Boeing (BA) Up 3.2% Since Last Earnings Report: Can It Continue?

24.05.24 17:31 Uhr

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It has been about a month since the last earnings report for Boeing (BA). Shares have added about 3.2% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Boeing due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Boeing's Q1 Earnings Top Estimates, Revenues Decline Y/YThe Boeing Company incurred an adjusted loss of $1.13 per share in first-quarter 2024, narrower than the Zacks Consensus Estimate of a loss of $1.43. The bottom line also improved from the year-ago quarter’s reported loss of $1.27 per share.Including one-time items, the company reported a GAAP loss of 56 cents per share, narrower than the year-ago quarter’s reported loss of 69 cents.RevenuesBoeing’s revenues amounted to $16.57 billion, which missed the Zacks Consensus Estimate of $17.69 billion by 6.3%. The top line also declined 8% from the year-ago quarter’s reported figure of $17.92 billion.The year-over-year deterioration can be attributed to lower commercial delivery volume.Total BacklogBacklog at the end of the first quarter of 2024 totaled $528.75 billion, up from $520.20 billion recorded at the end of the fourth quarter 2023.Segmental PerformancesCommercial Airplane: Revenues in this segment declined 31% year over year to $4.65 billion, due to lower 737 deliveries. The segment incurred an operating loss of $1.14 billion, indicating a deterioration from the year-ago quarter’s reported operating loss of $615 million.During the quarter under review, Boeing delivered 83 commercial planes, down 36% year over year.The backlog for this segment remained healthy, with more than 5,600 airplanes valued at $448 billion.Boeing Defense, Space & Security (BDS): The segment recorded revenues of $6.95 billion, indicating a year-over-year improvement of 6%. It generated an operating income of $151 million, implying an improvement from the year-ago quarter’s reported operating loss of $212 million.BDS recorded a backlog of $61 billion, 31% of which comprised orders from international clients.Global Services: Revenues in this segment improved 7% year over year to $5.05 billion, driven by higher commercial volume. This unit generated an operating income of $916 million compared with $847 million in the prior-year quarter.Financial ConditionBoeing exited first-quarter 2024 with cash and cash equivalents of $6.91 billion, and short-term and other investments of $0.62 billion. At the end of 2023, the company had cash and cash equivalents of $12.69 billion, and short-term and other investments worth $3.27 billion. Long-term debt amounted to $46.88 billion, down from $47.10 billion recorded at the end of 2023.The company’s operating cash outflow as of Mar 31, 2024, was $3,362 million compared with $318 million as of Mar 31, 2023.Free cash outflow totaled $3.93 billion at the end of first-quarter 2024 compared with $786 million at the end of first-quarter 2023.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision.The consensus estimate has shifted -395.35% due to these changes.VGM ScoresAt this time, Boeing has a poor Growth Score of F, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Boeing has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Performance of an Industry PlayerBoeing is part of the Zacks Aerospace - Defense industry. Over the past month, RTX (RTX), a stock from the same industry, has gained 3.6%. The company reported its results for the quarter ended March 2024 more than a month ago.RTX reported revenues of $19.31 billion in the last reported quarter, representing a year-over-year change of +12.2%. EPS of $1.34 for the same period compares with $1.22 a year ago.RTX is expected to post earnings of $1.28 per share for the current quarter, representing a year-over-year change of -0.8%. Over the last 30 days, the Zacks Consensus Estimate has changed +1%.The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for RTX. Also, the stock has a VGM Score of D.Where Will Stocks Go…If Biden Wins? If Trump Wins?The answers may surprise you.Since 1950, even after negative midterm years, the market has never had a lower presidential election year. With voters energized and engaged, the market has been almost unrelentingly bullish no matter which party wins!Now is the time to download Zacks' free Special Report with 5 stocks that offer extreme upside for both Democrats and Republicans…1. Medical manufacturer has gained +11,000% in the last 15 years.2. Rental company is absolutely crushing its sector.3. Energy powerhouse plans to grow its already large dividend by 25%.4. Aerospace and defense standout just landed a potentially $80 billion contract.5. Giant Chipmaker is building huge plants in the U.S. Hurry, Download Special Report FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Boeing Company (BA): Free Stock Analysis Report RTX Corporation (RTX): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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Analysen zu Boeing Co.

DatumRatingAnalyst
17.06.2024Boeing OutperformRBC Capital Markets
17.06.2024Boeing BuyJefferies & Company Inc.
12.06.2024Boeing BuyGoldman Sachs Group Inc.
12.06.2024Boeing BuyUBS AG
11.06.2024Boeing OutperformRBC Capital Markets
DatumRatingAnalyst
17.06.2024Boeing OutperformRBC Capital Markets
17.06.2024Boeing BuyJefferies & Company Inc.
12.06.2024Boeing BuyGoldman Sachs Group Inc.
12.06.2024Boeing BuyUBS AG
11.06.2024Boeing OutperformRBC Capital Markets
DatumRatingAnalyst
31.01.2024Boeing Equal WeightBarclays Capital
17.01.2024Boeing Equal WeightBarclays Capital
08.01.2024Boeing Equal WeightBarclays Capital
27.12.2023Boeing Equal WeightBarclays Capital
21.12.2023Boeing Equal WeightBarclays Capital
DatumRatingAnalyst
03.01.2023Boeing UnderperformCredit Suisse Group
22.12.2022Boeing UnderperformCredit Suisse Group
03.11.2022Boeing UnderperformCredit Suisse Group
02.11.2022Boeing UnderperformCredit Suisse Group
19.10.2022Boeing UnderperformCredit Suisse Group

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