Boeing Co (NYSE:BA) Third-quarter earnings rose 18% from last year’s third quarter while earnings per share rose 23% to $1.86,
Excluding special items, the U.S. jet maker earned $2.14 per share or $2.4 billion. That beat Wall Street’s predictions, which were $1.98 per share, according to TheStreet.com.
Revenue rose 7% to $23.8 billion.
Boeing shares were down more than 3% to $122.69 in early afternoon trading.
The company’s backlog reached a record, with had a backlog of more than 5,500 orders for commercial planes valued at a record $430 billion. That represents roughly seven years of production at Boeing’s current rates.
“Third quarter financial performance reflects the strength of our backlog and strong demand for our products and services,” Boeing’s Chief Financial Officer Greg Smith said in an earnings call Wednesday.
Boeing Co Equity Analysis
Boeing Co (NYSE:BA) opened trading today as $128.00 and is trading in the range of 121.45-128.00 today. Boeing’s current market cap stands at $87.73 billion.
Compared to other peers in the Aerospace/Defense Products & Services sector, Boeing hasn’t performed in terms of quarterly revenue growth year over year at 0.01 vs. the industry average of 0.19. Boeing’s earnings per share is currently at 6.60, which surpasses the sector average of 1.40.
Boeing is currently covered by 27 Wall Street analysts. The mean target price is $153.18 according to First Call. This presents a solid upside to the current price of the equity. The Mean Recommendation sits at 2.1 which is based on 9 Strong Buy, 9 Buy and 8 Hold ratings.
The most recent analyst actions consisted of RBC Capital Mkts downgrading the stock on June 11th and Oppenheimer initiating coverage with a downgrade rating back in November.
The current quarter EPS consensus estimate is 1.98 with revenue estimates of 23.02B. Sales are expected to grow at a 4.00% rate. Boeing reported actual earnings last quarter of 2.42,which beats the 2.01 consensus estimate, a 20.4% surprise.
Corporate Profile
The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services worldwide. The company operates in five segments: Commercial Airplanes, Boeing Military Aircraft, Network & Space Systems, Global Services & Support, and Boeing Capital. The Commercial Airplanes segment develops, produces, and markets commercial jet aircraft for various passenger and cargo requirements, as well as provides related support services to the commercial airline industry.
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