Volume 03, Issue 7
|Focus on Finance|
A transforming experience
For most folks, balancing their checkbook every couple months is relatively simple. But imagine how tricky it would be if you were trying to reconcile more than a dozen general ledgers comprising thousands of different accounts with data input from hundreds of distinct information systems that use different charge lines and cost-accounting methods.
That's the challenge Boeing faces each quarter in consolidating the enterprisewide financial results, such as those announced Oct. 27. For Boeing, "closing the books" means rounding up figures from many different finance systems and applications, only 10 percent of which are common across the company. That lack of interoperability adds expense, delays closing and hampers real-time business decisions.
Boeing's results for third quarter generate accolades
The financial community generally lauded Boeing's third-quarter financial results, which were announced Oct. 27.
Boeing reported strong revenue and earnings growth for the third quarter of 2004 with net income of $456 million, or 56 cents per share, on revenues of $13.2 billion. These figures compare with net income of $256 million, or 32 cents per share, on revenues of $12.2 billion in the third quarter of 2003.
"Boeing's quarter was solid overall, with the excellent performance in defense and a strong (earnings per share) number," Banc of America Securities analyst Nick Fothergill told Reuters.
"Revenue growth of 13 percent and improved operating margins of almost 10 percent in the Integrated Defense Systems segment led to another solid performance," wrote Standard & Poor's in a report.
To read the third-quarter earnings news release, go to http://www.boeing.com/news/releases/2004/q4/nr_041027a.html
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