Boeing Company (BA)

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Earnings Preview: Boeing Co. (NYSE: BA)
By: 24/7 Wall St. | July 25, 2022

• Here’s a look at four companies set to report results before markets open Wednesday morning.

Boeing

Since reaching a 12-month high in mid-August, shares of Boeing Co. (NYSE: BA) are down by 36%. The stock gained about 7% last week after announcing orders for 278 737 Max jets, nine 787s, and two 777-8Fs at the Farnborough Airshow in England. Since the 737 Max was recertified in November, Boeing has received orders for more than 1,000 of the single-aisle planes. Boeing had expected to return production of the Max to 31 per month by early this year, but so far, that total has remained elusive. Dow 30 component Boeing should have something to say about production in its earnings report and on the conference call.

Of 23 analysts covering the stock, 18 have a Buy or Strong Buy rating, and two more have given the shares a Hold rating. At a current price of around $155.50, the implied upside based on a median price target of $204.50 is 34.5%. At the high target of $298.00, the implied upside is about 91.6%.

Consensus estimates call for second-quarter revenue of $17.52 billion, up 25.3% sequentially and up about 3.1% year over year. Analysts are forecasting a quarterly loss per share of $0.11 compared with a loss of $2.75 in the prior quarter and EPS of $0.40 last year. For the full 2022 fiscal year, Boeing is expected to post a loss of $1.12 per share compared with last year’s loss of $9.44. Revenue is expected to increase by 20.1% to $74.8 billion.

Boeing stock trades at a multiple of 28.9 times estimated 2023earnings of $5.39 and 19 times estimated 2024 earnings of $8.21 per share. The stock’s 52-week range is $113.02 to $241.15. Boeing has suspended its dividend, and total shareholder return for the past year was negative 29.6%.

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