Boeing Company (BA)

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Earnings Previews: Boeing Co. (BA)
By: 24/7 Wall St. | April 25, 2022

• Here are three firms scheduled to report quarterly results first thing Wednesday morning.

Boeing

Since reaching a 12-month high in early June of last year, shares of Boeing Co. (NYSE: BA) are down by 31.5%. The latest bit of bad news for the Dow Jones industrials company came last Friday when Jon Ostrower reported that Boeing will focus on getting the 737 MAX 10 certified by the December 2022 deadline and put off certification for its 777X widebody until the end of 2024. The original target certification date for the 777X was 2020. Last year, that was pushed out to late 2023.

Boeing delivered 95 commercial jets in the first quarter, up from 77 in the first quarter of 2021. For the same period, rival Airbus delivered 142 this year and 125 last year.

Of 23 analysts covering the stock, 17 have a Buy or Strong Buy rating, while four rate the shares at Hold. At a recent share price of around $174.50, the implied upside based on a median price target of $249.00 is 42.7%. At the high target of $306, the implied upside is about 75.4%.

Consensus estimates call for first-quarter revenue of $16.04 billion, which would be up 8.4% sequentially and about 5.4% higher year over year. Analysts are forecasting a quarterly loss per share of $0.22, compared to a loss of $7.69 per share in the prior quarter and a loss per share of $1.53 last year. For full fiscal 2022, Boeing is expected to post EPS of $3.12, compared to last year’s loss per share of $9.44. Revenue is expected to increase by 28.2% to $79.85 billion.

Boeing stock trades at 56.0 times expected 2022 earnings, 24.7 times estimated 2023 earnings of $7.07 and 19.3 times estimated 2024 earnings of $9.06 per share. The stock’s 52-week range is $167.58 to $258.40. Boeing has suspended its dividend, and total shareholder return for the past year was negative 26.8%.

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