• Operating margin grew to 7.7 percent on revenue of $15.2 billion, driving net income of $0.70 per share, including previously disclosed charge of $0.20 per share due to health care legislation
• Operating cash flow of ($0.3) billion with investments in development programs
• Cash & marketable securities of $10.4 billion provides strong liquidity for 2010
• Backlog of $315 billion – nearly five times current annual revenue – held steady as new orders largely kept pace with deliveries
• 2010 EPS guidance of $3.50 to $3.80 includes charge for health care legislation

The Boeing Company (NYSE: BA) reported first-quarter net income of $0.5 billion, or $0.70 per share, and revenue of $15.2 billion.  Current period results reflect solid performance across core businesses and a previously disclosed $0.20 charge on health care legislation, while the year-ago quarter was reduced by $0.31 per share on a charge due to poor market conditions in commercial airplanes (Table 1).  

"With clear progress on the 787 and 747-8, solid financial performance and marked improvement in our customer outlook, we continue to draw on the positive momentum we saw at the end of 2009," said Jim McNerney, Boeing chairman, president and chief executive officer.  "Our outlook remains attractive, and we are focused on executing well and delivering on our commitments to customers."  

Earnings guidance for 2010 has been revised to $3.50 to $3.80 per share, incorporating the previously announced charge of $0.20 per share.  

Boeing's quarterly operating cash flow was ($0.3) billion, which reflects continued investment in development programs.  Free cash flow* was ($0.5) billion in the quarter.  (Table 2)