Boeing Q1 earnings: ‘it’s a very robust market’

Boeing Co (NYSE: BA) is comfortably in the green this morning after reporting encouraging revenue and free cash flow for its first financial quarter.

CEO Calhoun’s remarks

The aerospace stock is trending up also because the management issued upbeat guidance for production.

Boeing now expects to make 38 “737 MAX” jetliners per month in 2023 and lift it further to 50 per month in 2025-2026. On CNBC’s “Squawk Box”, CEO Dave Calhoun said today:

The Arlington-headquartered firm expects between $3.0 billion and $5.0 billion in free cash flow this year. In comparisons, analysts are at $3.86 billion.  Year-to-date, Boeing shares are now up nearly 7.0%.

Boeing Q1 earnings snapshot

• Lost $414 million versus the year-ago $1.22 billion
• Per-share loss also narrowed from $2.06 to 69 cents
• On an adjusted basis, loss came in at $1.27 a share
• Revenue climbed 28.1% year-on-year to $17.92 billion
• Consensus was $1.07 a share loss on $17.52 billion revenue

Free cash flow in the recent quarter was negative $786 million – a massive improvement versus negative $3.57 billion a year ago and significantly better than negative $1.91 billion expected. CEO Calhoun added:

What else was noteworthy?

Other notable figures in Boeing Q1 earnings press release include a 19.3% increase in revenue from defense, space and security business.

Commercial aeroplane revenue shot up a whopping 59.8% but still came in shy of Street estimates. The chief executive concluded:

Wall Street currently has a consensus “overweight’ rating on Boeing shares.