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Case study: The Boeing company strategic analysis
Research · December 2018
DOI: 10.13140/RG.2.2.12570.49602
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Case: The Boeing Company
(NYSE:BA)
Strategic Management
Final exam paper
Instructor: Professor Keiron Hylton, JD/MBA
Prepared by: Kamal Naim-Zade
14/12/2018
Table of contents
1.
Introduction..................................................................................................................... 2
2.
The history and current position. .................................................................................. 3
3.
The strategy and making hierarchy. ............................................................................. 4
4.
Diversification strategy .................................................................................................. 4
5.
The BA`s hierarchy scheme of strategy consists from the next distinctions ............. 5
6.
Organizational structure ................................................................................................ 6
7.
PESTEL analysis ............................................................................................................ 7
8.
The Porter`s Five forces analysis................................................................................... 9
9.
The SWOT analysis ...................................................................................................... 10
9.1 Strengths ............................................................................................................................... 10
9.2 Weaknesses........................................................................................................................... 11
9.3 Opportunities ....................................................................................................................... 11
9.4 Threats .................................................................................................................................. 12
10.
The Boeing value chain ................................................................................................ 12
10.1 Primary activities .............................................................................................................. 12
10.2 Support activities .............................................................................................................. 13
11.
Generic competitive strategy ....................................................................................... 14
12.
2025 Goals set ................................................................................................................ 15
13.
Recommendations ......................................................................................................... 15
14.
Weighted Strength Assessment for Suggestions and Recommendations ................ 17
Appendix ...................................................................................................................................... 20
References:................................................................................................................................... 22
1
1. Introduction
When the aviators start to talk, the first thing they begin is the aircraft. The newest
and innovative, the largest and efficient. The airplane, which makes the aviation
industry different, from others. The flying aircraft, carrying tons of cargo and
hundreds of passengers to long distances in short time. The manufacturing most
innovative and progressive product, such the airplane is, might be possible for few
real strong companies, who made their names by manufacturing the best aircraft in
the world. The Boeing Company is the leader between them.
The Boeing Company (BA) is an American multinational corporation that
designs, manufactures and sells airplanes and related parts. It is largest company and
leading in jetliners, aerospace, defense and security systems. The BA provide all
kind of support service for it products. The company is largest global aircraft
manufacture, and the quality of Boeing made aircrafts is higher, than competitors’
(between passenger type a/c manufactures).
The BA has about 141,322 (Jan 1, 2018, Wikipedia) numbers of employees and
has presentation almost worldwide. The company has five divisions, all related with
aviation:
 Boeing Commercial Airplanes (BAA);

Boeing Defense, Space & Security (BDS);

Engineering, Operations & Technology;
 Boeing Capital;
 Boeing Shared Services Group.
The company revenue by ending the December 31, 2017 is $ 93,3B.
2
2. The history and current position.
The history of successful company starts in March 1910, when the founder,
William E. Boeing bought Heath's shipyard in Seattle on the Duwamish River, which
became later his first airplane factory. He incorporated the company on July15,
1916, and started with manufacturing of seaplanes. The first big order Boeing
received was from the Navy, for 50 seaplane. After World War1 company faced with
stagnation in business, therefore, temporary became manufacturer of different
products like a dresser, counters and furniture along with flat bottom boats called
Sea Sleds.
Beginning by 1919 the Boeing Company opened new horizons with first flying
boat. That boats began to use for airmail delivery local and international. Later
Boeing entered competition with other manufacturers for developing the fighters for
US Army Air. During period 1925-1947 Boeing developed different models for civil
and military market. In 1947 it flew first military jet aircraft, from that moment
company launched new era in jet airplane constructing. Since that, the company
became the worldwide famous airplane manufacture. The Boeing`s airplanes fly in
every part of world. Almost all airline companies worldwide have Boeing in the
fleet. Some of fleet contains by only Boeing airplanes.
The company manufactures different types of aircraft. The current popular civil
series: 737,747,767,777,787. Besides that, Boeing manufactures military aircrafts
and produces the engines for space rocket and electronic spare part used in space
programs by NASA. The Boeing Company is the second largest defense contractor
in the world and the largest exporter in US. It located in Seattle, Chicago Company,
placed in S&P 100 and S&P500.
The Boeing Company has plans for future. The company work on possibility of
using the biofuel for aircraft engines. They also determines the hybrid electric engine
3
technology, as the best choice for subsonic design. The developing technologies that
way, will keep company improving in future.
