Boeing's first-quarter revenue in 2015 increased 8 percent to $22.1 billion reflecting higher commercial deliveries. Core earnings per s...
Boeing's Commercial Airplanes first-quarter revenue increased 21 percent to $15.4 billion on higher delivery volume and mix. First-quarter operating margin was 10.5 percent, reflecting the dilutive impact of higher 787 deliveries.
During the quarter, Boeing commercial airplanes won orders for 52 737 MAX airplanes. The 737 program has won over 2,700 firm orders for the 737 MAX since launch. Also during the quarter, the company opened a new Propulsion Systems facility at Boeing South Carolina that will initially support the 737 MAX and 777X, delivered the first Boeing South Carolina-built 787-9 Dreamliner and received 330-minute ETOPS certification on the 747-8 Intercontinental.
Commercial Airplanes booked 110 net orders during the quarter. Backlog remains strong with over 5,700 airplanes valued at $435 billion.
During the first quarter of 2015, certain programs were realigned between Boeing Military Aircraft and Global Services & Support.
Defense, Space & Security's first-quarter revenue was $6.7 billion with an operating margin of 11.1 percent. Boeing Military Aircraft (BMA) first-quarter revenue was $2.7 billion, reflecting planned timing of deliveries and mix; operating margin was 9.5 percent. During the quarter, BMA was awarded contracts for 43 Apache helicopters.
Network & Space Systems (N&SS) first-quarter revenue was $1.7 billion, reflecting lower satellites and missile defense system program volume partially offset by higher volume on the Commercial Crew program. Operating margin increased to 9.6 percent on strong performance related to our United Launch Alliance joint venture.
During the quarter, the first two all-electric Boeing 702SP satellites were launched on a single rocket.
Global Services & Support (GS&S) first-quarter revenue was $2.2 billion, reflecting slightly lower volume in integrated logistics. Operating margin increased to 14.1 percent on strong operating performance and program mix.
During the quarter, GS&S was awarded a combat logistics support agreement with the U.S. Defense Logistics Agency.
Backlog at Defense, Space & Security was $60 billion, of which 37 percent represents orders from international customers.
