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Boeing (BA) Q3 Earnings Miss Estimates, Revenues Rise Y/Y
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The Boeing Company (BA - Free Report) incurred an adjusted loss of $6.18 per share for third-quarter 2022, much wider than the Zacks Consensus Estimate of a loss of a penny. The bottom line also deteriorated from the year-ago quarter’s loss of 60 cents.
The year-over-year downside can be attributed to losses on fixed-price defense development programs.
Including one-time items, the company posted GAAP earnings of $5.49 per share compared with 19 cents reported in the third quarter of 2021.
The Boeing Company Price, Consensus and EPS Surprise
In the quarter under review, Boeing’s revenues amounted to $15.96 billion, which missed the Zacks Consensus Estimate of $17.50 billion by 8.8%. The top line however improved 4% from the year-ago quarter’s figure of $15.28 billion.
This improvement was driven by higher year-over-year revenues registered by the company’s Commercial Airplanes and Global Services business units.
Total Backlog
Backlog at the end of third-quarter 2022 increased to $381.32 billion from $371.73 billion at the end of second-quarter 2022.
Segmental Performances
Commercial Airplane: Revenues at this segment increased 40% year over year to $6.26 billion, driven by higher 737 deliveries and the resumption of 787 deliveries. The segment incurred an operating loss of $643 million compared with a loss of $693 million in the year-ago quarter.
Boeing delivered 112 commercial planes during the quarter under review, up 32% year over year.
The backlog for this segment remained healthy, with over 4,300 airplanes valued at $307 billion.
Boeing Defense, Space & Security (BDS): This segment recorded revenues worth $5.31 billion in the third quarter, reflecting a year-over-year decline of 20%, primarily on account of losses on certain fixed-price development programs, Meanwhile, this unit incurred an operating loss of $2.80 billion against an operating income of $436 million in the year-ago quarter.
The backlog at BDS was $55 billion, 31% of which comprised orders from international clients.
Global Services: Revenues at this segment improved 5% to $4.43 billion on account of higher commercial services volume and a favorable mix. This unit generated an operating income of $733 million compared with $644 million in the year-ago quarter.
Boeing Capital Corporation (BCC): This segment reported quarterly revenues of $52 million compared with $71 million in the year-ago quarter.
At the end of third-quarter 2022, BCC's portfolio balance was $1.6 billion.
Financial Condition
Boeing exited third-quarter 2022 with cash and cash equivalents of $13.49 billion and short-term and other investments of $0.76 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 $51.79 billion at the end of third-quarter 2022, down from $56.81 billion at 2021 end.
The company’s operating cash outflow as of Sep 30, 2022 was $3.14 billion compared with $3.87 billion at the end of third-quarter 2021.
Free cash outflow totaled $0.55 billion at the end of third-quarter 2022 compared with $4.13 billion at the end of third-quarter 2021.
Lockheed Martin (LMT - Free Report) reported third-quarter 2022 adjusted earnings of $6.87 per share, which surpassed the Zacks Consensus Estimate of $6.58 by 4.4%. The bottom line also improved 4.1% year over year.
Its net sales amounted to $16.58 billion, which missed the Zacks Consensus Estimate of $16.82 billion by 1.4%. The top line, however, rose 3.5% from $16.03 billion reported in the year-ago quarter.
Raytheon Technologies' (RTX - Free Report) third-quarter 2022 adjusted earnings per share of $1.21 beat the Zacks Consensus Estimate of $1.11 by 9%. However, the bottom-line figure dropped 4% year over year.
The company’s third-quarter sales of $16,951 million missed the Zacks Consensus Estimate of $17,003 million by 0.3%. The sales figure, however, rose 5% from $16,213 million recorded in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported third-quarter 2022 adjusted earnings of 33 cents per share, which exceeded the Zacks Consensus Estimate of 32 cents by 3.1%. The bottom line improved a solid 153.8% year over year.
In the third quarter, net sales totaled $364.7 million, which lagged the Zacks Consensus Estimate of $391 million by 6.8%. However, the top line witnessed an improvement of 9.3% from the year-ago quarter.
