Boeing stock ticks up even after reporting a much wider-than-expected loss and big revenue miss
Shares of Boeing Co.
edged up 0.1% in premarket trading Wednesday, even after the aerospace and defense giant reported a much-wider-than-expected loss and revenue that surprisingly fell well below forecasts, although free cash flow was surprisingly positive. The company said it was engaged in discussions with the Federal Aviation Administration regarding required actions to resume 787 deliveries. Net losses more than halved to $4.14 billion, or $7.02 a share, from $8.42 billion, or $14.65 a share, in the year ago period. Excluding nonrecurring items, core losses per share came to $7.69, compared with the FactSet per-share loss consensus of 36 cents. Revenue fell 3.3% to $14.79 billion, while the FactSet consensus was for a rise to $16.54 billion. Commercial aerospace revenue edged up 0.5% to $4.75 billion but was well below the FactSet consensus of $5.58 billion, and defense, space and security revenue dropped 13.5% to $5.86 billion to miss expectations of $6.83 billion. Free cash flow swung to positive $494 million from negative $4.27 billion, while the FactSet consensus was for negative $111.6 million. "2021 was a rebuilding year for us as we overcame hurdles and reached key milestones across our commercial, defense and services portfolios," said Chief Executive David Calhoun. The stock has lost 2.7% over the past three months while the Dow Jones Industrial Average
has dropped 4.1%.