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Core Viewpoint - Boeing is showing signs of recovery and improvement in its fundamentals, positioning itself to regain market share against Airbus despite challenges such as trade wars and delivery rejections from China [1][2]. Financial Performance - In Q1 2025, Boeing reported a non-GAAP EPS loss of 49 cents, exceeding consensus estimates by 67 cents, and showing significant improvement from a $1.13 loss in the same period last year [4]. - Revenues increased by 17.7% year-on-year to $19.50 billion, slightly below the consensus estimate of $19.54 billion [4]. - Operating margin improved to 2.4%, up from 0.5% [5]. Segment Performance - The Commercial Airplanes segment saw a 75% year-on-year revenue growth to $8.15 billion, with 130 airplanes delivered during the quarter, up from 83 last year [5][8]. - The Defense, Space & Security segment experienced a 9% revenue decline to $6.3 billion, but operating margins improved to 2.50% from 2.20% [6]. Backlog and Orders - The backlog for the Commercial Airplanes segment exceeds 5,600 airplanes, valued at nearly half a trillion dollars, with 221 net orders booked during the quarter [8]. - The segment backlog stands at $62 billion, with 29% attributed to international customers [7]. Production Plans - Boeing aims to increase its 737 MAX production cap from 38 to 42 per month, with plans to further raise it to 52 in increments every six months [10]. Strategic Moves - Boeing plans to sell parts of its Digital Aviation Solutions business for $10.55 billion to focus on its core operations, closing the quarter with $23.7 billion in cash and marketable securities [11]. Market Outlook - Analysts have a 12-month stock price forecast for Boeing at $198.45, indicating a potential upside of 12.58% from the current price of $176.27 [12].

BofA Securities analyst Ronald J. Epstein reiterated the Neutral rating on Boeing Company BA on Thursday, with a price forecast of $185. While the R&D phase of the project has now been factored into their forecasts, the analyst remains mindful of potential "execution" risks. The analyst states that Boeing still faces major hurdles in its turnaround efforts. Key among them is the need to stabilize 737 model production at 38 units per month before seeking FAA approval to increase output to 42. Additionally, E ...

The Boeing Company (BA) incurred an adjusted loss of 49 cents per share in the first quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of $1.54. The bottom line improved from the year-ago quarter’s reported loss of $1.13 per share. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) Including one-time items, the company reported a GAAP loss of 16 cents per share, narrower than the year-ago quarter’s reported loss of 56 cents.The year-over-year improvement in the bot ...

If you want full access to all our reports, data and investing ideas, join The Aerospace Forum , the #1 aerospace, defense and airline investment research service on Seeking Alpha, with access to evoX Data Analytics, our in-house developed data analytics platform.Boeing ( BA ) reported its first quarter results, and the stock gained 6% in response to earnings and a more upbeat market sentiment. I recently covered Boeing discussing the orders and deliveries and noted that the trade turmoil remainsDhierin run ...

Group 1 - Boeing is facing challenges due to the US-China trade war, with approximately 50 planes worth over $1 billion in revenue that cannot be delivered to Chinese customers due to tariffs [1][2] - China constitutes 10% of Boeing's commercial backlog, prompting the company to seek alternative markets with more stable demand [1][3] - Boeing reported a first-quarter revenue of $19.5 billion, an 18% increase from the previous year, and narrowed its losses to $31 million [3] Group 2 - Chinese airlines have returned two completed planes to the US, with plans for a third return, while other customers are interested in taking over delivery slots due to previous delays [2] - Boeing executives are actively engaging with the US administration regarding tariffs and their potential impact on trade, emphasizing the significance of aircraft in the trade surplus [6][7] - The company estimates that higher tariffs could result in an annual cost of $500 million, despite most of its supply chain being based in the US and having tariff exemptions for imports from Mexico and Canada [8]

Core Viewpoint - BofA Securities analyst Ronald J. Epstein maintains a Neutral rating on Boeing Company with a price target of $185, following stronger-than-expected first-quarter 2025 results [1] Financial Performance - Boeing reported a revenue increase of 18% year over year, reaching $19.496 billion, surpassing the consensus estimate of $19.43 billion [1] - The adjusted loss per share improved to 49 cents from $1.13 in the same quarter of 2024, beating the consensus estimate of a $1.27 loss per share [1] Delivery and Production Challenges - Boeing's 737 deliveries in April fell short of expectations, with only 16 units delivered compared to 22 units in the same period last month, which was already below projections [2] - Ongoing uncertainty regarding deliveries to China due to tariff-related issues has led Boeing to reposition aircraft, with two jets returning to Boeing Field and three moved to Moses Lake [3] - Despite these challenges, Boeing is expected to reallocate jets to markets with strong airline capacity demand, particularly in India [4] Production Outlook - Aero Analysis Partners anticipates Boeing will average 28 737 rollouts per month in the second quarter, a slight increase due to first-quarter output being boosted by previously completed aircraft [5] - The firm believes Boeing may reach a monthly production rate of 38 later this year, although maintaining that pace could be challenging [5] Stock Performance - Boeing shares increased by 5.9% to $172.27 on Wednesday [5]

