The Boeing Company (BA - Free Report) 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.
Revenues
Boeing’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 Backlog
Backlog 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 Performances
Commercial 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 Condition
Boeing 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.
Zacks Rank
Boeing currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
RTX Corporation’s (RTX - Free Report) first-quarter 2024 adjusted earnings per share (EPS) of $1.34 beat the Zacks Consensus Estimate of $1.23 by 8.9%. The bottom line also improved 9.8% from the year-ago quarter’s level of $1.22.
RTX’s first-quarter net sales were $19,305 million, which surpassed the Zacks Consensus Estimate of $18,412.6 million by 4.8%. The top line also improved 12% from $17,214 million recorded in the first quarter of 2023.
Lockheed Martin Corporation (LMT - Free Report) reported first-quarter 2024 adjusted earnings of $6.33 per share, which beat the Zacks Consensus Estimate of $5.80 by 9.1%. The bottom line, however, declined 1.6% from the year-ago quarter's recorded figure of $6.43.
Its net sales were $17.20 billion, which surpassed the Zacks Consensus Estimate of $16.19 billion by 6.2%. The top line also increased 13.7% from $15.13 billion reported in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2024 adjusted earnings of 44 cents per share, which came in line with the Zacks Consensus Estimate.
In the first quarter, the company’s net sales totaled $472.3 million, which missed the Zacks Consensus Estimate of $475 million by 0.6%. However, the top line witnessed an improvement of 3.2% from the year-ago quarter’s reported figure of $457.7 million.
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The Boeing Company (BA - Free Report) 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.
Revenues
Boeing’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 Backlog
Backlog 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 Performances
Commercial 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 Condition
Boeing 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.
Zacks Rank
Boeing currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
RTX Corporation’s (RTX - Free Report) first-quarter 2024 adjusted earnings per share (EPS) of $1.34 beat the Zacks Consensus Estimate of $1.23 by 8.9%. The bottom line also improved 9.8% from the year-ago quarter’s level of $1.22.
RTX’s first-quarter net sales were $19,305 million, which surpassed the Zacks Consensus Estimate of $18,412.6 million by 4.8%. The top line also improved 12% from $17,214 million recorded in the first quarter of 2023.
Lockheed Martin Corporation (LMT - Free Report) reported first-quarter 2024 adjusted earnings of $6.33 per share, which beat the Zacks Consensus Estimate of $5.80 by 9.1%. The bottom line, however, declined 1.6% from the year-ago quarter's recorded figure of $6.43.
Its net sales were $17.20 billion, which surpassed the Zacks Consensus Estimate of $16.19 billion by 6.2%. The top line also increased 13.7% from $15.13 billion reported in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2024 adjusted earnings of 44 cents per share, which came in line with the Zacks Consensus Estimate.
In the first quarter, the company’s net sales totaled $472.3 million, which missed the Zacks Consensus Estimate of $475 million by 0.6%. However, the top line witnessed an improvement of 3.2% from the year-ago quarter’s reported figure of $457.7 million.
Highest Returns for Any Asset Class
It’s not even close. Despite ups and downs, Bitcoin has been more profitable for investors than any other decentralized, borderless 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 in months to come.
Hurry, Download Special Report – It’s FREE >>
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