Exhibit 99.1

Boeing Reports Strong Third-Quarter Results and Improves 2010 Outlook

Table 1. Summary Financial Results

CHICAGO, October 20, 2010 – The Boeing Company [NYSE: BA] reported third-quarter net income of $0.8 billion, or $1.12 per share, on revenue of $17.0 billion. The results reflect higher Commercial Airplanes volume and strong performance across the company’s core businesses (Table 1). Results in 2009 were impacted by a 787 R&D reclassification ($2.60 per share) and a 747 charge ($0.99 per share).

The company increased its 2010 earnings per share guidance to between $3.80 and $4.00 per share and operating cash flow guidance to greater than $1.5 billion reflecting the continued strong performance in its Commercial Airplanes business. Revenue guidance was narrowed to between $64.5 billion and $65.5 billion.

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“Our results and revised outlook reflect the continued strong performance of our commercial production and services programs and the ability of our defense businesses to produce solid results in a challenging environment,” said Jim McNerney, Boeing chairman, president and chief executive officer. “Orders were particularly encouraging, with a multi-year production contract for 124 F/A-18 aircraft and more than 200 net commercial airplane orders booked in the quarter, increasing our backlog and demonstrating improved overall market confidence.”

Boeing’s quarterly operating cash flow was $1.9 billion, reflecting strong operating performance and timing of certain receipts and expenditures. For the first nine months of 2010, operating cash flow was $1.8 billion. Free cash flow* was $1.6 billion in the quarter and $1.1 billion year-to-date (Table 2).

Table 2. Cash Flow

Cash and investments in marketable securities totaled $10.0 billion at quarter-end (Table 3), unchanged from the prior quarter. Debt decreased by $0.5 billion in the quarter due to Boeing Capital Corporation maturities. Also during the quarter, the company paid $0.8 billion for the previously announced Argon ST and Narus acquisitions.

Table 3. Cash, Marketable Securities and Debt Balances

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Total company backlog at quarter-end was $321 billion, up 3 percent in the quarter, as backlog for both Commercial Airplanes and Defense, Space & Security increased during the period.

Segment Results

Commercial Airplanes

Boeing Commercial Airplanes third-quarter revenue was $8.7 billion, on higher airplane deliveries and services volume. Operating margin was 11.6 percent, reflecting the higher deliveries and continued strong operating performance (Table 4). The prior year quarterly results were impacted by a $2.6 billion 787 R&D reclassification and a $1.0 billion 747 charge.

Commercial Airplanes booked 257 gross orders during the quarter while 36 orders were removed from its order book. This contrasts with the year-ago period when net orders were 79 airplanes. Contractual backlog remains strong with 3,401 airplanes valued at $255 billion, more than seven times the unit’s projected 2010 revenue.

Table 4. Commercial Airplanes Operating Results

The 787 program achieved a series of flight test milestones during the quarter, and the sixth – and final – dedicated test aircraft joined the flight test fleet on October 4. Total firm orders for the 787 at quarter-end were 847 airplanes from 55 customers. First delivery is expected in mid-first quarter 2011.

Flight testing of the 747-8 Freighter also continued during the quarter as engineers worked to resolve previously identified technical discoveries. Delivery of the first 747-8 is planned for mid-2011, and a fifth flight test aircraft is being added to support the test schedule.

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Boeing Defense, Space & Security

Boeing Defense, Space & Security’s third-quarter revenue declined 6 percent to $8.2 billion and operating margin was 8.4 percent on lower volume and margins in Network & Space Systems (N&SS) and Boeing Military Aircraft (BMA) (Table 5).

Table 5. Defense, Space & Security Operating Results

BMA third-quarter revenue decreased by 5 percent to $3.8 billion driven by fewer deliveries and a less favorable mix on the C-17 program. Operating margin was 8.2 percent, impacted by lower pricing and mix on the C-17. During the quarter, the U.S. Navy awarded a new multi-year contract for 124 F/A-18 and EA-18G aircraft, and the P-8A and Apache Block III were both approved for Low Rate Initial Production.

N&SS third-quarter revenue was $2.3 billion, reduced by expected lower volume on Brigade Combat Team Modernization (BCTM) and Ground-based Midcourse Defense (GMD). Operating margin was 6.5 percent on lower BCTM and GMD earnings. During the quarter, NASA awarded an extension to the International Space Station contract, Inmarsat ordered three 702HP satellites and BCTM completed its Increment 1 technical tests, a key milestone in its 2010 testing cycle.

Global Services & Support (GS&S) revenue was $2.0 billion in the quarter, essentially unchanged from the same period last year. Operating margin increased to 10.7 percent, driven by strong performance in integrated logistics and maintenance, modifications and upgrades. During the quarter, the U.S. Air Force awarded a contract to modernize its B-52 fleet.

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Backlog at Defense, Space & Security is $65.6 billion, approximately two times the unit’s projected 2010 revenue. The backlog increased by $5.0 billion during the quarter driven by the F/A-18 multi-year contract award.

Boeing Capital Corporation

Boeing Capital Corporation (BCC) reported third-quarter pre-tax earnings of $45 million compared to $39 million in the same period last year (Table 6). During the quarter, BCC’s portfolio balance declined to $5.0 billion, down from $5.7 billion at year end, on normal run-off, asset pre-payments and depreciation. BCC’s debt-to-equity ratio decreased to 5.0-to-1.