3. The strategy and making hierarchy.
The BA successful performance based on newest technology. Even in 1916,
when W. Boeing started to create first sea planes, it was new technology based for
that time, despite to the fact that first planes was made from wood. The owner choose
the strategy to develop his company using the progress. He decided to build quality,
not expensive airplanes and sell them firstly to the government and after to market.
That way he differentiated his company from others manufacturers. He build his
plant in Seattle to have access main material the spruce wood. During the World
War and after W. Boeing, was able to adjust his strategy of developing accordingly
to requirements. The planes for Army or civil staff for daily using. His approach was
to prevent the stoppage.
4. Diversification strategy
The BA aimed to fill the fleets of every airlines with its Boeing airplanes,
therefore the line of products include all kind of airplanes, from short-range to long
and extended-range with added tail tanks. In addition Boeing manufactures
corporate jet: BBJ (Boeing Business Jet), very luxurious, highly equipped aircraft
with special characteristics for private use. Thus the BA develop its strategy to
answer to all kind of needs. Total commercial aircraft orders for 2018 is 642,
delivered aircraft for 2017 is 763, with net orders 912. Beside, BA encompasses the
development of missiles, helicopters and wide range of other technical products used
in the defense and security segment. The revenue from diversification supported the
company during the fluctuations in market.
4
5. The BA `s hierarchy scheme of strategy consists from the next distinctions
Corporate strategy: BA was established from zero and continued to grow first
locally but later it became international. I think W. Boeing planned to enter different
market, as it happened after his leaving the company in 1933. The company
diversified from defense aircraft to commercial became manufacture of not only
civil airplanes, but also fighters and bombers for Army, missile and rocket engines.
Business strategy: From the beginning the BA emphasized the research and
developing for creating the quality product and distinguishing from others. Running
ahead, the financial analysis reveals serious investment in R&D procedures. The
company developed different models of airplanes for any type of operations, with
possibility to change the configurations. That favorably distinguishes it from its
closest and strongest rival: an Airbus. The BA provides lease opportunity for
customers, the spare part chain, technical documentation and information updating.
The BA also has educational centers for certification the technical centers. After
certification those centers allowed to perform the special maintenance, inspection
procedures, and configuration change procedures. Thus enhance the service network
of Boeing and support the requirements of periodical aircraft maintenance check.
Functional Area Strategies: other difference from an Airbus, that BA build it
products in one place. Thus, company is able to control the manufacturing process
better and avoid unnecessary transportation expenses. The BA invest to its
personnel, hiring the high skilled professionals. The contracting with government
for military orders, provide also the subsidizing from government.
Operating strategy: the company create new type aircraft and sells them to
national and international airlines companies. It has representation in 70 countries,
communicating with major and local airlines regionally. That foster supply chains,
5
which is highly convenient for airlines, in terms of short time for spare part delivery,
and very profitable for BA.
6. Organizational structure
Boeing uses the matrix structure, each department has the vice president:
 Business development and strategy
 Communications
 Finance
 Engineering, Operations and Technology
 Human resources and administration
 Internal Governance
 International
 Law department
 Public policy
The Boeing Company has its corporate headquarters in Chicago, Illinois. The
company is led by President and CEO Dennis Muilenburg. The BA organization
consists from five primary divisions:
 Boeing Commercial Airplanes(BAA);

Boeing Defense, Space & Security (BDS);
 Engineering, Operations & Technology;
 Boeing Capital;
 Boeing Shared Services Group.
Net earnings in 2017 were $8.2B, with total revenues $93.9B and total
expenses $76.1B
6
7. PESTEL analysis
Boeing is worldwide known and operating company. Its clients located in
every country who has air fleet. The Pestel analysis will support in understanding
the factors which affect the operation of company
Political: for foreign markets the new airplanes fleet purchasing is almost
everywhere controlled by local government. Partly because some governments
have ownership in of airlines, partly because the airline operations regulated by
law. Another reason could be the high cost of airplane, at the end this amount of
money leaves local market. Therefore airlines must conform the order. That
aspect is quite significant for BA. It requires good relation between BA and US
government for backup in case of necessity. Another important issue stated in
“The Boeing Company 2017 Annual Report, pg.8”. The BA contracts with US
government are subject to modify, curtail or terminate, in any numbers and turns.
