Boeing (BA) reported fourth-quarter earnings that disappointed investors and analysts. The company reported a loss due to production costs while revenue came below the forecasts. Here are the key points from Boeing’s earnings report:
Boeing’s Adjusted Earnings Per Share of ($1.75) below the expectations of $0.17. This is the second consecutive quarterly loss.
The Revenue increased by 35% at $19.98 billion, missing the Wall Street estimates of $20.22 billion.
The Commercial aeroplanes division posted a $626 million loss.
Boeing delivered 480 planes in 2022, a 41% increase from 2021.
Boeing delivered 152 airplanes in its commercial division, a growth of 50% compared to the previous year.
The company delivered 22 787 Dreamliners in Q4, compared to zero planes a year ago.
The company’s backlog of planes worth $404 billion in the end of 2022.
Cash and investments in marketable securities increased to $17.2 billion, compared to $14.3 billion at the beginning of the quarter.
Boeing Guidance
The company reiterated its guidance for $4.5 billion to $6.5 billion of operating cash flow and $3 billion to $5 billion free cash flow for 2023.
Boeing Stock
Boeing stock is trading 1.20% lower at $209.48 with a market cap of $126.34 billion. Boeing stock has a 52-week trading range between $113.02 and $223.23.
From a technical perspective BA stock hovers in the bull’s court as it trades above all the major moving averages. Initial resistance stands at 212.15 the top from yesterday’s trading session while a break above might challenge $216.64 the high from January 13.
On the other hand, first support stands at 203.11 the daily low. If sellers break that level then the next target is at $189.94 the 50-day moving average.
BA Price Target
On January 12, Credit Suisse upgraded Boeing from Underperform to Neutral and set a price target of $200. Wells Fargo reiterated BA at Overweight and raised the price target from $218 to $240, while JP Morgan raised the price target from $200 to $207 on January 11.
Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently, Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).