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Boeing (BA) Q3 Earnings Miss Estimates, Revenues Rise Y/Y
The Boeing Company (BA - Free Report) incurred an adjusted loss of $6.18 per share for third-quarter 2022, much wider than the Zacks Consensus Estimate of a loss of a penny. The bottom line also deteriorated from the year-ago quarter’s loss of 60 cents.
The year-over-year downside can be attributed to losses on fixed-price defense development programs.
Including one-time items, the company posted GAAP earnings of $5.49 per share compared with 19 cents reported in the third quarter of 2021.
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 $15.96 billion, which missed the Zacks Consensus Estimate of $17.50 billion by 8.8%. The top line however improved 4% from the year-ago quarter’s figure of $15.28 billion.
This improvement was driven by higher year-over-year revenues registered by the company’s Commercial Airplanes and Global Services business units.
Total Backlog
Backlog at the end of third-quarter 2022 increased to $381.32 billion from $371.73 billion at the end of second-quarter 2022.
Segmental Performances
Commercial Airplane: Revenues at this segment increased 40% year over year to $6.26 billion, driven by higher 737 deliveries and the resumption of 787 deliveries. The segment incurred an operating loss of $643 million compared with a loss of $693 million in the year-ago quarter.
Boeing delivered 112 commercial planes during the quarter under review, up 32% year over year.
The backlog for this segment remained healthy, with over 4,300 airplanes valued at $307 billion.
Boeing Defense, Space & Security (BDS): This segment recorded revenues worth $5.31 billion in the third quarter, reflecting a year-over-year decline of 20%, primarily on account of losses on certain fixed-price development programs, Meanwhile, this unit incurred an operating loss of $2.80 billion against an operating income of $436 million in the year-ago quarter.
The backlog at BDS was $55 billion, 31% of which comprised orders from international clients.
Global Services: Revenues at this segment improved 5% to $4.43 billion on account of higher commercial services volume and a favorable mix. This unit generated an operating income of $733 million compared with $644 million in the year-ago quarter.
Boeing Capital Corporation (BCC): This segment reported quarterly revenues of $52 million compared with $71 million in the year-ago quarter.
At the end of third-quarter 2022, BCC's portfolio balance was $1.6 billion.
Financial Condition
Boeing exited third-quarter 2022 with cash and cash equivalents of $13.49 billion and short-term and other investments of $0.76 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 $51.79 billion at the end of third-quarter 2022, down from $56.81 billion at 2021 end.
The company’s operating cash outflow as of Sep 30, 2022 was $3.14 billion compared with $3.87 billion at the end of third-quarter 2021.
Free cash outflow totaled $0.55 billion at the end of third-quarter 2022 compared with $4.13 billion at the end of third-quarter 2021.
Zacks Rank
Boeing currently carries a Zacks Rank #4 (Sell).
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 third-quarter 2022 adjusted earnings of $6.87 per share, which surpassed the Zacks Consensus Estimate of $6.58 by 4.4%. The bottom line also improved 4.1% year over year.
Its net sales amounted to $16.58 billion, which missed the Zacks Consensus Estimate of $16.82 billion by 1.4%. The top line, however, rose 3.5% from $16.03 billion reported in the year-ago quarter.
Raytheon Technologies' (RTX - Free Report) third-quarter 2022 adjusted earnings per share of $1.21 beat the Zacks Consensus Estimate of $1.11 by 9%. However, the bottom-line figure dropped 4% year over year.
The company’s third-quarter sales of $16,951 million missed the Zacks Consensus Estimate of $17,003 million by 0.3%. The sales figure, however, rose 5% from $16,213 million recorded in the year-ago quarter.
Hexcel Corporation (HXL - Free Report) reported third-quarter 2022 adjusted earnings of 33 cents per share, which exceeded the Zacks Consensus Estimate of 32 cents by 3.1%. The bottom line improved a solid 153.8% year over year.
In the third quarter, net sales totaled $364.7 million, which lagged the Zacks Consensus Estimate of $391 million by 6.8%. However, the top line witnessed an improvement of 9.3% from the year-ago quarter.