The Boeing Company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. The company reported fourth-quarter revenue of $23.8 billion and core earnings per share (non-GAAP) that increased 29% to $1.88, driven by strong performance across the company's businesses and higher deliveries. Fourth-quarter core operating earnings (non-GAAP) of $1.8 billion includes a $406 million non-cash charge to settle A-12 litigation dating back to 1991, retiring a longstanding risk to the company. Excluding the A-12 charge, fourth-quarter 2013 core operating earnings increased 22% to $2.2 billion and core operating margin increased to 9.4%. Core and GAAP earnings per share include a charge of $0.34 per share related to A-12 partially offset by a benefit of $0.28 per share for a tax regulation change. For the quarter, the company reported earnings from operations of $1.5 billion, earnings before tax of $1.4 billion, net earnings from continuing operations of $1.4 billion or $1.61 per diluted share and net earnings of $1.2 billion or $1.61 per diluted share against earnings from operations of $1.6 billion, earnings before tax of $1.5 billion, net earnings from continuing operations of $0.9 billion or $1.28 per diluted share and net earnings of $0.9 billion or $1.28 per diluted share reported for the same period a year ago. Operating cash flow was $1.3 billion against $4.1 billion a year ago.

For the year, the company reported earnings from operations of $6.5 billion, earnings before tax of $6.2 billion, net earnings from continuing operations of $4.5 billion or $5.96 per diluted share and net earnings of $4.5 billion or $5.96 per diluted share on total revenue of $86.6 billion against earnings from operations of $6.3 billion, earnings before tax of $5.9 billion, net earnings from continuing operations of $3.9 billion or $5.11 per diluted share and net earnings of $3.9 billion or $5.11 per diluted share on total revenue of $81.7 billion reported for the same period a year ago. Net cash provided by operating activities was $8.1 billion against $7.5 billion reported a year ago. Property, plant and equipment additions were $2.1 billion against $1.7 billion a year ago. Non-GAAP core earnings were $7.8 billion or $7.07 per share against $7.1 billion or $5.88 per share a year ago.

Core earnings per share guidance for 2014 is set at between $7.00 and $7.20, while GAAP earnings per share guidance is established at between $6.10 and $6.30. Revenue guidance is between $87.5 and $90.5 billion, including commercial deliveries of between 715 and 725. Operating cash flow before pension contributions is expected to be approximately $7 billion, while operating cash flow guidance is set at approximately $6.25 billion. Boeing's 2014 R&D forecast is approximately $3.2 billion, and capital expenditures for 2014 are expected to be approximately $2.5 billion. Boeing's effective tax rate is expected to be approximately 31% in 2014, which assumes the extension of the research and development tax credit.