Table 6. Boeing Capital Corporation Operating Results

Additional Information

The “Other” segment consists primarily of Boeing Engineering, Operations and Technology, as well as certain results related to the financial consolidation of all business units. Other segment expense was $132 million in the third quarter, up from $36 million in the same period last year driven by an $81 million impairment of the Mexicana 717 financing portfolio.

Total pension expense for the third quarter was $280 million, as compared to $230 million in the same period last year. A total of $301 million was recognized in the operating segments in the quarter (up from $254 million in the same period last year), partially offset by a $21 million contribution to earnings in unallocated items.

Unallocated expense was $227 million up from the $202 million reported in the same period last year.

Interest expense for the quarter was $130 million, up from $92 million in the same period last year due to debt issued in 2009.

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Outlook

Financial guidance for 2010 (Table 7) has been updated to reflect the improved Commercial Airplanes outlook resulting from its continued strong core operating performance. The guidance also reflects the recently announced rescheduling of the initial 787 and 747-8 deliveries.

Boeing’s 2010 revenue guidance is now between $64.5 billion and $65.5 billion, narrowed from between $64 billion and $66 billion. Earnings guidance for 2010 is increased to between $3.80 and $4.00 per share, from between $3.50 and $3.80 per share. Operating cash flow guidance is now expected to be greater than $1.5 billion, up from approximately zero. The increase to earnings per share and operating cash flow guidance are both driven by the improved outlook at Commercial Airplanes.

The company continues to expect that 2011 revenue will be higher than 2010, although 2011 revenue estimates will be impacted by the revised 787 and 747-8 delivery schedules. After taking into account the impact of these revised schedules and anticipated pension contributions of approximately $0.5 billion, operating cash flow in 2011 is now expected to be greater than $4 billion, down from greater than $5 billion. The total two year (2010 – 2011) expected cash flow outlook is up slightly from prior guidance.

Commercial Airplanes’ 2010 delivery guidance is now at approximately 460 airplanes, while revenue is expected to be approximately $31.5 billion. Operating margin guidance has been increased to approximately 9.5 percent, up from between 7.5 percent and 8.5 percent on continued strong core operating performance.

Defense, Space & Security’s revenue guidance for 2010 is reaffirmed at between $32 billion and $33 billion with operating margins reduced to approximately 9 percent, from approximately 9.5 percent, reflecting performance to date and the current contracting environment.

Boeing Capital Corporation has reaffirmed its expectation that its aircraft finance portfolio will continue to reduce as its expected new aircraft financing for 2010 remains at less than $0.5 billion, below normal portfolio runoff through customer payments and depreciation. BCC expects its debt-to-equity ratio to remain at 5.0-to-1 at the end of 2010.

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Boeing’s 2010 R&D forecast is unchanged at between $3.9 billion and $4.1 billion. The company now expects 2011 R&D to decrease by approximately $0.5 billion. Capital expenditures for 2010 have been reduced to approximately $1.6 billion, down from $1.7 billion. Capital expenditures are expected to increase in 2011 as the company invests in commercial production rate increases and completes the 787 final assembly line in North Charleston, S.C. The company’s 2010 non-cash pension expense is expected to be approximately $1.2 billion. Non-cash pension expense in 2011 is estimated to increase by approximately $0.7 billion driven by the low discount rates currently being experienced in the marketplace. Actual 2011 pension expense will be determined at year end based on market conditions at that time.

Table 7. Financial Outlook

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Non-GAAP Measure Disclosure

Management believes that the non-GAAP (Generally Accepted Accounting Principles) measures (indicated by an asterisk *) used in this report provide investors with important perspectives into the company’s ongoing business performance. The company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measures. Other companies may define the measures differently. The following definitions are provided:

Free Cash Flow

Free cash flow is defined as GAAP operating cash flow less capital expenditures for property, plant and equipment additions. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow internally to assess both business performance and overall liquidity. Table 2 provides a reconciliation between GAAP operating cash flow and free cash flow.

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Forward-Looking Statements

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding our guidance relating to 2010 and 2011 financial and operating performance, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) risks attributable to our reliance on our commercial customers, our suppliers and the worldwide market; (3) risks related to our development programs, including the 787 and 747-8 commercial aircraft programs; (4) risks related to our dependence on U.S. government contracts; (5) our reliance on fixed-price contracts, which could subject us to losses in the event of cost overruns; (6) risks related to cost-type contracts; (7) uncertainties concerning contracts that include in-orbit incentive payments; (8) changes in accounting estimates; (9) significant changes in discount rates and actual investment return on pension assets; (10) work stoppages or other labor disruptions; (11) changes in the competitive landscape in the markets in which we operate; (12) risks related to our doing business in other countries, including sales to non-U.S. customers; (13) potential adverse developments in new or pending litigation and/or government investigations; (14) changes in the financial condition or regulatory landscape of the commercial airline industry as they relate to Boeing Capital Corporation; (15) changes in our ability to obtain debt on commercially reasonable terms and at competitive rates in order to fund our operations and contractual commitments; (16) risks related to realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures; (17) adequacy of our insurance coverage to cover significant risk exposures; and (18) potential business disruptions related to physical security threats, information technology attacks or natural disasters.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update any forward-looking statement, except as required by law.

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Contact:

Investor Relations:    Scott Fitterer or Jennifer Mack (312) 544-2140

Communications:      Chaz Bickers (312) 544-2002

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The Boeing Company and Subsidiaries

Consolidated Statements of Operations

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The Boeing Company and Subsidiaries

Consolidated Statements of Financial Position

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The Boeing Company and Subsidiaries

Consolidated Statements of Cash Flows

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The Boeing Company and Subsidiaries

Summary of Business Segment Data

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