Boeing CEO on Q2 report: ‘quality of the backlog has never been better’

Boeing Co (NYSE: BA) is up 6.0% this morning after reporting financial results for its second quarter that handily topped Street estimates.

Boeing stock up on FCF guidance

Investors are content also because the aerospace giant reiterated its full-year guidance for up to $5.0 billion in free cash flow this year.

The multinational swung to $2.58 billion of free cash flow in its recently concluded quarter – well above $88.7 million that experts had forecast. On CNBC’s “Squawk Box”, CEO Dave Calhoun said:

At writing, Boeing stock is up roughly 17% versus the start of the year.

Notable figures in Boeing Q2 report

• Lost $563 million versus the year-ago $149 million
• Per-share also increased from 25 cents to 93 cents
• Adjusted loss came in at 82 cents on a per-share basis
• Revenue went up 18.4% year-on-year to $19.75 billion
• Consensus was 89 cents loss on $18.59 billion revenue

On Wednesday, Boeing also said that it will boost production of its 737 MAX from the current 31 a month to 38 per month. According to the Chief Executive:

What drove strength for Boeing in Q2?

Boeing attributed the strength in its second quarter primarily to its commercial segment that noted a 41% increase in revenue – ahead of estimates. CEO Calhoun added:

A 10% annualised growth in global services was also better-than-expected while $6.17 billion in revenue from defense, space, and security was roughly in line, as per the press release.

Wall Street currently has a consensus “overweight” rating on Boeing stock.