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Boeing (BA) Q2 Commercial Shipments Rise 12.4% but Lag Airbus
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The Boeing Company’s (BA - Free Report) shares rose 2.6% to reach $218.7 on Jul 11, driven by its recently revealed impressive second-quarter 2023 delivery figures.
The company’s second-quarter 2023 delivery numbers reflected an improvement of 12.4% in commercial shipments from the previous year’s tally. However, defense shipments declined 5% year over year.
Commercial Deliveries Up
Boeing reported commercial deliveries of 136 airplanes in the second quarter of 2023, an increase from the prior-year tally of 121. This was primarily driven by higher 787 airplane deliveries.
The shipments of Boeing 737 totaled 103, in line with the year-ago period. Boeing delivered 20 of its 787 jets in the second quarter, while the same in the year-ago quarter was nil. The company also shipped eight of its 767 jets in the quarter, one more than the year-ago quarter’s tally.
The shipment of the 777 model was five compared with nine in the previous year’s second-quarter tally. The delivery figure of Boeing 747 was nil in the quarter compared with two in the prior-year quarter.
Boeing vs. Airbus
A comparative analysis of Boeing’s arch-rival Airbus SE’s (EADSY - Free Report) commercial shipment indicates that the U.S. jet giant lagged Airbus in terms of delivery numbers. EADSY delivered 189 commercial aircraft in the second quarter compared with Boeing’s 136 in the same period.
The year-over-year growth rate of both companies also tells the same story, with Boeing’s deliveries indicating an improvement of 12.4%. Meanwhile, Airbus registered growth of 21.9%, suggesting that it also surpassed BA in growth trajectory.
While Boeing boasts a long-term earnings growth rate of 4%, Airbus has a long-term earnings growth rate of 12.37%.
Defense Deliveries Down
Boeing reported defense deliveries of 38 airplanes in the second quarter of 2023, highlighting a decrease of two jets from the prior-year tally.
The shipments of AH-64 Apache (remanufactured) deliveries increased by three jets to 16 compared with the year-ago period’s tally. Meanwhile, the delivery of AH-64 Apache (new) declined by one jet to five compared with the year-ago period.
Moreover, the company delivered two CH-47 Chinook (new) jets in the second quarter compared with five in the year-ago quarter. Meanwhile, three CH-47 Chinook (renewed) jets were delivered in the reported quarter compared with one in the second quarter of 2022.
The shipments of F-15 Models remained steady at four jets compared with the prior-year quarter. Meanwhile, the delivery of the KC-46 Tanker was nil compared with four in the year-ago period, while six F/A-18 jets were delivered compared with four in the second quarter of 2023.
The delivery of P-8 models decreased by one jet from the second-quarter 2022 tally at two. No commercial and civil satellites were delivered in this quarter.
Peer Prospects
Prominent jet makers who are yet to report their second-quarter delivery numbers are Embraer S.A. (ERJ - Free Report) and Textron (TXT - Free Report) .
In the last reported quarter, Embraer delivered 15 jets in the reported quarter. ERJ delivered seven commercial and eight executive (six light and two midsize) jets compared with 30 commercial and 50 executive (33 light and 17 midsize) jets in the prior quarter.
The long-term earnings growth rate for Embraer is pegged at 17%. The Zacks Consensus Estimate for ERJ’s 2023 sales suggests a growth rate of 21.6% from the prior-year reported figure.
Textron delivered 35 jets, down from 39 in the year-ago quarter. It also delivered 34 commercial turboprops, up from 31 in the first quarter of 2022.
The long-term earnings growth rate for Textron is 11.2%. The Zacks Consensus Estimate for TXT’s 2023 earnings indicates growth of 26.9% from the prior-year reported figure.
Price Performance
Shares of Boeing have rallied 48.6% in the past year against the industry’s decline of 0.3%.
Image: Bigstock
Boeing (BA) Q2 Commercial Shipments Rise 12.4% but Lag Airbus
The Boeing Company’s (BA - Free Report) shares rose 2.6% to reach $218.7 on Jul 11, driven by its recently revealed impressive second-quarter 2023 delivery figures.
The company’s second-quarter 2023 delivery numbers reflected an improvement of 12.4% in commercial shipments from the previous year’s tally. However, defense shipments declined 5% year over year.
Commercial Deliveries Up
Boeing reported commercial deliveries of 136 airplanes in the second quarter of 2023, an increase from the prior-year tally of 121. This was primarily driven by higher 787 airplane deliveries.
The shipments of Boeing 737 totaled 103, in line with the year-ago period. Boeing delivered 20 of its 787 jets in the second quarter, while the same in the year-ago quarter was nil. The company also shipped eight of its 767 jets in the quarter, one more than the year-ago quarter’s tally.
The shipment of the 777 model was five compared with nine in the previous year’s second-quarter tally. The delivery figure of Boeing 747 was nil in the quarter compared with two in the prior-year quarter.
Boeing vs. Airbus
A comparative analysis of Boeing’s arch-rival Airbus SE’s (EADSY - Free Report) commercial shipment indicates that the U.S. jet giant lagged Airbus in terms of delivery numbers. EADSY delivered 189 commercial aircraft in the second quarter compared with Boeing’s 136 in the same period.
The year-over-year growth rate of both companies also tells the same story, with Boeing’s deliveries indicating an improvement of 12.4%. Meanwhile, Airbus registered growth of 21.9%, suggesting that it also surpassed BA in growth trajectory.
While Boeing boasts a long-term earnings growth rate of 4%, Airbus has a long-term earnings growth rate of 12.37%.
Defense Deliveries Down
Boeing reported defense deliveries of 38 airplanes in the second quarter of 2023, highlighting a decrease of two jets from the prior-year tally.
The shipments of AH-64 Apache (remanufactured) deliveries increased by three jets to 16 compared with the year-ago period’s tally. Meanwhile, the delivery of AH-64 Apache (new) declined by one jet to five compared with the year-ago period.
Moreover, the company delivered two CH-47 Chinook (new) jets in the second quarter compared with five in the year-ago quarter. Meanwhile, three CH-47 Chinook (renewed) jets were delivered in the reported quarter compared with one in the second quarter of 2022.
The shipments of F-15 Models remained steady at four jets compared with the prior-year quarter. Meanwhile, the delivery of the KC-46 Tanker was nil compared with four in the year-ago period, while six F/A-18 jets were delivered compared with four in the second quarter of 2023.
The delivery of P-8 models decreased by one jet from the second-quarter 2022 tally at two. No commercial and civil satellites were delivered in this quarter.
Peer Prospects
Prominent jet makers who are yet to report their second-quarter delivery numbers are Embraer S.A. (ERJ - Free Report) and Textron (TXT - Free Report) .
In the last reported quarter, Embraer delivered 15 jets in the reported quarter. ERJ delivered seven commercial and eight executive (six light and two midsize) jets compared with 30 commercial and 50 executive (33 light and 17 midsize) jets in the prior quarter.
The long-term earnings growth rate for Embraer is pegged at 17%. The Zacks Consensus Estimate for ERJ’s 2023 sales suggests a growth rate of 21.6% from the prior-year reported figure.
Textron delivered 35 jets, down from 39 in the year-ago quarter. It also delivered 34 commercial turboprops, up from 31 in the first quarter of 2022.
The long-term earnings growth rate for Textron is 11.2%. The Zacks Consensus Estimate for TXT’s 2023 earnings indicates growth of 26.9% from the prior-year reported figure.
Price Performance
Shares of Boeing have rallied 48.6% in the past year against the industry’s decline of 0.3%.
Image Source: Zacks Investment Research
Zacks Rank
Boeing carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.