Boeing 2014 Annual Report Download - page 38

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26
We are focused on improving our processes and continuing cost-reduction efforts. We continue to leverage
our extensive customer support services network which includes aviation support, spare parts, training,
maintenance documents and technical advice for airlines throughout the world. This enables us to provide
a high level of customer satisfaction and productivity. These efforts enhance our ability to pursue pricing
strategies that enable us to price competitively.
Many of our non-U.S. customers finance aircraft purchases through the Export-Import Bank of the United
States. In September 2014, the bank’s charter was extended and is now set to expire on June 30, 2015.
If the bank’s charter is not renewed or if the bank’s existing or future funding authority is insufficient to
meet our customers’ needs, we may fund additional commitments and/or enter into new financing
arrangements with customers. Certain of our non-U.S. customers also may seek to delay aircraft purchases
if they cannot obtain financing at reasonable costs. We continue to work with our customers to mitigate
risks to the timing of future deliveries and are assisting with alternative third party financing sources.
Results of Operations
(Dollars in millions)
Years ended December 31, 2014 2013 2012
Revenues $59,990 $52,981 $49,127
% of total company revenues 66% 61% 60%
Earnings from operations $6,411 $5,795 $4,711
Operating margins 10.7% 10.9% 9.6%
Research and development $1,881 $1,807 $2,049
Contractual backlog $440,118 $372,980 $317,287
Unobligated backlog $360 $660 $1,466
Revenues
Commercial Airplanes revenues increased by $7,009 million or 13% in 2014 compared with 2013 and by
$3,854 million or 8% in 2013 compared with 2012 primarily due to higher new airplane deliveries.
Commercial Airplanes deliveries as of December 31 were as follows:
737 *747 †767 777 787 †Total
2014
Cumulative deliveries 5,218 1,501 1,067 1,263 228
Deliveries 485 (15) 19 (3) 6 99 114 723
2013
Cumulative deliveries 4,733 1,482 1,061 1,164 114
Deliveries 440 (8) 24 21 98 65 (1) 648
2012
Cumulative deliveries 4,293 1,458 1,040 1,066 49
Deliveries 415 (9) 31 26 83 46 (3) 601
* Intercompany deliveries identified by parentheses
† Aircraft accounted for as revenues by Commercial Airplanes and as operating leases in
consolidation identified by parentheses