路透：消息人士称，大韩航空预计将于周一宣布订购约100架波音飞机。消息人士称，这笔订单是韩国航空公司历史上最大的一笔订单，预计将包括787、777和737等机型。🗒️韩国总统李在明周一访问美国，但韩方表示美国与韩国首脑会谈几乎没能达成共识。这也意味着韩美贸易协议将维持原状。 ...

Group 1 - Boeing stock has risen 4% since the last report, outperforming the S&P 500 [1] - The company is showing signs of operational recovery, particularly in the 737 MAX and 787 programs [1] Group 2 - The Aerospace Forum aims to identify investment opportunities in the aerospace, defense, and airline industry [2] - The analysis provided is informed by data and aims to contextualize developments affecting investment theses [2]

Core Insights - Boeing Co. reported a wider-than-expected loss in Q2, despite strong revenue growth driven by a significant increase in commercial aircraft deliveries and a growing order backlog [1][4] - Analysts maintain a positive outlook on Boeing, citing solid delivery momentum, a strong backlog, and improving cash flow as reasons for optimism [2] Financial Performance - Boeing's Q2 revenue reached $22.75 billion, exceeding analyst expectations, with a 63% increase in commercial aircraft deliveries [4] - The company reported an adjusted loss of $1.24 per share, which was worse than the anticipated $0.94 loss, partly due to a $445 million charge related to a Department of Justice settlement [4] - Free cash outflow was $200 million, significantly better than consensus estimates by over $1 billion [4] Commercial Aircraft Segment - Revenue from commercial airplanes surged 81% year-over-year to $10.87 billion, with 150 commercial jets delivered during the quarter [5] - The backlog increased to $619 billion, including over 5,900 aircraft orders valued at $522 billion [5] Analyst Ratings and Price Forecasts - Goldman Sachs analyst Noah Poponak maintained a Buy rating and raised the price target to $260 from $257, citing stronger-than-expected commercial deliveries and cash flow [3] - Bank of America Securities analyst Ronald J. Epstein also maintained a Buy rating with a price forecast of $260, supported by robust jet demand and improving execution [3] - Other analysts, including RBC Capital and UBS, have also provided positive ratings and increased their price forecasts for Boeing [12][13] Operational Focus - Boeing aims to restore trust, stabilize operations, and meet production targets amid a challenging global environment [11] - The company plans to increase 737 output later this year, reflecting confidence in rising demand for commercial jets [9][11]

Financial Performance - Revenue increased to $227 billion in Q2 2025 from $169 billion in Q2 2024[7] - Core operating margin improved to -08% in Q2 2025 from -65% in Q2 2024[7] - Core loss per share improved to ($124) in Q2 2025 from ($290) in Q2 2024[7] - Free cash flow improved to ($02B) in Q2 2025 from ($43B) in Q2 2024[7] Segment Performance - Commercial Airplanes revenue increased to $109 billion in Q2 2025 from $60 billion in Q2 2024[10] - Commercial Airplanes operating margin improved to -51% in Q2 2025 from -119% in Q2 2024[10] - Defense, Space & Security revenue increased to $66 billion in Q2 2025 from $60 billion in Q2 2024[13] - Defense, Space & Security operating margin improved to 17% in Q2 2025 from -152% in Q2 2024[13] - Global Services revenue increased to $53 billion in Q2 2025 from $49 billion in Q2 2024[16] - Global Services operating margin increased to 199% in Q2 2025 from 178% in Q2 2024[16]

Core Insights - Analysts project Boeing (BA) will report a quarterly loss of -$1.47 per share, a 49.3% increase year over year, with revenues expected to reach $21.86 billion, up 29.6% from the same quarter last year [1] Earnings Estimates - Over the past 30 days, the consensus EPS estimate has been adjusted downward by 1.7%, indicating a reassessment by covering analysts [1][2] - Changes in earnings estimates are crucial for predicting investor reactions to the stock, with empirical studies showing a strong relationship between earnings estimate revisions and short-term price performance [2] Revenue Projections - Analysts estimate 'Revenues - Global Services' will reach $5.16 billion, reflecting a 5.6% increase from the prior-year quarter [4] - 'Revenues - Defense, Space & Security' are projected at $6.40 billion, indicating a year-over-year change of +6.3% [4] - 'Revenues - Commercial Airplanes' are expected to be $9.95 billion, suggesting a significant change of +65.7% year over year [4] Deliveries Forecast - The average prediction for 'Deliveries - Total' is set at 130, compared to 120 in the same quarter last year [5] - 'Deliveries - Commercial Airplanes - 737' are forecasted to reach 94, up from 70 a year ago [5] - 'Deliveries - Commercial Airplanes - 787' are expected to be 20, compared to 9 in the same quarter last year [5] Operational Earnings - Analysts predict 'Earnings/(loss) from operations - Global Services' will reach $941.96 million, contrasting with the year-ago figure of $870.00 million [6] Stock Performance - Over the past month, Boeing shares have returned +17.6%, outperforming the Zacks S&P 500 composite's +5.7% change [7] - Boeing currently holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [7]

