The Boeing Company reported fourth-quarter revenue of $28.3 billion, GAAP earnings per share of $5.93 and core earnings per share (non-GAAP) of $5.48, all company records.
These results reflect record commercial deliveries, higher defense and services volume and strong performance which outweighed favorable tax impacts recorded in the fourth quarter of 2017 (Table 1). Boeing generated operating cash flow of $2.9 billion, repurchased 1.6 million shares for $0.6 billion, paid $1.0 billion of dividends and completed the acquisition of KLX.
Revenue was a record $101.1 billion for the full year reflecting higher commercial deliveries and increased volume across the company.
Records for GAAP earnings per share of $17.85 and core earnings per share (non-GAAP) of $16.01 were driven by higher volume, improved mix and solid execution.
Commercial Airplanes fourth-quarter revenue increased to $17.3 billion reflecting higher deliveries and favorable mix .
Said Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg: "Across the enterprise our team delivered strong core operating performance and customer focus, driving record revenues, earnings and cash flow and further extending our global aerospace industry leadership in 2018.
"In the last 5 years, we have invested nearly $35 billion in key strategic areas of our business, all while increasing cash returns to shareholders.
"Our One Boeing focus, clear strategies for growth, and leading positions in large and growing markets, give us confidence for continued strong performance, revenue expansion and solid execution across all three businesses, which is reflected in our 2019 guidance."
Operating cash flow was $2.9 billion in the quarter and $15.3 billion for the full year, reflecting planned higher commercial airplane production rates and strong operating performance as well as timing of receipts and expenditures.
During the quarter, the company repurchased 1.6 million shares for $0.6 billion, paid $1.0 billion in dividends, and completed the acquisition of KLX.
For the full year, the company repurchased 26.1 million shares for $9.0 billion and paid $3.9 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 $20 billion authorization.
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