But Apple’s iPhone sales missed some analysts’ estimates and the company indicated its revenue in the current quarter could come in below Wall Street forecasts. Boeing Co (NYSE:BA) just announced its second-quarter earnings report. The Boeing Company has dropped 1.22% during the last 3-month period. For the year, the company now expects core per-share earnings of $US7.70 to $US7.90, down from its prior guidance of $US8.20 to $US8.40.
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Boeing said in a statement today it is now working through an order backlog for commercial jets totalling $431 billion. Analysts expected earnings of $1.37 per share and revenue of $24.22 billion. Analysts at Vetr upgraded shares of Boeing from a “sell” rating to a “strong-buy” rating and set a $169.00 price target on the stock in a research note on Tuesday, July 14th. Results at Boeing have been helped by strong demand in the commercial jet segment the past few quarters, some developments geopolitically that slowed growth in air traffic in certain regions of the world.
“Record commercial airplane deliveries to customers worldwide drove solid revenue growth, and the strength of our overall portfolio and diligent focus produced significant operating cash flow during the quarter”, said Boeing president and chief executive Dennis Muilenburg said.
The company’s defence, space and security division had half-year revenues of $14.3bn, down 7pc on a year ago, and net profit was 5pc lower at $1.3bn.
Boeing Defense, Space & Security (BDS): The segment witnessed an approximately 3% year-over-year decline in its quarterly revenues to $7.5 billion.
Commercial aircraft deliveries rose 9 per cent to 197.
Revenues from commercial aeroplane deliveries rose 18% to $US16.9 billion.
Boeing shares gained 1.23 percent to $146.79 in pre-market trading.
Earnings for the second quarter fell 32.8 percent to 1.1 billion.
“The tanker charge is still a drag to both earnings and cash this year, and presents risk going forward”, RBC analyst Robert Stallard wrote in a note. The consensus target price for the shares was $163.55 before the report. The company revised its EPS guidance for the year downward from an earlier estimate of between $8.2-8.4, which reflects the KC-46 charge earlier warned about.
There are 14 covering research analysts that have issued an anticipated price level where they predict the stock will reach within the next year. This number was $0.16 away from what analysts were expecting, resulting in a surprise factor of 8.84%.
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The Chicago-based company announced a charge of 77 cents per share related to the tanker program last week.
