Boeing Co. (A+/Stable/A-1) reported net earnings (before changes in accounting) of $779 million for the second quarter ended June 30, 2002, compared with $840 million for the same quarter of 2001. These results for the period have no impact on Standard&Poor's ratings or outlook on Boeing. The company achieved good operating performance in almost all of its businesses and reaffirmed its financial guidance for 2002 and 2003 in terms of revenues, operating margins, and free cash flow. Consolidated revenues and earnings in the second quarter of 2002 were somewhat lower on a comparative basis, due to 29 fewer jetliner deliveries in a slowing commercial aircraft market. However, operating margins in the commercial airplane segment remained solid at 10.3%,