Core Insights - Global travel and defense budgets are increasing, leading to heightened investor interest in aerospace stocks, particularly Boeing and RTX, which benefit from overlapping growth drivers [1][2][3] Financial Performance - Boeing's commercial revenues surged by 75% year-over-year in Q1 2025 due to rising global air traffic, while RTX achieved 8% organic sales growth driven by aftermarket services [9][10] - As of Q1 2025, Boeing reported $23.67 billion in cash and equivalents against $7.93 billion in current debt, indicating strong near-term solvency [5] - RTX has $5.16 billion in cash and equivalents, with $3.06 billion in current debt and $38.24 billion in long-term debt, maintaining solid short-term liquidity [6] Growth Catalysts - Both companies are positioned to benefit from a proposed 13% increase in U.S. defense spending to $1.01 trillion for FY26, with significant allocations for aerospace projects [7][8] - The International Air Transport Association projects a 5.8% year-over-year growth in passenger traffic for 2025, which will further support both companies' commercial aviation segments [9] Stock Performance - Over the past three months, Boeing's stock has increased by 33%, outperforming RTX's 26% increase, but RTX has outperformed Boeing over the past year with a 44.3% increase compared to Boeing's 22.9% [18][22] - Boeing trades at a more attractive forward sales multiple of 1.89 compared to RTX's 2.33 [18] Investment Outlook - Boeing presents a more compelling risk-reward opportunity in 2025, showing signs of recovery despite ongoing challenges, while RTX offers operational consistency and diversification [22][23]

Group 1 - Boeing is experiencing strong momentum in its commercial airplane business, with 150 deliveries in Q2 2025, a 63% increase from the same quarter last year, primarily driven by higher 737 shipments [1][7] - Compared to Q1 2025, Boeing's deliveries increased from 130 aircraft, reflecting a year-over-year growth of 56.6%, largely due to a rise in wide-body jet shipments [2] - The increase in aircraft deliveries is expected to enhance Boeing Commercial Airplane's revenues and profit margins, contributing to positive operating cash flow and strengthening financial recovery [3][7] Group 2 - Boeing's delivery growth in the first half of 2025 faces competition from Airbus, which delivered 306 aircraft compared to Boeing's 280 during the same period [4] - Embraer also reported solid delivery figures, with 30 aircraft delivered in Q1 2025, up from 25 in Q1 2024 [5] - Boeing's stock has risen 18.9% over the past year, outperforming the Zacks aerospace-defense industry's growth of 17.7% [6] Group 3 - Boeing is currently trading at a forward 12-month sales multiple of 1.82X, which is approximately an 18% discount compared to the industry average of 2.22X [8] - The Zacks Consensus Estimate for Boeing's earnings per share for 2025 has improved over the past 60 days, while the estimate for 2026 has declined [9]

Core Insights - Boeing announced significant program deliveries for both commercial and defense operations in the second quarter of 2025, with detailed financial results to be released on July 29 [1]. Commercial Airplanes Programs - In the second quarter of 2025, Boeing delivered a total of 150 commercial airplanes, with the breakdown as follows: - 737: 104 deliveries - 767: 9 deliveries - 777: 13 deliveries - 787: 24 deliveries - Year-to-date, total commercial airplane deliveries reached 280 [1]. Defense, Space & Security Programs - Boeing delivered a total of 36 defense, space, and security programs in the second quarter of 2025, with the following details: - AH-64 Apache (New): 2 deliveries - AH-64 Apache (Remanufactured): 10 deliveries - CH-47 Chinook (Renewed): 5 deliveries - F-15 Models: 3 deliveries - F/A-18 Models: 4 deliveries - KC-46 Tanker: 5 deliveries - MH-139: 4 deliveries - P-8 Models: 1 delivery - Commercial and Civil Satellites: 2 deliveries - Year-to-date, total defense program deliveries reached 62 [1].

Core Insights - Airbus SE secured a firm order from Riyadh Air for 25 A350-1000 aircraft, with the potential for an additional 25, enhancing its global position in the A350 market and expected to boost future revenues once deliveries commence [1][9] Group 1: Airbus A350 Features and Demand - The A350 family offers the longest-range capability among commercial airliners, achieving at least 20% fuel savings and reducing CO2 emissions, with a goal of operating on 100% Sustainable Aviation Fuel (SAF) by 2030 [2][9] - The A350 has received over 1,390 firm orders from more than 60 customers globally, with 657 aircraft currently in service as of May [3] Group 2: Market Growth and Revenue Projections - Rising air passenger traffic and demand for fuel-efficient aircraft are driving growth in the commercial aviation market, with Airbus forecasting a demand for 43,420 new aircraft deliveries over the next 20 years [4][5] - In 2024, Airbus reported a 6% year-over-year revenue growth from commercial aircraft activities, supported by a 4.2% increase in deliveries [5][6] - The Zacks Consensus Estimate predicts a 10.4% annual revenue improvement for Airbus in 2025 and 2026, indicating continued growth [6] Group 3: Competitor Insights - Boeing, a major competitor, has a long-term earnings growth rate of 18.1% and is expected to see a 25.6% improvement in 2025 sales [7][8] - Embraer, the third-largest commercial aircraft manufacturer, has an average earnings surprise of 150.60% over the last four quarters, with a projected 15.9% sales improvement in 2025 [8] - Textron, known for business jets, has a long-term earnings growth rate of 10% and a 6.6% sales improvement forecast for 2025 [10] Group 4: Stock Performance - Over the past year, Airbus shares have increased by 16.1%, outperforming the industry growth of 14.5% [11]

Core Viewpoint - Boeing delivered a total of 45 aircraft in May, which included 31 units of the 737 MAX and 7 units of the 787 [1] Summary by Category Deliveries - In May, Boeing's total aircraft deliveries reached 45 [1] - The breakdown of deliveries included 31 units of the 737 MAX [1] - Additionally, 7 units of the 787 were delivered [1]