The changes in defense budgeting levels might affect BA in very negatively way.
That factor implies the risk for future planning of company.
Economic: the BA manufactures different products but main product is airplane,
which planned to be used by airlines. The airline industry is high competitive part
of transportation market. The airplane with better characteristics, than made by
BA, will have more demand in market, hence adversely affect the profitability of
company. The changes in customer requests also will affect the sales of new
aircraft. Boeing direct depends to the economic fluctuation in the world. The
exchange rate in foreign countries, local airlines economic conditions and load
factor, affect the Boeing as the manufacturer.
7
Social: This factor might affect Boeing in markets, where US antipathy, might be
caused by some economic embargo or by military conflicts in past. Those
markets are mainly in Asia, which are developing and becoming significant.
Technological: airplane manufacturing industry based on extremely high-end
technology. The expenses for Research and Development (R&D) including the
experimentation, design, development and test activities in 2017 was $3.2B.
(2017 Annual report). Those expenditures are required to be competitive in the
market. The level of this costs is not subject to decrease, because airlines require
new options to be presented in new airplane (Wi-Fi, new safety options, less fuel
consume engines)
Environmental: this factor has one of the most significant effect to Boeing.
Aircraft engines are subject for regularly up-to-dating restrictions and
regulations. Those are related not only with air pollution, but also with noise
abatement requirements. This regulation might restrict the purchasing and
exploitation of certain type of aircraft or will require the modifying the existing
one.
Legal: any incident or an accident happened with Boeing airplanes worldwide,
automatically involves the manufacturer into the investigation. The responsible
governmental agency, who performs those investigations, have power to suspend
the whole flights of investigating aircraft type. The airplane industry regulates by
the federal and state laws, so any changes, might limit or make illegitimated the
airline operation, performing by the certain type of aircraft. Which will affect the
manufacturer production line.
8
8. The Porter`s Five forces analysis.
The substitute products threat; used to be low, until the main competitor an
Airbus, started to build the A380. That was moment changed the level to
moderate, because with this aircraft Airbus received significant amount of orders
and became real competitor. However, there are no others manufacturer with
same quality level in market. The Airbus and Embraer (only for short range
aircraft type) are only, who able to provide the same or close to similar products.
The buyers force: The threat is moderate because: despite to the usually, high
power of the customers in any industry, the airline industry is different, thus the
buyers have very high switch costs. Therefore, customer are now willing to
change the aircraft brands. Besides, while the Boeing will continue to build high
end technology equipped and quality aircrafts, with required fuel consuming
characteristics, this threat will remain moderate.
Potential new entrants force: this treats is extremely low. The airplane
manufacturing depends not only to huge financial investments, but also to high
skilled, professionally and well educated human resources. The technology
research, innovations and legal regulations are other aspects, which rise the entry
barriers to this market. In case with Boeing, it took 102 years to come to current
level.
Supplier force: Boeing is famous and strong firm with ability to pay, therefore
it could choose the suppliers, accordingly to own quality and stock requirements.
The suppliers of Boeing are also well known, technology firms. Therefore the
threat is moderate. Thus, the suppliers provide with quality parts (engines: Roll
Royce, GE) and raw materials (titanium, composite material), those, the BA will
not be able to buy somewhere else. However, financial strength levels of the treat
to moderate level.
9
Rivalry force: this threats is moderate to high. Despite to fact, that the Airbus
is only one significant competitor (moderate threat), it has the same line of
airplane types, even larger, with A380 (to high threat). Boeing does not have the
same type of airplane. The second players of market: Embraer, Bombardier and
others, also follow the line of quality of leaders, thus becoming the noticeable
rivals.
9. The SWOT analysis
This analysis will provide with information of current position of Boeing on
market, its threats, strong and weak aspects. In addition, internal analysis will be
base for create the recommendations using the opportunities. The analysis based
on 2017 annual report, current situation, financial data and the goals of 2025,
retrieved from official site
9.1 Strengths
- Worldwide known, global positioned, high technology quality product
manufacturer
- Diversified product supplier
- Large market
- High net earnings for FY17: $8.2B, operating cash flow for $8.8B
-
Backlog for $488B
- High backlog proves the customer`s trust
- High investment to R&D, will further diversify the markets for Boeing, to the
aerospace niche, improve the airplane characteristics, stronger positions in
defense/military market
- High skilled, professional Human resources
10
- Large line of commercial airplanes, satisfying all kind of customer`s needs
- Focus on enlarging the product line
- Strong positions in domestic market
9.2 Weaknesses
- Backlog for orders by $488 (it can be the reason of penalties as the result of
late delivery)
- High expenses for retired personnel (pensions, etc...)
