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Boeing (BA) Q1 Earnings Miss Estimates, Revenues Decline Y/Y
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The Boeing Company (BA - Free Report) incurred an adjusted loss of $2.75 per share for first-quarter 2022, much wider than the Zacks Consensus Estimate of a loss of 26 cents. Also, the bottom line deteriorated from the year-ago quarter’s loss of $1.53.
Including one-time items, the company posted a GAAP loss of $2.06 per share compared with a loss of 92 cents incurred in the first quarter of 2021.
The year-over-year downside is attributable to pre-tax charges incurred for impacts of the war in Ukraine.
The Boeing Company Price, Consensus and EPS Surprise
In the quarter under review, Boeing’s revenues amounted to $13.99 billion, which missed the Zacks Consensus Estimate of $16.01 billion by 12.6%. The top line also declined 8% from the year-ago quarter’s figure of $15.22 billion.
This decline was due to lower year-over-year revenues registered by the company’s Commercial Airplanes as well as Defense, Space & Security business units.
Total Backlog
Backlog at the end of first-quarter 2022 decreased to $370.84 billion from $377.50 billion at the end of 2021.
Segmental Performances
Commercial Airplane: Revenues at this segment dropped 3% year over year to $4.16 billion, primarily on account of the timing of wide-body deliveries. The segment incurred an operating loss of $859 million compared with a loss of $856 million in the year-ago quarter.
Boeing delivered 95 commercial planes during the quarter under review, up 23% year over year.
Backlog for this segment remained healthy with over 4,200 airplanes valued at $291 billion.
Boeing Defense, Space & Security (BDS): This segment recorded revenues worth $5.48 billion in the first quarter, reflecting a year-over-year decline of 24%, primarily due to lower volume and charges on fixed-price development programs, including VC-25B and T-7A Red Hawk.
Meanwhile, this unit incurred an operating loss of $929 million against an operating income of $405 million in the year-ago quarter.
Backlog at BDS was $60 billion, 33% of which comprised orders from international clients.
Global Services: Revenues at this segment improved 15% to $4.31 billion on account of higher commercial services volume and favorable mix. This unit generated an operating income of $632 million compared with $441 million in the year-ago quarter.
Boeing Capital Corporation (BCC): This segment reported quarterly revenues of $46 million compared with $60 million in the year-ago quarter.
At the end of first-quarter 2022, BCC's portfolio balance was $1.6 billion.
Financial Condition
Boeing exited first-quarter 2022 with cash and cash equivalents of $7.41 billion and short-term and other investments of $4.87 billion. At the end of 2021, the company had $8.05 billion of cash and cash equivalents and $8.19 billion of short-term and other investments. Long-term debt amounted to $55.15 billion at the end of first-quarter 2022, down from $56.81 billion at 2021 end.
The company’s operating cash outflow as of Mar 31, 2022 was $3.22 billion compared with $3.39 billion at the end of first-quarter 2021.
Free cash outflow totaled $3.57 billion at the end of first-quarter 2022 compared with $3.68 billion at the end of first-quarter 2021.
Zacks Rank
Boeing currently carries a Zacks Rank #5 (Strong Sell).
Raytheon Technologies’ (RTX - Free Report) first-quarter 2022 adjusted earnings per share (EPS) of $1.15 beat the Zacks Consensus Estimate of $1.01 by 13.9%. Moreover, the bottom-line figure improved 27.8% from the year-ago quarter’s adjusted earnings of 90 cents.
Its first-quarter sales of $15,716 million missed the Zacks Consensus Estimate of $15,799 million by 0.5%. The sales figure, however, rose 3% from $15,251 million recorded in the year-ago quarter.
Lockheed Martin (LMT - Free Report) reported first-quarter 2022 earnings of $6.44 per share, which surpassed the Zacks Consensus Estimate of $6.22 by 3.5%. The bottom line however declined 1.8% year over year.
Its net sales amounted to $14.96 billion, which missed the Zacks Consensus Estimate of $15.53 billion by 3.7%. The top line also declined 8% from $16.26 billion reported in the year-ago quarter
Teledyne Technologies Inc. (TDY - Free Report) reported first-quarter 2022 adjusted earnings of $4.27 per share, which surpassed the Zacks Consensus Estimate of $4.09 by 4.4%. The bottom line also improved 33.9% from the year-ago quarter’s $3.19 per share.
Its total sales in the first quarter amounted to $1,321 million, which exceeded the Zacks Consensus Estimate of $1,315 million by 0.5%. The top line also improved 64% from $805.7 million reported a year ago.
