The Boeing Co. (BA - Free Report) is a premier jet aircraft manufacturer and is also one of the largest defense contractors in the U.S. Its revenue exposure is spread across more than 90 countries around the globe.
Boeing expects commercial aviation services market to grow 4.2% annually to a value worth $8.8 trillion, over the next 20 years. To further expand its footprint in this market, the company completed its earlier announced buyout of KLX Inc. for $4.25 billion, in 2018.
Estimates Revision & Earnings Surprise Trend
Boeing’s earnings estimate for the first quarter has decreased by 27.3% over the past 60 days.
It has an impressive history in earnings season, reporting positive earnings surprises in the last four quarters with an average beat of 17.08%.
Zacks Rank: Currently, Boeing has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. We have mentioned below some of the vital information from this just-revealed announcement:
Earnings Beat: Our consensus called for earnings of $3.11 per share and the company reported adjusted earnings per share of $3.16.
Revenue Beat: Revenues also surpassed the expectations. Boeing posted revenues of $22.92 billion, compared to our consensus estimate of $22.26 billion.
Key Stats to Note: Boeing ended the first quarter with total backlog of $487 billion, down from $490.5 billion at the beginning of the reported quarter.
During the quarter, the company repurchased 6.1 million shares for $2.3 billion and paid $1.2 billion in dividends.
Market Reaction: Boeing’s shares moved up 1.6% in pre-market trading following the release, at the time of this write-up. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on this Boeing earnings report later!
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