Boeing Co BA
Q4 2012 Earnings Call Transcript

Transcript Call Date 01/30/2013

Operator: Thank you for standing by. Good day, everyone, and welcome to the Boeing Company's Fourth Quarter and Full Year 2012 Earnings Conference Call. Today's call is being recorded. The management discussion and slide presentation, plus the analyst and media question-and-answer sessions are being broadcast live over the Internet.

At this time, for opening remarks and introductions, I'm turning the call over to Ms. Stephanie Pope, Vice President of Investor Relations for the Boeing Company. Mr. Pope, please go ahead.

Stephanie Pope - IR: Thank you and good morning. Welcome to Boeing's fourth quarter 2012 earnings call. I am Stephanie Pope and with me today are Jim McNerney, Boeing's Chairman, President, and Chief Executive Officer; and Greg Smith, Boeing's Chief Financial Officer. After comments by Jim and Greg, we will take your questions.

In fairness to others on the call, we ask that you please limit yourself to one question. As always, we have provided detailed financial information in our press release issued earlier today and as a reminder, you can follow today's broadcast and slide presentation through our website at

Before we begin, I need to remind you that any projections and goals we may include in our discussion this morning are likely to involve risks, which are detailed in our news release, in our various SEC filings, and in the forward-looking statement disclaimers at the end of this web presentation. In addition, we refer you to this morning's earnings release and to the presentation that accompany the webcast for disclosures and reconciliations of non-GAAP measures that we may use when discussing our results and outlook.

Now, I will turn the call over to Jim McNerney.

W. James McNerney, Jr. - Chairman, President and CEO: Thank you, Stephanie and good morning, everybody. Let me start today by addressing the business environment followed by some thoughts on our strong performance during the quarter and then a few words covering my view of where we are at this point on the battery issue with the 787. After that, Greg will walk you through our financial results and outlook, including the new non-GAAP measures we're introducing, which we believe will provide more insight into our underlying business performance.

Turning now to Slide 2, our view of the business environment remains positive overall given our record backlog and our customers continuing need for the efficient and value creating products we provide. Passenger traffic remains resilient despite limited global economic growth and airlines continue to replace older airplanes in favor of new ones that provide compelling economics and increased fuel efficiency. We continue to monitor pressure in the air cargo market with the expectation that conditions will begin to stabilize this year.

In 2012, Boeing restored our market share leadership with Commercial Airplane deliveries with 601 delivered, the most since 1999 and the second-most in commercial aviation history. On continued strong demand for our new airplanes we also led the industry in net new orders with 1,203 the second-highest total in our Company's history.

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