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Boeing's (BA) Q3 Earnings Miss Estimates, Revenues Rise Y/Y
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The Boeing Company (BA - Free Report) incurred an adjusted loss of $3.26 per share in third-quarter 2023, wider than the Zacks Consensus Estimate of a loss of $3.21. The bottom line, however, improved from the year-ago quarter’s reported loss of $6.18 per share.
Including one-time items, the company reported a GAAP loss of $2.70 per share, narrower than the year-ago quarter’s reported loss of $5.49.
Revenues
Boeing’s revenues amounted to $18.10 billion, which missed the Zacks Consensus Estimate of $18.25 billion by 0.8%. The top line, however, rose 13% from the year-ago quarter’s reported figure of $15.96 billion.
This improvement was driven by higher year-over-year revenues registered by the company’s all three business units.
The Boeing Company Price, Consensus and EPS Surprise
Backlog at the end of the third quarter was $469.18 billion, up from $439.56 billion recorded at the end of second-quarter 2023.
Segmental Performances
Commercial Airplane: Revenues at this segment increased 25% year over year to $7.88 billion, driven by higher 787 deliveries. The segment incurred an operating loss of $678 million, wider than the year-ago quarter’s reported operating loss of $622 million.
Boeing delivered 105 commercial planes during the quarter under review, down 6.3% year over year.
The backlog for this segment remained healthy, with more than 5,100 airplanes valued at $392 billion.
Boeing Defense, Space & Security (BDS): The segment recorded revenues of $5.48 billion, indicating a year-over-year improvement of 3%. It incurred an operating loss of $924 million, narrower than the year-ago quarter’s reported operating loss of $2,798 million.
BDS recorded a backlog of $58 billion, 29% of which comprised orders from international clients.
Global Services: Revenues at this segment improved 9% year over year to $4.81 billion. This unit generated an operating income of $784 million compared with $733 million in the prior-year quarter, driven by higher commercial volume and a favorable mix.
Boeing Capital Corporation (BCC): This segment reported negative quarterly revenues of $65 million compared with negative revenues of $86 million in the third quarter of 2022.
Financial Condition
Boeing exited third-quarter 2023 with cash and cash equivalents of $6.81 billion, and short-term and other investments of $6.56 billion. At the end of 2022, the company had cash and cash equivalents of $14.61 billion and short-term and other investments of $2.61 billion. Long-term debt amounted to $47.38 billion, down from $51.81 billion recorded at the end of 2022.
The company’s operating cash flow as of Sep 30, 2023, was $2,579 million compared with $55 million at the end of third-quarter 2022.
Free cash flow totaled $1,483 million at the end of third-quarter 2023 compared with $841 million in the corresponding period of 2022.
Lockheed Martin Corporation (LMT - Free Report) reported third-quarter 2023 adjusted earnings of $6.77 per share, which beat the Zacks Consensus Estimate of $6.66 by 1.7%. The bottom line, however, deteriorated 1.5% from the year-ago quarter's recorded figure.
Net sales were $16.88 billion, which surpassed the Zacks Consensus Estimate of $16.66 billion by 1.3%. The top line also rose 1.8% from $16.58 billion reported in the year-ago quarter.
RTX Corporation’s (RTX - Free Report) third-quarter 2023 adjusted earnings per share of $1.25 beat the Zacks Consensus Estimate of $1.19 by 5%. The bottom line also improved 3.3% from the year-ago quarter’s level of $1.21.
RTX’s third-quarter adjusted sales of $18,952 million beat the Zacks Consensus Estimate of $18,709 million by 1.3%.
Hexcel Corporation (HXL - Free Report) reported third-quarter 2023 adjusted earnings of 38 cents per share, which missed the Zacks Consensus Estimate of 42 cents by 9.5%. However, the bottom line improved 15.2% from the year-ago quarter’s level of 33 cents.
Net sales totaled $420 million, which missed the Zacks Consensus Estimate of $431 million by 2.6%. However, the top line witnessed an improvement of 15% from the year-ago quarter’s level of $365 million.
