The Boeing Company (NYSE:BA) Q4 2019 Earnings Conference Call - Final Transcript

Jan 29, 2020 • 10:30 am ET


The Boeing Company (NYSE:BA) Q4 2019 Earnings Conference Call - Final Transcript


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Good day everyone, and welcome to The Boeing Company's Fourth Quarter 2019 Earnings Conference Call. Today's call is being recorded. The management discussion and slide presentation, plus the analyst question-and-answer session are being broadcast live over the Internet.

[Operator Instructions]

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

Maurita Sutedja

Thank you, and good morning.

Welcome to Boeing's fourth quarter 2019 earnings call. I'm Maurita Sutedja, and with me today are David Calhoun, Boeing's President and Chief Executive Officer, and Greg Smith, Boeing's Chief Financial Officer and Executive Vice President of Enterprise Performance & Strategy. Dave will start with some opening comments and hand it over to Greg to address the business environment and our financial results. After management comments, we will conduct a question-and-answer session.

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, estimates and goals we include in our discussion today are likely to involve risks, which are detailed in our news release, in our various SEC filings, and in the forward-looking statement disclaimer at the end of this web presentation. In addition, we refer you to our earnings release and presentation for disclosures and reconciliation of certain non-GAAP measures.

Now I will turn over the call to Dave Calhoun.

David L. Calhoun

Thank you, Maurita. Good morning to everyone.

I'll state the obvious. I've been here 2.5 weeks, and this is my first earnings call as the President and CEO of the company. While I'm new to the CEO role, I am certainly not new to the company and have long admired the business, the products that we build, and the people that serve the company. It's a very challenging moment for Boeing, we got a lot of work to do, but I'm confident that we will manage the situation in the right way and I'm optimistic about the company's future, both in terms of the markets that we serve and maybe more importantly the engineering and technical capabilities we bring.

Before we proceed, let me just say to the families and the loved ones of those who perished in the Lion Air Flight 610 and Ethiopian Airlines Flight 302 accidents, we -- I am truly and deeply sorry for your loss. I will repeat this many, many times in the years ahead. Their memories will drive me personally to do everything I can to make our airplanes and our industry safer. And I know I speak for all of my Boeing associates accordingly.

I've been spending a lot of my first weeks meeting, connecting with, listening to my Boeing teammates across the country. What I'm seeing and