Boeing (BA) Lifts Off as Commercial Sales Lead to Q2 Beat, Raised Outlook
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Price: $100.00 +0.25%
EPS Growth %: +41.8%
Financial Fact:
Diluted earnings per share from continuing operations: 1.27
Today's EPS Names:
ANF, DXLG, FL, More
EPS Growth %: +41.8%
Financial Fact:
Diluted earnings per share from continuing operations: 1.27
Today's EPS Names:
ANF, DXLG, FL, More
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Shares of Boeing (NYSE: BA) are higher on the session Wednesday following second-quarter results which came in largely better than expectations as well as boosted earnings outlook for 2012.
Revenue at the aircraft giant rose 21 percent to $20.01 billion, from $16.54 billion in the same period last year. The large jump was bolstered by its Commercial Airplanes segment, which saw revs rise 34 percent over last year.
Despite costs rising 27 percent, Boeing improved net earnings 2.3 percent to $967 million, or $1.27 per diluted share.
Overall, the Street was expecting revs of $19.37 billion and EPS of $1.12.
"Commercial airplane deliveries increased 27 percent in the second quarter, and our defense, space and security business also produced higher revenues and strong margins in a difficult market environment," commented CEO Jim McNerney.
Backlog fell 1.6 percent to $374 billion, but included $13 billion of net new orders.
Boeing delivered 109 737 models and six 787s in the quarter.
Looking ahead in 2012, Boeing raised earnings expectations from a range of $4.15 to $4.35 per share to $4.40 to $4.60 per share, which is more in-line with expectations of $4.56.
McNerney also issued some comments on the call:
Revenue at the aircraft giant rose 21 percent to $20.01 billion, from $16.54 billion in the same period last year. The large jump was bolstered by its Commercial Airplanes segment, which saw revs rise 34 percent over last year.
Despite costs rising 27 percent, Boeing improved net earnings 2.3 percent to $967 million, or $1.27 per diluted share.
Overall, the Street was expecting revs of $19.37 billion and EPS of $1.12.
"Commercial airplane deliveries increased 27 percent in the second quarter, and our defense, space and security business also produced higher revenues and strong margins in a difficult market environment," commented CEO Jim McNerney.
Backlog fell 1.6 percent to $374 billion, but included $13 billion of net new orders.
Boeing delivered 109 737 models and six 787s in the quarter.
Looking ahead in 2012, Boeing raised earnings expectations from a range of $4.15 to $4.35 per share to $4.40 to $4.60 per share, which is more in-line with expectations of $4.56.
McNerney also issued some comments on the call:
- Sees cargo traffic stabilizing, expecting to rise in 2013;
- Deferred production on 787 was $13.2 billion and will peak at over $20 billion;
- 56 787s are still being worked on before delivery;
- Boeing will delivery more 787s from the factory;
- There are 3 Air India 787s ready to be delivered, just waiting for government approval;
- 787 gear box problems were "pretty minor" and he sees a "significant improvement" in 787 assembly;
- Boeing isn't looking for a major deal in defense M&A, but focusing more on smaller deals; and
Boeing is up over 2 percent Wednesday.
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