Boeing Co. Q4 2009 Earnings Call Transcript
Boeing Co. (
BA)
Q4 2009 Earnings Call Transcript
January 27, 2010 10:30 a.m. ET
Executives
Diana Sands - Vice President, Investor Relations
W. James McNerney Jr. - Chairman, President and Chief Executive Officer
James A. Bell - Corporate President, Executive Vice President and Chief Financial Officer
Thomas J. Downey - Senior Vice President, Communications
Analysts
Ronald Epstein - Banc of America/Merrill Lynch
Sam Pearlstein - Wells Fargo Securities, Llc
Joseph Campbell - Barclays Capital
Cai von Rumohr - Cowen & Company
Howard Rubel - Jefferies & Co.
Joseph Nadol - J.P. Morgan
Douglas Harned - Sanford C. Bernstein
Heidi Wood - Morgan Stanley
Troy Lahr - Stifel Nicolaus & Company, Inc.
Robert Spingarn - Credit Suisse
Myles Walton - Oppenheimer & Co.
Robert Stallard - Macquarie Research Equities
Noah Poponak - Goldman Sachs
Itay Michaeli - Citigroup
David Strauss - UBS
Peter Sanders - Wall Street Journal
Ann Keaton - Dow Jones
Susanna Ray - Bloomberg News
Dominic Gates - Seattle Times
Jon Ostrower - Flightglobal
Michael Mecham - Aviation Week and Space Technology Magazine
Aubrey Cohen - seattlepi.com
Presentation
Operator
Good day, everyone. And welcome to the Boeing Company’s Fourth Quarter and Full Year 2009 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 over the call to Ms. Diana Sands, Vice President of Investor Relations for the Boeing Company. Ms. Sands, please go ahead.
Diana Sands
Thank you. And good morning. Welcome to Boeing’s fourth quarter and full year 2009 earnings call. I’m Diana Sands, and with me today are Jim McNerney, Boeing’s Chairman, President and Chief Executive Officer; and James Bell, Boeing’s Corporate President and Chief Financial Officer. After comments by Jim and James, we’ll take your questions. In fairness to others on the call we do ask that you limit yourself to one question please.
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 boeing.com.
Before we begin, I need to remind you that any projections and goals we may include in our discussions this morning are likely to involve risks, which are detailed in our news release, in our various SEC filings, and in the forward-looking disclosures at the end of this web presentation.
Now, I’ll turn the call over to Jim McNerney
W. James McNerney
Thank you, Diana. And good morning. Let me start today with a discussion of our 2009 performance and the evolving business environment. After that James will walk you through our results and outlook and then we’d be glad to answer your questions.
Starting with slide two, 2009 was a challenging year for our company but in the end it was a year of significant achievement and one that we exited with momentum in our favor.
We confronted an unprecedented market environment with the global recession affecting our commercial business in the form of reduced orders, softening services revenues, lower delivery price escalation forecasts and our decision to reduce 777 production rates.
