por admin » Mié Abr 25, 2018 7:19 am
Boeing crushes earnings estimates, raises 2018 guidance
Michael Sheetz | @thesheetztweetz
Published 1 Hour Ago Updated 3 Mins Ago
CNBC.com
Boeing comfortably beat estimates on earnings per share when it reported first quarter results before market open Wednesday.
The largest aerospace company in the world is pumping out airplanes at a record pace.
Its commercial air division delivered 184 aircraft in the first-quarter, while winning 221 net orders.
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The Boeing B737 Max 9 on June 20, 2017.
Boeing first-quarter earnings comfortably beat analysts estimates, driven by faster production in its commercial air division helping to deliver more planes.
The aerospace giant raised its full-year earnings forecast by 50 cents, to a range of $16.40 per share to $16.60 per share, while maintaining its revenue at a range of $96 billion to $98 billion.
Boeing's performance drove "revenue and earnings growth at all three business units," CEO Dennis Muilenburg said in a statement.
Shares of Boeing climbed about 2 percent in premarket trading.
Here's how the company did compared with what Wall Street expected:
Earnings: $3.64 per share vs. $2.58 per share forecast by Thomson Reuters
Revenue: $23.38 billion vs. $22.26 billion forecast by Thomson Reuters
Boeing is pumping out airplanes at a record pace and aims to keep climbing. Its commercial air division saw first-quarter revenue grow to $13.7 billion, a 5 percent increase compared to the same period last year. The business delivered 184 airplanes.
CEO Dennis Muilenburg told CNBC in February that the company expects to be "building more than 900 airplanes a year" by 2020 — a rate of about one aircraft every 10 hours.
"We see air traffic growing and passenger traffic growing at about 6 percent to 7 percent a year, and that's feeding airplane growth throughout the world," Muilenburg said at the time.
In-line with that forecast, Boeing now expects to increase production of its 767 aircraft to 3 per month by 2020. The commercial air division added 221 net orders in the first-quarter. It has a backlog of 5,800 aircraft, valued at $415 billion.
Boeing's defense and space division saw revenue increase by 13 percent from the same time last year but its order backlog fell to $50 billion, from $63 billion a year ago.
Boeing's stock stumbled through the first-quarter of 2018, falling about 3 percent, after a stellar run through 2017, when shares gained about 108 percent.
CEO Dennis Muilenburg: Boeing will build over 900 planes a year by the end of the decade