Boeing Reports Quarterly Results and Raises Outlook

CHICAGO, July 28, 2004

-- Integrated Defense Systems delivers strong revenue growth and operating margins while Commercial Airplanes continues solid operating performance and raises delivery forecast

-- 7E7 launch and Multi-mission Maritime Aircraft win bolster growth outlook

Financial Highlights:

• Earnings Per Share (EPS)
  • Q2: $0.75 includes $0.23 benefit related to federal tax refund and $0.02 gain from sale of Boeing Capital’s commercial finance portfolio
• Revenue
  • Q2: $13.1 billion
• Operating Cash Flow
  • Q2: $1.4 billion, after $1.0 billion discretionary investment in pensions
• Cash Balance
  • $6.2 billion on June 30, 2004

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