Boeing (BA) Q2 EPS and Revenue Miss Consensus by Wide Margin
(Updated - July 24, 2019 7:32 AM EDT)
Boeing (NYSE: BA) reported Q2 EPS of ($5.82), $7.69 worse than the analyst estimate of $1.87. Revenue for the quarter came in at $15.8 billion versus the consensus estimate of $18.55 billion.
- Continue to engage global regulators and customers on safe return to service of the 737 MAX
- Recorded charge and increased costs related to the 737 MAX, as previously announced
- Revenue of $15.8 billion reflecting 737 MAX impacts and higher defense and services volume
- Loss of ($5.21) per share (GAAP) and core (non-GAAP)* loss of ($5.82) per share
- Operating cash flow of ($0.6) billion; paid $1.2 billion of dividends
- Total backlog of $474 billion, including more than 5,500 commercial airplanes
- Cash and marketable securities of $9.6 billion provide strong liquidity
- Previously issued 2019 guidance does not reflect 737 MAX impacts; new guidance to be issued at a future date
During the quarter, Commercial Airplanes delivered 90 airplanes, including 42 787s, and captured orders for two 777 freighters for DHL and six 767 freighters for FedEx. Highlights from the Paris Air Show included a letter of intent from IAG for 200 737 MAX airplanes as well as several wide body commitments. The 777X program is progressing well through pre-flight testing. While the company is still targeting late 2020 for first delivery of the 777X, there is significant risk to this schedule given engine challenges, which are delaying first flight until early 2020.
For earnings history and earnings-related data on Boeing (BA) click here.