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Boeing’s 1Q Misses; Cuts Guidance
By Zacks Investment Research on April 22, 2009 | More Posts By Zacks Investment Research | Author's Website
Boeing Co.’s (NYSE:BA) first-quarter earnings came in at 87 cents per share, which missed the lowered consensus by 8 cents.
The aircraft maker also slashed full-year earnings guidance amid a “weakened commercial airplane market.”
The stock has advanced more than 2% thus far amid volume of 5 million, compared to average volume of about 7.7 million.
Revenues during the quarter expanded 3% year-over-year to $16.5 billion, driven by 5% growth in Commercial Airplanes and a 2% increase in Integrated Defense Systems.
Boeing stated that it booked 28 gross orders during the quarter while removing 32 from the book as airlines cancelled or postponed orders amid the global economic downturn.
The aircraft maker now expects fiscal 2009 earnings between $4.70 and $5.00 per share, compared to the earlier forecast of $5.05 to $5.35. The consensus is currently at $4.56 a share.
BA is a Zacks #4 Rank (”Sell”) stock.
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