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Boeing's (BA) Q1 Earnings Top Estimates, Revenues Decline Y/Y
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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.
The Boeing Company Price, Consensus and EPS Surprise
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).
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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Boeing's (BA) Q1 Earnings Top Estimates, Revenues Decline Y/Y
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.
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 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.