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Boeing's (BA) Q1 Earnings Lag Estimates, Revenues Beat
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The Boeing Company (BA - Free Report) incurred adjusted loss of $1.53 per share for first-quarter 2021, much wider than the Zacks Consensus Estimate of a loss of $1.17. However, the bottom line improved from the year-ago quarter’s loss of $1.70.
Including one-time items, the company incurred GAAP loss of 92 cents per share compared with a loss of $1.11 incurred in the first quarter of 2020.
The year-over-year bottom line improvement can be attributed to KC-46A Tanker improvement, higher 737 deliveries and lower commercial airplanes period costs.
Revenues
In the quarter under review, Boeing’s revenues amounted to $15.22 billion, which beat the Zacks Consensus Estimate of $14.38 billion by 5.8%. The top line however declined 10% from the year-ago quarter’s figure of $16.91 billion.
This decline was due to lower 787 deliveries and commercial services volume.
The Boeing Company Price, Consensus and EPS Surprise
Backlog at the end of first-quarter 2021 inched up to $364 billion from $363.4 billion at the end of fourth-quarter 2020.
Segmental Performances
Commercial Airplane: Revenues at this segment plunged 31% to $4.27 billion due to lower 787 deliveries. The segment incurred operating loss of $856 million compared with loss of $2.07 billion in the year-ago quarter.
Boeing delivered 77 commercial planes during the quarter under review, up 54% year over year.
Backlog for this segment remained healthy with over 4,000 airplanes valued at $283 billion.
Boeing Defense, Space & Security (BDS): This segment recorded revenues worth $7.19 billion in the first quarter, reflecting 19% year-over-year improvement, primarily driven by higher KC-46A Tanker revenues due to orders for 27 aircraft.
Meanwhile, this unit generated operating income of $405 million against operating loss of $191 million in the year-ago quarter.
Backlog at BDS was $61 billion, 31% of which comprised orders from international clients.
Global Services: Revenues at this segment declined 19% to $3.75 billion on account of lower commercial services volume thanks to COVID-19 impacts. Moreover, this unit generated operating income of $441 million compared with $708 million in the year-ago quarter.
Boeing Capital Corporation (BCC): This segment reported quarterly revenues of $60 million compared with $65 million registered in the year-ago quarter.
At the end of first-quarter 2021, BCC's portfolio balance was $1.9 billion.
Financial Condition
Boeing exited the first quarter with cash and cash equivalents of $7.06 billion, and short-term and other investments of $14.86 billion. At the end of 2020, the company had $7.75 billion of cash and cash equivalents, and $17.84 billion of short-term and other investments. Long-term debt amounted to $57.55 billion at the end of the first quarter, down from $61.89 billion at 2020 end.
Boeing’s operating cash outflow at the end of first-quarter 2021 was $3.39 billion compared with $4.30 billion at the end of first-quarter 2020.
Free cash outflow totaled $3.68 billion at the end of first quarter 2021 compared with $4.73 billion at the end of first-quarter 2020.
Lockheed Martin (LMT - Free Report) reported first-quarter 2021 earnings of $6.56 per share, which surpassed the Zacks Consensus Estimate of $6.32 by 3.8%. The bottom line also improved 7.9% from the year-ago quarter’s $6.08.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2021 loss of 10 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 16 cents.
Raytheon Technologies Corporation’s (RTX - Free Report) first-quarter 2021 adjusted earnings per share (EPS) of 90 cents outpaced the Zacks Consensus Estimate of 88 cents by 2.3%.
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Boeing's (BA) Q1 Earnings Lag Estimates, Revenues Beat
The Boeing Company (BA - Free Report) incurred adjusted loss of $1.53 per share for first-quarter 2021, much wider than the Zacks Consensus Estimate of a loss of $1.17. However, the bottom line improved from the year-ago quarter’s loss of $1.70.
Including one-time items, the company incurred GAAP loss of 92 cents per share compared with a loss of $1.11 incurred in the first quarter of 2020.
The year-over-year bottom line improvement can be attributed to KC-46A Tanker improvement, higher 737 deliveries and lower commercial airplanes period costs.
Revenues
In the quarter under review, Boeing’s revenues amounted to $15.22 billion, which beat the Zacks Consensus Estimate of $14.38 billion by 5.8%. The top line however declined 10% from the year-ago quarter’s figure of $16.91 billion.
This decline was due to lower 787 deliveries and commercial services volume.
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 first-quarter 2021 inched up to $364 billion from $363.4 billion at the end of fourth-quarter 2020.
Segmental Performances
Commercial Airplane: Revenues at this segment plunged 31% to $4.27 billion due to lower 787 deliveries. The segment incurred operating loss of $856 million compared with loss of $2.07 billion in the year-ago quarter.
Boeing delivered 77 commercial planes during the quarter under review, up 54% year over year.
Backlog for this segment remained healthy with over 4,000 airplanes valued at $283 billion.
Boeing Defense, Space & Security (BDS): This segment recorded revenues worth $7.19 billion in the first quarter, reflecting 19% year-over-year improvement, primarily driven by higher KC-46A Tanker revenues due to orders for 27 aircraft.
Meanwhile, this unit generated operating income of $405 million against operating loss of $191 million in the year-ago quarter.
Backlog at BDS was $61 billion, 31% of which comprised orders from international clients.
Global Services: Revenues at this segment declined 19% to $3.75 billion on account of lower commercial services volume thanks to COVID-19 impacts. Moreover, this unit generated operating income of $441 million compared with $708 million in the year-ago quarter.
Boeing Capital Corporation (BCC): This segment reported quarterly revenues of $60 million compared with $65 million registered in the year-ago quarter.
At the end of first-quarter 2021, BCC's portfolio balance was $1.9 billion.
Financial Condition
Boeing exited the first quarter with cash and cash equivalents of $7.06 billion, and short-term and other investments of $14.86 billion. At the end of 2020, the company had $7.75 billion of cash and cash equivalents, and $17.84 billion of short-term and other investments. Long-term debt amounted to $57.55 billion at the end of the first quarter, down from $61.89 billion at 2020 end.
Boeing’s operating cash outflow at the end of first-quarter 2021 was $3.39 billion compared with $4.30 billion at the end of first-quarter 2020.
Free cash outflow totaled $3.68 billion at the end of first quarter 2021 compared with $4.73 billion at the end of first-quarter 2020.
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 Defense Releases
Lockheed Martin (LMT - Free Report) reported first-quarter 2021 earnings of $6.56 per share, which surpassed the Zacks Consensus Estimate of $6.32 by 3.8%. The bottom line also improved 7.9% from the year-ago quarter’s $6.08.
Hexcel Corporation (HXL - Free Report) reported first-quarter 2021 loss of 10 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 16 cents.
Raytheon Technologies Corporation’s (RTX - Free Report) first-quarter 2021 adjusted earnings per share (EPS) of 90 cents outpaced the Zacks Consensus Estimate of 88 cents by 2.3%.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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