Boeing CEO Kelly Ortberg said Wednesday that he will work to protect the aerospace giant's turnaround from the impact of the trade war between the U.S. and its trading partners, particularly China. Ahead of the company's quarterly earnings announcement, Ortberg sent a letter to Boeing employees outlining the company's progress on four areas of its recovery plan, which included comments about how the ongoing trade disputes could impact the company."While we are closely watching the developments in global tra ...

Fourth Quarter 2024 Earnings Review Kelly Ortberg President and Chief Executive Officer Brian West Executive Vice President and Chief Financial Officer January 28, 2025 Copyright © 2025 Boeing. All rights reserved. Forward-Looking Statements This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and other ...

Financial Performance and Key Metrics - Revenue for Q1 2025 was $19.5 billion, an increase of 18% primarily driven by higher commercial delivery volume [31] - Core loss per share improved to $0.49, reflecting higher commercial deliveries and improved operational performance [31] - Free cash flow usage was $2.3 billion, better than expectations due to higher commercial deliveries and improved working capital [31][32] Business Line Performance Boeing Commercial Airplanes (BCA) - BCA delivered 130 airplanes in the quarter, with revenue of $8.1 billion and an operating margin of -6.6% [32] - The backlog for BCA increased to $460 billion, up more than $25 billion sequentially, including over 5,600 airplanes [33] - The 737 program delivered 105 airplanes, with production expected to ramp up to 38 per month in the coming months [34][12] - The 787 program stabilized production at five per month, with plans to increase to seven per month [14][38] Boeing Defense, Space & Security (BDS) - BDS booked $4 billion in orders, with a backlog of $62 billion [40] - Revenue was $6.3 billion, down 9% due to planned lower volume [41] - Operating margin improved to 2.5%, reflecting stabilizing operational performance [42] Boeing Global Services (BGS) - BGS received $5 billion in orders, with revenue stable at $5.1 billion and an operating margin of 18.6% [46][47] - BGS delivered the 100th 767-300 Boeing converted freighter [47] Market Data and Key Metrics - Approximately 70% of commercial deliveries are planned for customers outside the U.S., with a backlog of over $0.5 trillion [51] - China represents about 10% of the commercial backlog, with 50 deliveries planned for the year, but potential issues due to tariffs [52][27] Company Strategy and Industry Competition - The company is focused on stabilizing its business, improving development program execution, changing its culture, and building a new future [9][21] - The planned divestiture of portions of the digital aviation solutions business is part of a strategy to streamline the portfolio and strengthen the balance sheet [50] - Winning the F-47 program is seen as a transformational accomplishment for the defense business [8] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the recovery plan and noted that the operational KPIs are showing improvement [6][28] - The company is actively engaging with the administration regarding tariffs and their impact on the business [60] - Management remains optimistic about demand for aircraft despite challenges in the China market [92] Other Important Information - The company has a cash balance of $23.7 billion and a debt balance of $53.6 billion, with access to $10 billion in revolving credit facilities [48][49] - The company is committed to maintaining an investment-grade rating and managing its balance sheet prudently [49] Q&A Session Summary Question: Interaction with Washington on Tariffs - Management is actively engaged with the administration regarding tariffs and their implications for the aviation industry [58][60] Question: Delivery Expectations for 737 and 787 - The company expects to deliver around 400 737s and approximately 80 787s this year, with adjustments for the China situation [66][67] Question: Impact of Tariffs on Costs - The net annual impact of higher tariffs on input costs is manageable, estimated to be less than $500 million [77][78] Question: Free Cash Flow Outlook - The company expects free cash flow usage in Q2 to be in line with Q1, with a positive turnaround anticipated in the second half of the year [86][88] Question: Production Rate Increases - The company plans to increase production rates for both the 737 and 787, with stability in KPIs being a key factor [92][94] Question: F-47 Contract Structure - Details on the F-47 contract structure are limited, but management is focused on appropriate contract types to mitigate risks [100] Question: Status of Key Performance Indicators (KPIs) - Management reported improvements in KPIs for both the 737 and 787 programs, with ongoing efforts to stabilize production [105][106]