Total company backlog at quarter-end remained healthy at $474 billion and included net orders of $9 billion.
Segment Results
Commercial Airplanes
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Table 4. Commercial Airplanes | Second Quarter |
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| First Half |
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(Dollars in Millions) | 2019 |
| 2018 |
| Change |
| 2019 |
| 2018 |
| Change |
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Commercial Airplanes Deliveries | 90 |
| 194 |
| (54)% |
| 239 |
| 378 |
| (37)% |
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Revenues | $4,722 |
| 13,952 |
| (66)% |
| $16,544 |
| $26,897 |
| (38)% |
(Loss)/Earnings from Operations | ($4,946) |
| $1,785 |
| NM |
| ($3,773) |
| $3,197 |
| NM |
Operating Margin | (104.7)% |
| 12.8% |
| NM |
| (22.8)% |
| 11.9% |
| NM |
Commercial Airplanes second-quarter revenue was $4.7 billion reflecting the previously announced 737 MAX charge and lower 737 deliveries partially offset by favorable mix (Table 4). Second-quarter operating margin was (104.7) percent reflecting the previously announced 737 MAX charge and lower 737 deliveries partially offset by a higher margin on the 787 program.
During the quarter, Commercial Airplanes delivered 90 airplanes, including 42 787s, and captured orders for two 777 freighters for DHL and six 767 freighters for FedEx. Highlights from the Paris Air Show included a letter of intent from IAG for 200 737 MAX airplanes as well as several wide body commitments. The 777X program is progressing well through pre-flight testing. While the company is still targeting late 2020 for first delivery of the 777X, there is significant risk to this schedule given engine challenges, which are delaying first flight until early 2020.
Commercial Airplanes backlog remains healthy with more than 5,500 airplanes valued at $390 billion.
Defense, Space & Security
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Table 5. Defense, Space & Security | Second Quarter |
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| First Half |
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(Dollars in Millions) | 2019 |
| 2018 |
| Change |
| 2019 |
| 2018 |
| Change |
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| Revenues | $6,612 |
| $6,100 |
| 8% |
| $13,223 |
| $12,581 |
| 5% |
| Earnings from Operations | $975 |
| $376 |
| 159% |
| $1,822 |
| $1,133 |
| 61% |
| Operating Margin | 14.7% |
| 6.2% |
| 8.5 Pts |
| 13.8% |
| 9.0% |
| 4.8 Pts |