- Significant cost of research and development
- High costs of skilled personnel
- Wrong planning of B787 Dreamliner, resulted with increased costs
- Limits in fuel type for engine, limited by today’s technology.
- High reliance (31%) on US government contracts
- Reliance on suppliers products, strong bargaining power of suppliers
- Fixed-price contracts, possible losses if overrun
9.3 Opportunities
- Only one real competitor
- Airline transportation markets growth: domestic and worldwide(Asia-Pacific,
Middle East, Africa)
- Defense and aerospace orders growth
- Wide backlog($488B), and new orders
- Narrow body aircraft demand growth: B737 Max series
-
New B787 aircraft
11
-
Expansion in domestic and international markets
9.4 Threats
- Increasing in retired and resigned compensation costs
- Market condition impact on demand for commercial aircraft and related
services
- Possible changes in defense spending by U.S. government
- Possible modifying, curtail or terminating of U.S. government contracts
- Possible U.S. government inquires, investigation and audits related with
reimbursable cost
- Risks related with performing business in other countries
- Increasing the competition level between airplane manufacturers
10. The Boeing value chain
10.1 Primary activities
Supply chain management: Currently Boeing has contracts with raw material,
engine, landing gears and composite material suppliers. However, CEO
Muilenbur`s shared his plans to launch the cutting supply-chain costs policy, by
starting manufacturing more parts on own side. This decision will provide two
visible benefit for BA. Competing with suppliers and long term aftermarket
revenue coming from replacement demand.
12
Operation: The Boeing operation scheme consists building airplane/civil or
military and sell it and provide the service. The significant part of operation to
detect which type of product will be required currently. For instance, the plans
for next few years is earning the largest market share for wide body aircraft.
Distribution: this element important when providing the aftermarket service and
spare part. The authorized technical service centers and improved spare parts net
will add value to the product.
Sales and marketing: Boeing customers are specific and they are not reachable
by classic advertising instruments. The best way to communicate with current
and potential is timely informing them directly about new models and improving
available. In addition, best effect might be achieved by contracting with major
airlines, even with significant discount cost to BA.
Service: the best quality of service might be achieved by providing fast and
professional repairs and fulminant spare parts supplying. Latters might be done
by regional spare part warehouses and special contracts with airline for fast
shipping with avoiding or accelerated custom procedures.
10.2 Support activities
New technology and innovation research & development: Boeing`s all
product based on most modern and even next generation achievements. The budget
for this segment for 2017 was $3.2B. That cost supports inventing of new products
and modification of current line. In addition, BA has standard for suppliers and
subcontractors, based on quality, performance and costs standards. The successfully
fulfillment of commitment to the BA`s customers, direct depends to meeting those
standards by suppliers.
13
Human resource management: Boeing most important investment is skilled staff. It
has special internship program for talented students, to find and hire the best ones.
The hiring process is also complex system to choose the best candidates.
General administration: Boeing executives adopted: “1) The Boeing Company Code
for Ethical Business Conduct for the Board of Directors, 2. The Boeing Company
Code of Conduct for Finance Employees which is applicable to Chief Executive
Officer (CEO), Chief Financial Officer (CFO), Controller and all finance employees
and 3) The Boeing Code of Conduct, that applies to all employees, including the
CEO” (Source: Boeing 2017 Annual Report).
11. Generic competitive strategy
The strategy line of Boeing is focused differentiation. It concentrated on
certain market and niche. Those are airline industry and military/defense sector. The
product produced by BA is specific and respond to the requirements of customer.
That is proven by backlog list and volume. This products usually aimed to conduct
the business (transportation) or used by government agency in specific realms
(defense, space program). The first case, an airliner expects larger, modern, fuel
saving, different configured and reliable aircraft. The second is government, who
requires a durable and trusty equipment, to entrust the safety of country. Therefore,
with product quality and cost produces by Boeing, the clients in both cases are
satisfied with their needs and consider a price, as a good value. The BA has all
attributes to continue differentiation. It continues to improve its service with adding
new one. The company invests in R&D, innovation and new technology. The
significant issue is continuously quality improvement, because it related with most
important subject: Safety. That is the competitive power of Boeing.
