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The Boeing Company
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About The Boeing Company

Boeing is the world's largest aerospace company and one of only two major manufacturers (the other being Airbus) of 100-plus seat airplanes for the commercial airline industry. Its commercial jet aircraft models include the 737 narrow body; the fuel-efficient 737 MAX; the 747, 767, and 777 wide bodies; and the 787 Dreamliner. Serving the military, science, and space and sea exploration sectors, the company also produces KC-46 aerial refueling aircraft, the AH-64 Apache helicopter, the 702 family of satellites, CST-100 Starliner spacecraft, and the Echo Voyager unmanned undersea vehicle. Major customers include the US Department of Defense and NASA. Additionally, Boeing provides aftermarket support, as well as airplane financing and leasing services to both commercial and military customers.

Operations

Boeing's operations are divided into three business units: Commercial Airplanes (BCA); Defense, Space & Security (BDS); and Boeing Global Services (BGS). Supporting these segments is Boeing Capital (BCC), its global financing operations.

Boeing Commercial Airplanes represents about 60% of sales and designs, manufactures, and services commercial jet aircraft for both passengers and cargo. More than 10,000 Boeing-built commercial jetliners are in service worldwide, which is almost half the world fleet. The company also offers the most complete family of freighters, and about 90 percent of the world's cargo is carried onboard Boeing planes.

Defense, Space & Security (about 25% of sales) provides design, production, modification, service and support services for large-scale systems, including missiles, munitions, aerial refuelers, transporters, and spacecraft.

Boeing Global Services generates more than 15% of sales. The division caters to aerospace and defense needs, including supply chain and logistics management, maintenance, upgrades and conversions, spare parts, training systems, and data analytics and digital services.

Geographic Reach

Boeing's principal operations are in the US, Canada, and Australia, with some key suppliers and subcontractors located in Europe and Japan. Approximately 95% of its manufacturing, warehousing, engineering, and administration facilities are located in the US. Boeing brings in about 45% of its revenue from the US, about 25% from Asia, 15% from Europe, and about 10% from the Middle East.

Sales and Marketing

The main customer of Boeing's Defense, Space & Security segment is the Department of Defense, which generates about 85% of revenue (including foreign military sales through the US government). Other significant BDS revenue is derived from NASA and customers in international defense markets, civil markets, and the commercial satellite market.

Financial Performance

Boeing's revenue has been trending upward over the past five years with a total increase of 11% since 2014.

The company's sales in 2018 surpassed the $100 billion mark for the first time with $101.1 billion in revenue, an 8% increase over $94.0 billion in 2017. The increase was primarily due to increased 737 and 787 deliveries, some non-US contract awards for fighter jets and satellites, and higher parts revenue, including the acquisition of aviation parts and services provider, KLX Inc.

Along with increased sales, net income jumped 24% to $10.5 billion in 2018 compared with $8.5 billion the previous year (net income also increased 68% in 2017 compared with 2016). Lower income tax expenses in 2018 contributed to the boost in profits.

Cash at the end of fiscal 2018 was $7.6 billion a decrease of $1.1 billion from the prior year. Cash from operations contributed $15.3 billion to the coffers, while investing activities used $4.6 billion, mainly for additions to property, plant, and equipment and acquisitions. Financing activities used another $11.7 billion for dividends to stockholders and the company's stock repurchase program.

Strategy

Boeing's growth strategy is centered around product initiatives including building more efficient airplanes, developing smarter solutions for military customers, and creating next-generation space exploration vehicles. It also aims to capture a larger share of the services market (it acquired parts and services provider, KLX, in 2018).

To house its manufacturing and R&D operations, the company expanded its facilities outside the US with a new 737 Completion and Delivery Center in Zhoushan, China and a fabrication factory in Sheffield, UK. It also plans to open a new research center in Korea. New innovations are centered around additive manufacturing, avionics, data analytics, and digital engineering technologies in its manufacturing and supply chain activities. 

For its commercial and government aerospace customers, Boeing launched a Disruptive Computing and Networks organization to develop advance computing and communications solutions. It also established Boeing NeXt, a new organization focused on future mobility products such as high-speed aircraft and new spacecraft that could transport people and cargo to and from space. 

In 2019, airlines worldwide grounded all Boeing 737 MAX passenger airliners after two crashes — Indonesian Lion Air Flight 610 and Ethiopian Airlines Flight 302 — killed 346 passengers aboard the 737 MAX aircraft. The crashes were attributed to issues with Boeing's new MCAS automated navigation system. The company has made software updates to the system and is working with the FAA to bring the 737s back into service. 

Mergers and Acquisitions

Boeing achieves growth by acquiring businesses that focus on specific technology products and target the needs of emerging markets, such as services.

In 2019, the company completed the acquisition of Houston, Texas-based ForeFlight, a leading provider of innovative mobile and web-based aviation applications. The acquisition of ForeFlight aligns with Boeing's growth strategy of complementing organic investments with targeted, strategic investments that position the company for long-term growth.

In late 2018, it completed its acquisition of KLX Aerospace Solutions allowing the company to compete in the aerospace services market. KLX is a provider of aviation parts and services in the aerospace industry distributing products for approximately 2,400 manufacturers and offers approximately 1 million catalog items. It will continue to operate from Miami with customer service centers located in more than 15 countries.

Also in 2018, it formed a partnership with Brazil-based Embraer to take over its commercial aircraft operations (Embraer's defense division and business jet unit were not part of the deal). Boeing acquired an 80% interest in the venture and expects costs synergies of about $150 million by 2020.

Another 2018 acquisition was small-satellite developer Millennium Space Systems, based in El Segundo, Calif. Millenium will operate as a subsidiary of Boeing Phantom Works and further adds to Boeing's investment in the aerospace market.

Company Background

The Boeing Company celebrated 100 years in business in 2016. Some of its first aircraft were used in World War I and the company began manufacturing commercial aircraft in 1919. The global aviation industry continued to grow, even through The Great Depression, and Boeing continued to deliver more commercial and military aircraft through the decades.

In 1947, Boeing set speed and distance records with its B-47 and its swept-back wings, a design that would become standard on many commercial and military aircraft. Boeing also designed the first stage of the three-stage Saturn V rocket used for the Apollo space missions in the 1960s. The company went on to develop the Apache helicopter, which is still in use today.

Most recently Boeing has been focused on future mobility products such as autonomous aircraft and next-generation space vehicles.

The Boeing Company

100 N RIVERSIDE PLZ
Chicago, IL 60606-2016
Phone: 1 (312) 544-2000

Stats

Employer Type: Publicly Owned
Stock Symbol: BA
Stock Exchange: , NYSE
Vice Chairman: Raymond L. Conner
Chairman, President, and CEO: Dennis A. Muilenburg
EVP, Business Development and Strategy and CFO: Gregory D. Smith
Employees (This Location): 277
Employees (All Locations): 153,000

Major Office Locations

Chicago, IL

Other Locations

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