Boeing (BA) stock is extending gains on Tuesday morning even though the airplane maker posted a wider-than-expected loss for its fiscal second quarter (Q2). Investors are cheering BA mostly because the bottom-line weakness did not disrupt management's full-year outlook for up to $3 billion in free cash flow.
Boeing Co (NYSE:BA, XETRA:BCO) posted a wider-than-expected quarterly loss but beat revenue estimates, as the planemaker's commercial deliveries climbed and its backlog swelled to a record $715 billion. The company reported second-quarter revenue of $24.6 billion, up 8% from a year earlier and ahead of the $24.25 billion analysts had expected.
Boeing cleared Q2 sales estimates as commercial airplane deliveries grow. FAA highlights seat installation issue.
Sales outpace Wall Street expectations as defense business comes through while commercial airplane sales miss mark.
Boeing on Tuesday reported a larger-than-expected quarterly loss after taking a $280 million charge on its troubled Air Force One replacement program, but generated positive free cash flow as its turnaround plans gained momentum.
The company narrowed its net loss from last year but its second-quarter earnings fell short of estimates. Boeing took a $280 million loss on its long-delayed program for two new Air Force One aircraft.
The CEO said “significant resources” are being invested to ensure the new presidential plane stays on schedule for delivery in 2028.