14
12. 2025 Goals set
The set of goals for 2025, published on official site, includes parameters which
company planned achieve:
-
Market leadership
Top-quartile performance and Returns
Growth Fueled by Productivity
Design, Manufacturing, Service Excellence
Accelerated Innovation
Global Scale and Depth
Best Team, Talent and Leaders
Top Corporate Citizen
(Source: https://www.boeing.com/principles/vision.page)
We will use those goal set as one of the criteria to value the recommendations.
Other parameters to weigh the competitive strength of Boeing will be:
- Company Effectiveness
- Added Cost
- Added value with customer satisfaction
- Added value with profit
13. Recommendations
Boeing is strong company with some weak point, which are generally possible
to manage. Wide backlog and new orders will secure company with funding for next
decade. However, I developed the recommendations which will strengthen the
positions in market. Some of recommendations related with diversification product
line, which also would positively affect profitability.
15
The recommendations for Boeing future strategy:
1. Enlarge corporate sector. BBJ is not enough to enlarge the business aviation
sector. BA should develop new models and introduce them to sector
2. Enhance aerospace program and products. More contracts with NASA will
add profit and product variety
3. Move assembly and manufacture lines to place with lower labor costs. For
instance to China, Vietnam and etc…
4. Start to manufacture at least 80% of part. Will increase the profit and
competition.
5. Develop and build own engine. Will reduce the cost of building new aircraft
6. Investment to innovations related with cost reducing. Example, robotized
assembly and manufacture lines
7. More composite material, instead of titanium and aluminum. Will decrease
reliance on suppliers
8. Develop international relation with foreign government. Will foster the
agreement for new orders
9. Enhancing technical support center. Will add customer satisfaction value.
10. Develop discount system to support new purchases. Will strengthen the
competition with rivals and company image
11. Build own aircraft with 2 stage (Analogue A380).
12. Establish new assembling lines to speed up the backlog
13. Enhance military/defense sector with less cost, quality and reliable products
14. Develop vertical takeoff flying vehicle manufacturing. That project is quite
significant and promising.
15. Diversify a production, by adding for instance the speed train wagon and
locomotive manufacturing. The airplane manufacturing is limited with physic
laws and fuel types, therefore at the certain moment the company will be
16
stacked with creating the new types. Although, diversification will provide
extra profit and market share.
16. Fasten the positions in U.S. market to prevent the Airbus market share
growing
17. Cooperation with Airbus to create the one aircraft manufacturing
conglomerate.
18. Partnership with airlines or establishing own airline company. This strategy
will provide the transportation with lower ticket price in market, hence the
success of company is certain.
19. New fuel type research. The nuclear, solar or hydrogen would be the good
substitute to the current jet fuel. Continue to develop biofuel researches.
20. Developing presence on Africa and Asia markets with “think global-act
global” transnational strategy.
21. Became the benchmark for aircraft quality.
Next table will show only ten most significant steps to support Boeing in future.
14. Weighted Strength Assessment for Suggestions and Recommendations
Criteria Weight Company
Effectiveness
-------------------Recommendati
on
1.Build
twin
airplane
own
floor
0.1
10
Added
Cost
(10
lowest
cost)
3
Added
Added Value
Value
with Profit
with
Customer
satisfying
10
10
Supporting the 2025
goal achievement
10
17
2.Own engine
building
0.1
9
3
5
8
9
3. 80% part
manufacturing
0.1
10
3
5
9
10
4.New assembly
lines to speed up
backlog
0.1
9
3
10
7
10
5.Enlarge
corporate
segment
0.1
9
2
7
9
9
0.09
10
5
5
5
8
9
2
3
10
9
6.Cooperation
with Airbus
