Boeing Takes Off

Boeing Reports Double-Digit First-Quarter Earnings Growth and Record Backlog
􀂄 First-quarter EPS grew 43 percent to $1.62 per share as net income rose 38
percent to $1.2 billion
􀂄 Operating margin expanded to 11.3 percent as revenue rose to $16.0 billion
􀂄 Operating cash flow more than doubled to $1.9 billion
􀂄 Backlog reached a record $346 billion
􀂄 2008 EPS guidance reaffirmed at between $5.70 and $5.85 per share
􀂄 2009 EPS expected to grow approximately 20 percent to between $6.80 and
$7.00 per share

CHICAGO, April 23, 2008 – The Boeing Company’s [NYSE: BA] first-quarter 2008
earnings per share increased 43 percent to $1.62 as net income rose 38 percent to $1.2
billion and operating margin rose to 11.3 percent, driven by solid overall execution in both
its commercial airplane and defense businesses as well as lower unallocated costs (Table
1).
Boeing’s quarterly revenue rose 4 percent to $16.0 billion while its operating cash
flow more than doubled to $1.9 billion reflecting the strong operating earnings and higher
commercial airplane orders. Free cash flow* increased to $1.5 billion (Table 2).
Boeing reaffirmed its 2008 earnings per share guidance at between $5.70 and
$5.85. For 2009, Boeing expects EPS between $6.80 and $7.00 per share on strong
production program performance and decreases in R&D and pension expense.