Boeing shares climb after company raises full-year guidance
Boeing Co.
$167.22
11:09 26/04/24
Boeing posted bumper profit growth for over the latest three-month stretch, helped by a strong operating performance at its Commercial Airplanes arm, and raised its full-year guidance.
Dow Jones I.A.
38,239.66
04:30 15/10/20
The aerospace giant reported a 31% leap in third quarter net income versus a year ago to reach $2.363bn, for a 37% jump in proforma earnings per share to $3.58 (consensus: $3.47), boosted by a tax benefit of $0.71 per share.
Topline growth meanwhile came in at 4% to $25.146bn (consensus: $23.98bn), which offset a two percentage point drop in the manufacturer's operating margins to 8.9%.
In parallel, on a proforma basis earnings per share rose by 37% versus a year ago to reach $3.58 (consensus: $3.47).
Cash flows were also much stronger, jumping by 34% at the operating level to reach $4.559bn.
Management raised its full-year revenue guidance by $1.0bn to between $98.0bn and $100.0bn, citing growth in defence volumes and services as the chief factors, including the KLX acquisition.
On a non-GAAP basis, the company said it was now projecting EPS in a range of between $14.90 to $15.10, versus the between $14.30 and $14.50 it had previously guided towards, on the back of a lower tax rate and improved performance at its Commercial Airplanes unit.
Guidance for operating cash flows of between $15.0bn and $15.5bn was reaffirmed.
Boeing repurchased 7.0m shares during the quarter at a cost of $2.5bn.
As of 1427 BST, shares of Boeing were climbing 3.83% to $363.46, adding roughly 80 points to the Dow Jones Industrials's advance.