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PREVIEW: Big earnings day for Boeing Commercial Airplanes

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Boeing Commercial Airplanes (BCA) expects later this morning to post a good second quarter, and we'll wait for the final tally to decide if we should further modify 'good' with 'very'. It's the first time that's possible to say without any major caveats since 2007. With the 787 and 747-8 finally certified amidst swelling demand for commercial aircraft, BCA can have a nice quarter for once.

The numbers don't lie. Operating earnings for the BCA segment have plunged even as revenues have stabilized. Aircraft deliveries hit a five-year low in what was already a down-cycle in 2010, and then barely improved in 2011. This year, BCA already has reported delivering 150 aircraft in the second quarter, including 13 total 787s and 747-8s.

Although that's a huge improvement, BCA will have to work hard to meet its full-year delivery guidance of between 35 and 42 787s. The airframer has delivered only 11 787s in the first half of the year. Meeting that delivery target is essential for BCA to begin unwinding its mountainous stockpile of 787 inventories.

BCA ($m)20082009201020112012
Revenues856784317433884311843
Operating Earnings7778179209201211
R&D expense770659693771560
Assets18893204972834133379 
Liabilities16556171411966321018 
      
Aircraft deliveries126125114118150
737100999594109
74752  7
76733356
7771821161922
787    6
      
Total inventories 185682655032592 
787 work in progress, including deferred production 3885946112684 
787 Supplier advances 218719561852 
Tooling & non-recurring 123114471677

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