7.Partnership
0.09
with
or
establishing
airline company
8.Develop
vertical takeoff
flying vehicle
0.08
9
2
9
10
9
9.Diversify
products(speed
train,
locomotives)
0.08
8
1
2
8
6
18
10.Enhancing
military/defens
e sector
0.08
9
5
9
10
10
11.Enhancing
technical
support centers
0.08
8
5
9
8
9
Sum
importance
weight
1.0
100
34
74
94
99
of
19
Appendix
1. Financial data of Boeing
 “BA is considered a "True Stalwart", according to this methodology, as its earnings growth
of 17.59% lies within a moderate 10%-19% range and its annual sales of $98,154
million are greater than the multibillion dollar level. This methodology looks for the
"Stalwart" securities to gain 30%-50% in value over a two year period if they can be
purchased at an attractive price based on the P/E to Growth ratio. BA is attractive if BA can
hold its own during a recession”.(Source: Morningstar.com)
 Boeing dividend (Updated 12/07/2018): Dividends has been paid continuously since 1973
and increased for 7 consecutive years. Price: $322.96; current dividend annualized:$6.84;
Dividend yield: 2.1%; Normalized diluted Earnings per share: $16.64; Cash flow from
operations per share: $25.82; Free cash flow per share: $22.90; Market Capitalization :
$183B(Source: https://finance.yahoo.com/quote/BA/analysis?p=BA)
 EBIT data:
EV to EBIT (TTM): 18.5
EV to EBITDA (TTM): 15.5 (8/17 points)
EV to CFO (TTM): 14.0
1
Price to Book Value (TTM): n/a
Price to Earnings Ratio (P/E) (TTM): 21
PE 10: 53
 Ratio data:
Earnings Quality Score (8/33 points)
Operating Earnings Yield (TTM): 5.1% (4/15 points)
Gross Profit (TTM): $18208 M
Total Assets: $114659 M
Gross Profitability Ratio = GP / Total Assets: 16% (4/18 points)
Cash Return On Invested Capital (CROIC)(TTM): 117%
Return on Invested Capital (ROIC)(TTM): 87%
Profit Margin (TTM): 10%
Dividend Safety Score (24/33 points)
Dividend Payout Ratio (TTM): 38%
Cash Dividend Payout Ratio (TTM): 28% (9/12 points)
Net Financial Debt: $1886 M
Total Assets: $114659 M
Net Financial Debt / Total Assets: 2% (9/12 points)
Net Financial Debt to EBITDA (TTM): 90%
Piotroski Score (1-9) (TTM): (6/9 points)
TOTAL POINTS – (53/100) (50 is an average score)
20
Earnings Report: 10/24/18
Next Earning Report: 1/31/19(Source: http://fernfortuniversity.com/termpapers/porter5/lse/1395-boeing-co-.php )
21
References:
-Crafting & Executing Strategy: the Quest for Competitive Advantage Concepts &
Cases, Thompson, Peteraf, Gamble, Strickland, 21st Edition (2018)
-Financial Management, Brigham and Ehrhardt, Theory and Practice, 15e;
-http://investors.morningstar.com/ownership/shareholdersoverview.html?t=BA&region=usa&culture=en-US
-Bonds:
http://quicktake.morningstar.com/StockNet/bonds.aspx?Symbol=BA&Country=us
a
-World street Journal: http://quotes.wsj.com/BA
-Nasdaq: http://www.nasdaq.com/symbol/ba/stock-report
-https://www.gurufocus.com/term/wacc/BA/WACC-Percentage/Boeing%20Co
-https://www.gurufocus.com/economic_indicators/37/10year-treasury-constantmaturity-rate
-https://www.gurufocus.com/stock/BA
-Boeing 2017 annual report: http://investors.boeing.com/investors/financialreports/default.aspx,
http://s2.q4cdn.com/661678649/files/doc_financials/annual/2016/2016-AnnualReport.pdf
-The
BoeingCo
historical
data
from
Yahoo!Finance:
https://finance.yahoo.com/quote/BA/history?period1=1353560400&period2=1511
326800&interval=1mo&filter=history&frequency=1mo
22
-The
Boeing
financials
from
Google
Finance:
https://finance.google.com/finance?q=NYSE%3ABA&fstype=ii&ei=Z7MVWuns
CJWBmAH514-IBg
-https://thesystemsthinker.com/operational-strategy-mapping-learning-andexecuting-at-the-boeing-company/
-https://www.fool.com/investing/2018/12/04/why-boeing-and-gm-stock-dropped5-today-and-polari.aspx
-http://investors.boeing.com/investors/investor-news/press-releasedetails/2018/Boeing-Reports-Record-2017-Results-and-Provides-2018Guidance/default.aspx
-http://www.boeing.com/commercial/customers
-http://www.fi-aeroweb.com/firms/Materials/Materials-Boeing.html
-http://investors.boeing.com/investors/overview/default.aspx
23
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