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| Solid performance in dynamic markets
from Boeing’s balanced portfolio of aerospace businesses |
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 Achieved
net earnings before cumulative effect of accounting change
of $2.3 billion, or $2.87 per share, on revenues of $54.1 billion
and operating margins of 7.2 percent, reflecting prolonged
downturns in commercial aviation and space markets offset by
growing defense and noncommercial space markets. |
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| Generated
strong free cash flow totaling $3.4 billion. |
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Achieved
solid Commercial Airplanes operating margins on planned lower
deliveries of 381 jetliners
while supporting customer efforts to restore the long-term
health of the airline industry; rolled out new
747-400ER and 777-300ER (Extended Range) airplanes and focused
development on a super-efficient
midsized airplane, the Boeing 7E7. |
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Combined
our military aircraft and missile systems and space and communications
businesses
into Boeing Integrated Defense Systems, the United States’ second
largest defense contractor;
leveraged strong Boeing platform, technology and systems integration
capabilities to further align
with customer requirements and strategies. |
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Emerged
as a leading industry partner in the U.S. military’s
transformation; captured the lead integrator
role for the Army’s transformational Future Combat Systems
and won key contracts for the Air
Force’s Family of Advanced Beyond-Line-of-Sight Terminals
and the Army’s Joint Tactical Radio System. |
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Successfully
completed the first launch of the new Delta IV booster; continued
on-track development
of the Ground-based Midcourse Defense program (formerly National
Missile Defense). |
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Won
key contracts to deliver 60 C-17 transports to the U.S. Air
Force and 40 F-15K aircraft to
the Republic of Korea; began flight tests of the X-45A Unmanned
Combat Air Vehicle. |
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Initiated
Connexion by BoeingSM revenue service
on U.S. Government aircraft and installed the
broadband system on commercial airplanes for in-flight demonstrations,
which started in 2003.
Continued to build domestic and international support for a
new global air traffic management system;
selected by the U.S. Federal Aviation Administration to evaluate
the feasibility of integrating emerging
security- and capacity-enhancing technologies into the current
National Airspace System. |
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2002 Financial
Highlights
(Dollars in millions except per
share data) |
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2001
|
2000
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1999
|
1998
|
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| Revenues |
54,069
|
|
58,198
|
51,312
|
57,993
|
56,154
|
|
 |
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| Net earnings* |
2,319
|
|
2,826
|
2,128
|
2,309
|
1,120
|
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| Earnings per share* |
2.87
|
|
3.41
|
2.44
|
2.49
|
1.15
|
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| Operating margins |
7.2%
|
|
6.7%
|
6.0%
|
5.5%
|
2.8%
|
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| Free cash flow† |
3,374
|
|
2,705
|
5,161
|
4,809
|
300
|
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| Contractual backlog |
104,173
|
|
106,591
|
120,600
|
99,248
|
112,896
|
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* Before cumulative effect
of accounting change.
† Free cash flow is a non-GAAP (Generally Accepted Accounting Principles)
measure that equals net cash provided by operating activities less net additions
of property, plant and equipment. Others using the term may calculate free cash
flow differently. |
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