anche Support Systems ha nuovamente generato profitti con inumerosi programmi di fornitura di servizi e supporto logistico. Il margine operativo è cresciuto del 15,4% grazie a vari fattori produttivi e contrattuali, mentre i ricavi del quarto trimestre sono scesi ad 1,9 miliardi a causa dei minori volumi (produttivi) e delle scadenze (rinviate) per la modifica di velivoli. Il portafoglio ordini della divisione IDS, a fine 2007, è salito a 71,7 miliardi di dollari, grazie a nuovi ordinativi che hanno superato l’attuale fatturato. Nuovi ed importanti ordini negli ultimi tre mesi del 2007, comprendono i Satelliti Tracking & Data Relay, gli F-15SG per Singapore ed il contratto Ares I Instrument Unit Avionics. Previsioni
L’utile per azione 2008 è previsto in crescita a $5,70-5,85 (rispetto a $5,55-5,75 della precedente previsione). Il fatturato 2008 è stimato a $67-68 miliardi (rispetto ai $67,5-68,5 miliardi della previsione precedente). Nel 2008 Boeing Commercial Airplanes prevede di consegnare 475-480 aerei commerciali (rispetto ai 480-490 esemplari della precedente stima) a causa dei ritardi nelle consegne iniziali del 787 riprogrammate per il 2009. Le previsioni sul fatturato 2008 per la divisione Integrated Defense Systems restano invariate a 32/33 miliardi di dollari. Quelle per il margine operativo 2008 della IDS sono confermate al 10,5%. Nel 2008 la Boeing intende investire in Ricerca e Sviluppo una cifra compresa tra 3,2 e 3,4 miliardi di dollari, il 14% in meno del 2007. (Da un comunicato stampa The Boeing Company, Chicago, Illinois, USA – 30 gennaio 2008) |
Fourth-quarter revenue held at $17.5 billion while the operating margin increased to 8.7 percent driven by margin expansion in its core businesses. Operating earnings grew 32 percent, while earnings per share increased 5 percent to $1.36 per share affected by a higher effective tax rate. Full-year operating cash flow grew 28 percent to a record $9.6 billion, reflecting strong operating earnings, higher commercial airplane orders, and a decrease in working capital requirements. Total company backlog at year-end reached a record $327 billion, up 31 percent in the last twelve months driven by commercial airplane orders and defense program wins. Boeing Commercial Airplanes
For the full year, BCA revenues rose 17 percent to $33.4 billion on an 11 percent increase in airplane deliveries and higher services volume. Operating earnings grew 31 percent to $3.6 billion while margins expanded to 10.7 percent, driven by higher delivery volume and services sales, partially offset by increased R&D spending. BCA booked 520 gross orders during the quarter and a record 1,423 during the year. Contractual backlog rose to a record $255 billion, increasing 46 percent in 2007 to more than seven times BCA’s annual revenues. Progress on the new 787 Dreamliner continues on the revised schedule announced earlier this month. Boeing continues to address challenges associated with assembly of the first airplanes, including start-up issues in our factory and in our extended global supply chain. The company expects the first flight to occur around the end of the second quarter of 2008 with first delivery in early 2009. The program won a record 369 787 orders in 2007, bringing total firm orders since launch to 857 airplanes from 56 customers.
For the full year, IDS grew operating earnings by 13 percent to $3.4 billion and expanded operating margins to 10.7 percent on revenues of $32.1 billion. IDS results reflect strong execution in all segments and extensive productivity improvements. During the year, IDS won nine out of eleven significant competitions, demonstrating the value its defense products provide to customers worldwide. Margin results were driven by strong execution across aircraft production programs, including EA-18G and C-17. The change in revenues reflects lower aircraft deliveries compared to the year-ago period. Network & Space Systems achieved significant milestones on several key programs. Operating margin expanded to 10.2 percent in the quarter driven by strong performance across the segment’s broad array of programs, including Future Combat Systems and Ground-based Midcourse Defense, which captured 100 percent of award fees. Revenues fell to $2.9 billion on the removal of ULA-reported revenue. Support Systems again generated strong profits on its broad portfolio of services and logistics programs. Operating margin grew to 15.4 percent on solid program execution and contract mix, while revenues for the quarter fell to $1.9 billion on lower volume and timing of aircraft modifications. IDS’ backlog at quarter-end grew to $71.7 billion reflecting new orders that exceeded current-period revenues. Significant new orders in the quarter include the Tracking & Data Relay Satellites, Singapore F-15SGs and Ares I Instrument Unit Avionics award. Outlook
Boeing’s 2008 revenue guidance is now between $67 billion and $68 billion, down from between $67.5 billion and $68.5 billion due to the 787 delay. Earnings-pershare guidance for 2008 is raised to $5.70 to $5.85 per share, from $5.55 to $5.75 per share, as productivity gains are being realized ahead of earlier plans. Operating cash flow guidance for 2008 is reduced to greater than $2.5 billion reflecting the 787 schedule, from greater than $3 billion. Commercial Airplanes now expects to deliver between 475 and 480 airplanes in 2008 and is sold out, down slightly from 480 to 490 airplanes to reflect the rescheduling of initial 787 deliveries into 2009. IDS revenue guidance for 2008 is unchanged at $32 billion to $33 billion. Guidance for 2008 IDS operating margin is unchanged at approximately 10.5 percent. Boeing’s total R&D forecast for 2008 is unchanged at between $3.2 billion and $3.4 billion, a decline of approximately 14 percent from the 2007 level. (From a press release by The Boeing Company, Chicago, Illinois, USA – January 30, 2008) |