Boeing (BA) Beats on Bottom Line, Sales Miss the Street for Q1
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Boeing (NYSE: BA) shares are trading modestly higher in pre-market action Wednesday following a first-quarter beat on the bottom line. The stock last traded at $76 even, up about 0.6 percent from Tuesday's close.
The world's largest aircraft manufacturer posted quarterly net income of $586 million, up about 13 percent from the $519 million in net income reported during the same quarter last year. On a per-share basis, Boeing saw earnings of 78 cents, up 11 percent from the first quarter of 2010.
Revenue fell 2 percent from $15.22 billion last year to $14.91 billion.
The Street was looking for first-quarter earnings of 72 cents per share on sales of $15.13 billion.
Boeing said operating margin of 6.7 percent reflects strong core performance across the company's businesses on expected lower volumes and higher pension expense.
Backlog grew to $329 billion, including $23 billion in orders during the quarter.
The company reaffirmed its previously-issued FY11 sales, earnings and operating cash flow guidance.
Boeing's Chairman Jim McNerney said, "We're off to a good start in an important year for our company. We delivered strong operating performance, made significant progress on 787 and 747-8 flight testing, and scored a major win on the U.S. Air Force Tanker program. Our outlook remains positive, and our people are focused on meeting customer commitments, driving productivity and competitiveness gains, and capturing growth opportunities in our Commercial Airplanes and Defense, Space & Security businesses."
The world's largest aircraft manufacturer posted quarterly net income of $586 million, up about 13 percent from the $519 million in net income reported during the same quarter last year. On a per-share basis, Boeing saw earnings of 78 cents, up 11 percent from the first quarter of 2010.
Revenue fell 2 percent from $15.22 billion last year to $14.91 billion.
The Street was looking for first-quarter earnings of 72 cents per share on sales of $15.13 billion.
Boeing said operating margin of 6.7 percent reflects strong core performance across the company's businesses on expected lower volumes and higher pension expense.
Backlog grew to $329 billion, including $23 billion in orders during the quarter.
The company reaffirmed its previously-issued FY11 sales, earnings and operating cash flow guidance.
Boeing's Chairman Jim McNerney said, "We're off to a good start in an important year for our company. We delivered strong operating performance, made significant progress on 787 and 747-8 flight testing, and scored a major win on the U.S. Air Force Tanker program. Our outlook remains positive, and our people are focused on meeting customer commitments, driving productivity and competitiveness gains, and capturing growth opportunities in our Commercial Airplanes and Defense, Space & Security businesses."
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