Shares of Boeing Co. (NYSE: BA) surged 4.4% in premarket trading on Wednesday, reaching an 18-month high. The aerospace and defense company posted impressive second-quarter revenue and free cash flow figures, driven by strong performance in its commercial airplanes business.
Financial Highlights
- Net losses widened to $563 million, or 93 cents a share, compared to $149 million, or 25 cents a share, in the same period last year.
- Excluding nonrecurring items, core per-share losses amounted to 82 cents, surpassing the FactSet loss consensus of 89 cents.
- Revenue experienced a significant increase of 18.4%, reaching $19.75 billion, surpassing the FactSet consensus of $18.59 billion.
- Free cash flow swung from an outflow of $182 million to a positive $2.58 billion, significantly exceeding expectations of $88.7 million.
- Boeing affirmed its 2023 FCF guidance range of $3.0 billion to $5.0 billion.
Segment Performance
Among Boeing's business segments:
Commercial Airplanes
- Revenue soared by 41% to $8.84 billion, surpassing the FactSet consensus of $7.57 billion.
Defense, Space, and Security
- Revenue remained relatively unchanged at $6.17 billion.
Global Services
- Revenue grew by 10% to $4.75 billion.
Market Performance
Boeing's stock has demonstrated a solid performance this year, with a year-to-date increase of 12.4% as of Tuesday. In comparison, the Dow Jones Industrial Average has gained 6.9%.
Boeing's strong second-quarter results reflect the company's resilience and continued growth in their commercial airplanes business segment. With an impressive revenue leap and positive free cash flow, Boeing demonstrates its ability to navigate challenging market conditions successfully.
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