Boeing Co. (NYSE: BA): Third Quarter Earnings Preview 2010
Tuesday, October 12, 2021 2:06 PM

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Boeing Co. (NYSE: BA), the world's second- largest planemaker, is scheduled to release its fiscal third-quarter earnings before the opening bell on Wednesday, October 20, 2010. Analysts, on average, expect the company to report earnings of 99 cents per share on revenue of $16.53 billion. In the year ago quarter, the company posted a loss of $2.22 per share on revenue of $16.69 billion.

The Boeing Company designs, develops, manufactures, sells, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services worldwide.

In the preceding second quarter, the Chicago Illinois-based company's net income was $787 million, or $1.06 a share, from $998 million, or $1.41 a share, in the year-earlier quarter. Revenue dropped 9% to $15.57 billion from $17.15 billion in the same quarter last year.  Analysts, on average, expected the company to report earnings of $1.01 per share on revenue of $16.15 billion.

At its last earnings call, the company reaffirmed its fiscal 2010 guidance. The company expects to report earnings in the range of $3.50 to $3.80 per share and revenue in the range of $64 billion to $66 billion. The company continues to expect that 2011 revenue will be higher than 2010, primarily driven by projected 787 and 747-8 deliveries. The company also backed its forecast for operating cash flow of approximately zero in 2010. Boeing continues to expect that 2011 revenue will be higher than 2010, primarily driven by projected 787 and 747-8 deliveries. Segment-wise, the company expects Commercial Airplanes to deliver between 460 and 465 airplanes, generating revenue between $31 billion and $32 billion. Boeing also reaffirmed Defense, Space & Security revenue between $32 billion and $33 billion.
The company has benefited from a recovery in commercial aircraft market. Boeing delivered 124 commercial aircraft in the 2010 third quarter, up 11 from 113 in the year-ago quarter, for a total of 346 deliveries so far this year. Last month, the aircraft maker announced that it will boost production rate for the Next-Generation 737 model to 38 planes per month in the second quarter of 2013 from the previously announced 35, citing continued strong demand. The aerospace giant said that it currently has a backlog of more than 2,000 orders for the 737 model, its best-selling commercial jetliner. Early in September, Boeing forecast that aircraft sales in North America will reach 700 billion dollars over the next 20 years as airlines modernize their fleets. The company forecast that air carriers in Canada and the United States will take delivery of some 7,200 new airplanes by 2029.

Among other developments, the company postponed delivery of the first 787 Dreamliner for the sixth time, citing a delay in engine availability from Rolls Royce. The Dreamliner is now expected to be delivered by the middle of the first quarter of fiscal. The company also announced a schedule change for the 747-8 Freighter with first delivery currently expected mid-year 2011.

In terms of stock performance, Boeing shares have gained nearly 27 percent since the beginning of the year.
Disclosure: Author doesn't own any of the stocks discussed here.


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