When Boeing says it's committed to increasing shareholder value, what exactly does that mean? And how is the company going about doing it? Part of the answer lies in the strategy set in motion six years ago to transform Boeing into a broad-based aerospace company. But first, a reminder about what shareholder value is all about.

1Q earnings: solid performance despite charges

Boeing reported increased revenues and reduced earnings in the first quarter of 2002. Quarterly revenues totaled $13.8 billion, up 4 percent from the previous-year period. Net earnings for the period totaled $602 million, excluding non-recurring items and adoption of a new accounting standard, on operating margins of 7.4 percent. During the previous-year period, the company reported net earnings before non-recurring items of $761 million, on operating margins of 9.2 percent.