Boeing's (BA) Q1 Commercial Deliveries Drop 36% Y/Y, Lag Airbus

10.04.24 15:23 Uhr

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The Boeing Company BA recently reported the delivery figures of its commercial and defense operations for the first quarter of 2024. It recorded a year-over-year decline of 36.2% and 66.7% in commercial and defense shipments, respectively.Combining both segments, Boeing’s total deliveries in the first quarter were 97 units compared with 170 in the year-ago period. Such dismal delivery numbers may hurt BA’s top line in the first quarter.Commercial Deliveries DropBoeing reported commercial deliveries of 83 airplanes in the first quarter of 2024, down from the prior-year level of 130, primarily due to lower 737 deliveries.The shipments of 737 totaled 67 compared with 113 in the year-ago period. Boeing delivered three 767 jets during the first quarter compared with one in the year-earlier quarter. The shipments of the 787 model totaled 13 compared with 11 in the corresponding period of 2023.HeadwindsThe 737 Max fleet witnessed a southward trend in deliveries, owing to increased quality checks. This forced the American jet maker to slower its production pace for 737 jets. Notably, Boeing has come under increased scrutiny from regulators following the mid-air blowout of a door plug on a 737 MAX 9 jet in January 2024.The lower commercial deliveries for Boeing can also be attributed to the discontinuation of its 747 model due to weak demand. This, in turn, has resulted in zero delivery figures for this jet in the first quarter of 2024.  Boeing also failed to deliver any of its 777 widebody jets in the first quarter of 2024, most probably due to a shortfall in supplies, including the GE engines, as reported by Bloomberg a few days ago.Boeing vs. AirbusA comparative analysis of Boeing’s archrival Airbus SE’s EADSY 2024 commercial aircraft indicates that the latter came ahead of Boeing in terms of delivery numbers. Airbus delivered 142 commercial aircraft in the first quarter compared with Boeing’s 83 in the same period.The year-over-year change in deliveries also reflects a similar story. While deliveries for Boeing indicated a decline of 36.2%, the same for EADSY signaled an improvement of 11.8%.Defense Deliveries Also DeclineBoeing reported defense deliveries of 14 airplanes in the first quarter of 2024, which decreased from the prior-year level of 42.The shipments of AH-64 Apache (remanufactured) deliveries were six compared with the year-ago period’s figure of 13. The delivery of AH-64 Apache (new) stood at one compared with seven in the corresponding period of 2023.BA delivered one CH-47 Chinook (new) jet during the first quarter compared with five in the year-ago quarter. The delivery of CH-47 Chinook (renewed) jets came in flat year over year at one.The shipments of F-15 Models included one jet compared with two in the prior-year quarter. The delivery of the KC-46 Tanker increased by two jets from the prior-year figure to reach a total of three in the first quarter of 2024. The delivery of F/A-18 Models came in at one compared with seven in the first quarter of 2023. The P-8 Models’ delivery was reported at one compared with three in the year-ago period.Expectations From PeersJet makers who are yet to report their delivery numbers are Textron TXT and Embraer S.A. ERJ.In the last reported quarter, Embraer delivered 75 jets comprising 25 commercial and 49 executive (30 light and 19 midsize) jets. The backlog at the end of the fourth quarter of 2023 was $18.7 billion for Embraer.The long-term (three to five years) earnings growth rate for Embraer is 17%. The Zacks Consensus Estimate for ERJ’s 2024 sales implies an improvement of 19% from the prior-year reported figure. Shares of Embraer have risen 59.1% in the past year.Textron delivered 50 jets in the last reported quarter, down from 52 in the year-ago quarter. It also delivered 44 commercial turboprops, down from 47 in the fourth quarter of 2023. The company delivered 91 commercial helicopters in the fourth quarter, up from 71 in the first quarter of 2023.The long-term earnings growth rate for Textron is 10.1%. The Zacks Consensus Estimate for TXT’s 2024 earnings indicates growth of 7% from the prior-year reported figure. Textron’s shares have rallied 41% in the past year.Price PerformanceShares of Boeing have lost 16.1% in the past year compared with the industry’s decline of 14.8%.Image Source: Zacks Investment ResearchZacks RankThe company carries a Zacks Rank #5 (Strong Sell) at present.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Free Report – The Bitcoin Profit PhenomenonZacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.Download Now – Today It’s 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 Embraer-Empresa Brasileira de Aeronautica (ERJ): Free Stock Analysis Report Textron Inc. (TXT): Free Stock Analysis Report Airbus Group (EADSY): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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DatumRatingAnalyst
15.05.2024Airbus SE (ex EADS) BuyDeutsche Bank AG
15.05.2024Airbus SE (ex EADS) OutperformRBC Capital Markets
08.05.2024Airbus SE (ex EADS) SellJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
07.05.2024Airbus SE (ex EADS) BuyGoldman Sachs Group Inc.
03.05.2024Airbus SE (ex EADS) BuyGoldman Sachs Group Inc.
DatumRatingAnalyst
15.05.2024Airbus SE (ex EADS) BuyDeutsche Bank AG
15.05.2024Airbus SE (ex EADS) OutperformRBC Capital Markets
07.05.2024Airbus SE (ex EADS) BuyGoldman Sachs Group Inc.
03.05.2024Airbus SE (ex EADS) BuyGoldman Sachs Group Inc.
26.04.2024Airbus SE (ex EADS) BuyDeutsche Bank AG
DatumRatingAnalyst
26.04.2024Airbus SE (ex EADS) NeutralUBS AG
11.04.2024Airbus SE (ex EADS) NeutralUBS AG
15.03.2024Airbus SE (ex EADS) NeutralUBS AG
07.03.2024Airbus SE (ex EADS) Sector PerformRBC Capital Markets
06.03.2024Airbus SE (ex EADS) NeutralUBS AG
DatumRatingAnalyst
08.05.2024Airbus SE (ex EADS) SellJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
26.04.2024Airbus SE (ex EADS) SellJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
15.04.2024Airbus SE (ex EADS) SellJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
10.04.2024Airbus SE (ex EADS) SellJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
08.03.2024Airbus SE (ex EADS) SellJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)

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