On Wednesday, The Boeing Company (NYSE: BA) announced its financial results for the first quarter of 2017.
For the first quarter, revenue decreased 7.3% to $20.98 billion, missing previous estimates of $21.30 billion. The drop of commercial aircraft deliveries was one of the reasons for the decline of revenue. GAAP earnings per share for the first quarter rose to $2.34 per share and core earnings per share was up to $2.01 from $1.74, beating estimates of $1.94 per share.
“With a sharp focus on performance and productivity, our team delivered another quarter of solid financial results, including year-over-year earnings growth and strong operating cash flow,” Dennis Muilenburg, the Chairman, President and Chief Executive Officer of Boeing, said in the statement.
“In turn, we continued to position Boeing for growth with investments in new products and services, innovation, and our people, while again demonstrating our commitment to return significant cash to our shareholders,” he said.
In the statement, the company increased its guidance for GAAP earnings per share from between $10.25 and $10.45 to $10.35 and $10.55 per share, and rose non-GAAP earnings per share guidance to between $9.20 and $9.40. The adjustment of the earnings per share was motivated by a lower-than-expected tax rate.
The company keeps the guidance of delivering 760 to 765 commercial aircrafts in 2017 unchanged, and remains its revenue guidance at $90.5 billion to $92.5 billion.