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This is Why Boeing (BA) Stock is Popping After Earnings
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On Wednesday, aerospace and defense giant Boeing Co. (BA - Free Report) reported its fourth quarter fiscal 2016 results before the bell, posting mixed results as its Dreamliner finally turns a profit. BA stock was up almost 5% to $168.19 per share in midday trading, and is one of the top performers in the Dow Jones as the index climbed past 20,000 for the first time.
Boeing posted adjusted non-GAAP earnings of $2.47 per share, beating the Zacks Consensus Estimate of $2.34 per share (investors should note this number excludes 12 cents from non-recurring items). Revenues came in at $23.29 billion, which lagged behind our consensus estimate of $23.45 billion and declined 1.2% year-over-year.
One of the biggest surprises of Boeing’s earnings report was the profitability of its 787 Dreamliner. Deferred production costs fell for the airliner $215 million to $27.3 billion, and last year saw unit costs for the Dreamliner finally fall below its sales price. It will be critical for Boeing to continue to improve the profitability of its cutting-edge jetliner.
"We led the industry in commercial airplane deliveries for the fifth consecutive year, achieved healthy sales in our defense, space and services segments, and produced record operating cash flow, which fueled investment in innovation and our people and generated significant returns to shareholders,” said Chairman, President, and CEO Dennis Muilenburg.
Looking ahead, Boeing expects operating cash flow to increase to roughly $10.75 billion. The company is also expecting non-GAAP earnings to fall in the range of $9.10 and $9.30 per share for full-year fiscal 2017, representing solid growth. Revenue guidance is between $90.5 and $92.5 billion, including increased commercial deliveries of between 760 and 765.
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This is Why Boeing (BA) Stock is Popping After Earnings
On Wednesday, aerospace and defense giant Boeing Co. (BA - Free Report) reported its fourth quarter fiscal 2016 results before the bell, posting mixed results as its Dreamliner finally turns a profit. BA stock was up almost 5% to $168.19 per share in midday trading, and is one of the top performers in the Dow Jones as the index climbed past 20,000 for the first time.
Boeing posted adjusted non-GAAP earnings of $2.47 per share, beating the Zacks Consensus Estimate of $2.34 per share (investors should note this number excludes 12 cents from non-recurring items). Revenues came in at $23.29 billion, which lagged behind our consensus estimate of $23.45 billion and declined 1.2% year-over-year.
One of the biggest surprises of Boeing’s earnings report was the profitability of its 787 Dreamliner. Deferred production costs fell for the airliner $215 million to $27.3 billion, and last year saw unit costs for the Dreamliner finally fall below its sales price. It will be critical for Boeing to continue to improve the profitability of its cutting-edge jetliner.
For more info on Boeing’s 787 Dreamliner, check out this Zacks article: 10 Fun Facts About the Boeing 787 Dreamliner.
"We led the industry in commercial airplane deliveries for the fifth consecutive year, achieved healthy sales in our defense, space and services segments, and produced record operating cash flow, which fueled investment in innovation and our people and generated significant returns to shareholders,” said Chairman, President, and CEO Dennis Muilenburg.
Looking ahead, Boeing expects operating cash flow to increase to roughly $10.75 billion. The company is also expecting non-GAAP earnings to fall in the range of $9.10 and $9.30 per share for full-year fiscal 2017, representing solid growth. Revenue guidance is between $90.5 and $92.5 billion, including increased commercial deliveries of between 760 and 765.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>