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Boeing (BA) Q1 Earnings Miss Estimates, Revenues Decline Y/Y
The Boeing Company (BA - Free Report) incurred an adjusted loss of $2.75 per share for first-quarter 2022, much wider than the Zacks Consensus Estimate of a loss of 26 cents. Also, the bottom line deteriorated from the year-ago quarter’s loss of $1.53.
Including one-time items, the company posted a GAAP loss of $2.06 per share compared with a loss of 92 cents incurred in the first quarter of 2021.
The year-over-year downside is attributable to pre-tax charges incurred for impacts of the war in Ukraine.
The Boeing Company Price, Consensus and EPS Surprise
The Boeing Company price-consensus-eps-surprise-chart | The Boeing Company Quote
Revenues
In the quarter under review, Boeing’s revenues amounted to $13.99 billion, which missed the Zacks Consensus Estimate of $16.01 billion by 12.6%. The top line also declined 8% from the year-ago quarter’s figure of $15.22 billion.
This decline was due to lower year-over-year revenues registered by the company’s Commercial Airplanes as well as Defense, Space & Security business units.
Total Backlog
Backlog at the end of first-quarter 2022 decreased to $370.84 billion from $377.50 billion at the end of 2021.
Segmental Performances
Commercial Airplane: Revenues at this segment dropped 3% year over year to $4.16 billion, primarily on account of the timing of wide-body deliveries. The segment incurred an operating loss of $859 million compared with a loss of $856 million in the year-ago quarter.
Boeing delivered 95 commercial planes during the quarter under review, up 23% year over year.
Backlog for this segment remained healthy with over 4,200 airplanes valued at $291 billion.
Boeing Defense, Space & Security (BDS): This segment recorded revenues worth $5.48 billion in the first quarter, reflecting a year-over-year decline of 24%, primarily due to lower volume and charges on fixed-price development programs, including VC-25B and T-7A Red Hawk.
Meanwhile, this unit incurred an operating loss of $929 million against an operating income of $405 million in the year-ago quarter.
Backlog at BDS was $60 billion, 33% of which comprised orders from international clients.
Global Services: Revenues at this segment improved 15% to $4.31 billion on account of higher commercial services volume and favorable mix. This unit generated an operating income of $632 million compared with $441 million in the year-ago quarter.
Boeing Capital Corporation (BCC): This segment reported quarterly revenues of $46 million compared with $60 million in the year-ago quarter.
At the end of first-quarter 2022, BCC's portfolio balance was $1.6 billion.
Financial Condition
Boeing exited first-quarter 2022 with cash and cash equivalents of $7.41 billion and short-term and other investments of $4.87 billion. At the end of 2021, the company had $8.05 billion of cash and cash equivalents and $8.19 billion of short-term and other investments. Long-term debt amounted to $55.15 billion at the end of first-quarter 2022, down from $56.81 billion at 2021 end.
The company’s operating cash outflow as of Mar 31, 2022 was $3.22 billion compared with $3.39 billion at the end of first-quarter 2021.
Free cash outflow totaled $3.57 billion at the end of first-quarter 2022 compared with $3.68 billion at the end of first-quarter 2021.
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
Raytheon Technologies’ (RTX - Free Report) first-quarter 2022 adjusted earnings per share (EPS) of $1.15 beat the Zacks Consensus Estimate of $1.01 by 13.9%. Moreover, the bottom-line figure improved 27.8% from the year-ago quarter’s adjusted earnings of 90 cents.
Its first-quarter sales of $15,716 million missed the Zacks Consensus Estimate of $15,799 million by 0.5%. The sales figure, however, rose 3% from $15,251 million recorded in the year-ago quarter.
Lockheed Martin (LMT - Free Report) reported first-quarter 2022 earnings of $6.44 per share, which surpassed the Zacks Consensus Estimate of $6.22 by 3.5%. The bottom line however declined 1.8% year over year.
Its net sales amounted to $14.96 billion, which missed the Zacks Consensus Estimate of $15.53 billion by 3.7%. The top line also declined 8% from $16.26 billion reported in the year-ago quarter
Teledyne Technologies Inc. (TDY - Free Report) reported first-quarter 2022 adjusted earnings of $4.27 per share, which surpassed the Zacks Consensus Estimate of $4.09 by 4.4%. The bottom line also improved 33.9% from the year-ago quarter’s $3.19 per share.
Its total sales in the first quarter amounted to $1,321 million, which exceeded the Zacks Consensus Estimate of $1,315 million by 0.5%. The top line also improved 64% from $805.7 million reported a year ago.