Boeing Raises Guidance, Though Sales Flag
April 26 2017 - 8:50AM
Dow Jones News
By Anne Steele
Boeing Co. posted earnings well above expectations in the first
quarter and lifted its guidance for the year because of a tax
benefit, though sales flagged worse than analysts anticipated.
Shares slipped 1.1% premarket to $181.55.
The world's largest aerospace company lifted both ends of its
earnings guidance by a dime on the tax benefit. Boeing now expects
adjusted earnings of $9.20 to $9.40 a share compared with previous
guidance for $9.10 to $9.30 a share. Revenue is still expected
between $90.5 billion and $92.5 billion, including between 760 and
765 commercial deliveries.
In all for the first quarter, Boeing earned $1.45 billion, or
$2.34 a share, up from last year's $1.22 billion, or $1.83 a
share.
Excluding items, the company earned an adjusted profit of $2.01
a share, topping the average analyst estimate for $1.94 a share,
according to Thomson Reuters. Revenue fell 7.3% to $20.98 billion,
on lower 737 and military aircraft deliveries. Analysts were
looking for $21.3 billion in sales.
Boeing's backlog grew to $480 billion, including $27 billion of
net orders during the most recent period.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
April 26, 2017 08:35 ET (12:35 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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