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Boeing's (BA) Q3 Earnings Miss Estimates, Revenues Rise Y/Y
The Boeing Company (BA - Free Report) incurred an adjusted loss of $3.26 per share in third-quarter 2023, wider than the Zacks Consensus Estimate of a loss of $3.21. The bottom line, however, improved from the year-ago quarter’s reported loss of $6.18 per share.
Including one-time items, the company reported a GAAP loss of $2.70 per share, narrower than the year-ago quarter’s reported loss of $5.49.
Revenues
Boeing’s revenues amounted to $18.10 billion, which missed the Zacks Consensus Estimate of $18.25 billion by 0.8%. The top line, however, rose 13% from the year-ago quarter’s reported figure of $15.96 billion.
This improvement was driven by higher year-over-year revenues registered by the company’s all three business units.
The Boeing Company Price, Consensus and EPS Surprise
The Boeing Company price-consensus-eps-surprise-chart | The Boeing Company Quote
Total Backlog
Backlog at the end of the third quarter was $469.18 billion, up from $439.56 billion recorded at the end of second-quarter 2023.
Segmental Performances
Commercial Airplane: Revenues at this segment increased 25% year over year to $7.88 billion, driven by higher 787 deliveries. The segment incurred an operating loss of $678 million, wider than the year-ago quarter’s reported operating loss of $622 million.
Boeing delivered 105 commercial planes during the quarter under review, down 6.3% year over year.
The backlog for this segment remained healthy, with more than 5,100 airplanes valued at $392 billion.
Boeing Defense, Space & Security (BDS): The segment recorded revenues of $5.48 billion, indicating a year-over-year improvement of 3%. It incurred an operating loss of $924 million, narrower than the year-ago quarter’s reported operating loss of $2,798 million.
BDS recorded a backlog of $58 billion, 29% of which comprised orders from international clients.
Global Services: Revenues at this segment improved 9% year over year to $4.81 billion. This unit generated an operating income of $784 million compared with $733 million in the prior-year quarter, driven by higher commercial volume and a favorable mix.
Boeing Capital Corporation (BCC): This segment reported negative quarterly revenues of $65 million compared with negative revenues of $86 million in the third quarter of 2022.
Financial Condition
Boeing exited third-quarter 2023 with cash and cash equivalents of $6.81 billion, and short-term and other investments of $6.56 billion. At the end of 2022, the company had cash and cash equivalents of $14.61 billion and short-term and other investments of $2.61 billion. Long-term debt amounted to $47.38 billion, down from $51.81 billion recorded at the end of 2022.
The company’s operating cash flow as of Sep 30, 2023, was $2,579 million compared with $55 million at the end of third-quarter 2022.
Free cash flow totaled $1,483 million at the end of third-quarter 2023 compared with $841 million in the corresponding period of 2022.
Zacks Rank
Boeing currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Q3 Defense Earnings
Lockheed Martin Corporation (LMT - Free Report) reported third-quarter 2023 adjusted earnings of $6.77 per share, which beat the Zacks Consensus Estimate of $6.66 by 1.7%. The bottom line, however, deteriorated 1.5% from the year-ago quarter's recorded figure.
Net sales were $16.88 billion, which surpassed the Zacks Consensus Estimate of $16.66 billion by 1.3%. The top line also rose 1.8% from $16.58 billion reported in the year-ago quarter.
RTX Corporation’s (RTX - Free Report) third-quarter 2023 adjusted earnings per share of $1.25 beat the Zacks Consensus Estimate of $1.19 by 5%. The bottom line also improved 3.3% from the year-ago quarter’s level of $1.21.
RTX’s third-quarter adjusted sales of $18,952 million beat the Zacks Consensus Estimate of $18,709 million by 1.3%.
Hexcel Corporation (HXL - Free Report) reported third-quarter 2023 adjusted earnings of 38 cents per share, which missed the Zacks Consensus Estimate of 42 cents by 9.5%. However, the bottom line improved 15.2% from the year-ago quarter’s level of 33 cents.
Net sales totaled $420 million, which missed the Zacks Consensus Estimate of $431 million by 2.6%. However, the top line witnessed an improvement of 15% from the year-ago quarter’s level of $365 million.