Boeing's Q1 Earnings Top Estimates, Revenues Increase Y/Y

The Boeing Company BA incurred an adjusted loss of 49 cents per share in the first quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of $1.54. The bottom line also improved from the year-ago quarter’s reported loss of $1.13 per share. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)

Including one-time items, the company reported a GAAP loss of 16 cents per share, narrower than the year-ago quarter’s reported loss of 56 cents.

The year-over-year improvement in the bottom line can be primarily attributed to improved operational performance and commercial delivery volume.

Revenues

Revenues amounted to $19.50 billion, which beat the Zacks Consensus Estimate of $19.29 billion by 1.1%. The top line also surged 17.7% from the year-ago quarter’s reported figure of $16.47 billion.

The year-over-year improvement can be attributed to revenue growth registered by its Commercial Airplanes as well as Global services business segments.

The Boeing Company Price, Consensus and EPS Surprise

The Boeing Company price-consensus-eps-surprise-chart | The Boeing Company Quote

Total Backlog

Backlog at the end of the first quarter of 2025 totaled $544.74 billion, up from $521.34 billion recorded at the end of the fourth quarter of 2024.

Segmental Performances

Commercial Airplane: Revenues in this segment surged 75% year over year to $8.15 billion, driven by higher jet deliveries. The segment incurred an operating loss of $537 million, indicating an improvement from the year-ago quarter’s reported operating loss of $1,143 million.

During the quarter under review, Boeing delivered 130 commercial planes. The figure improved 57% year over year.

The backlog for this segment remained healthy, with more than 5,600 airplanes valued at $460 billion.

Boeing Defense, Space & Security (“BDS”): The segment recorded revenues of $6.30 billion, indicating a year-over-year decline of 9%. It generated an operating income of $155 million, implying an improvement of 3% from the year-ago quarter’s operating income. This improvement reflects stabilizing operational performance at this business segment.

BDS recorded a backlog of $62 billion, 29% of which comprised orders from international clients.

Global Services: Revenues in this segment remained almost flat year over year at $5.06 billion. This unit generated an operating income of $943 million, which improved 3% from the prior-year quarter’s level.

Financial Condition

Boeing exited first-quarter 2025 with cash and cash equivalents of $10.14 billion, and short-term and other investments of $13.53 billion. At the end of 2024, the company had cash and cash equivalents of $13.80 billion, and short-term and other investments worth $12.48 billion.

Long-term debt amounted to $45.69 billion, down from $52.59 billion recorded at the end of 2024.

The company’s operating cash outflow as of March 31, 2025, was $1.62 billion compared with $3.36 billion as of March 31, 2024.

Free cash outflow totaled $2.29 billion at the end of first-quarter 2025 compared with $3.93 billion at the end of first-quarter 2024.

Zacks Rank

Boeing currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Q1 Defense Releases

RTX Corporation’s RTX first-quarter 2025 adjusted earnings per share (EPS) of $1.47 beat the Zacks Consensus Estimate of $1.35 by 8.9%. The bottom line also improved 9.7% from the year-ago quarter’s level of $1.34, driven by growth in adjusted segment operating profit.

Its first-quarter sales totaled $20.31 billion, which surpassed the Zacks Consensus Estimate of $19.71 billion by 3%. The top line also surged a solid 5.2% from $19.31 billion recorded for the first quarter of 2024.

Lockheed Martin Corporation LMT reported first-quarter 2025 earnings of $7.28 per share, which beat the Zacks Consensus Estimate of $6.34 by 14.8%. The bottom line increased 15% from the year-ago quarter's reported figure of $6.33.

Net sales were $17.96 billion, which beat the Zacks Consensus Estimate of $17.76 billion by 1.1%. The top line also increased 4.5% from $17.20 billion reported in the year-ago quarter.

Northrop Grumman Corporation NOC reported first-quarter 2025 adjusted earnings of $6.06 per share, which missed the Zacks Consensus Estimate of $6.21 by 2.4%.

NOC’s total sales of $9.47 billion missed the Zacks Consensus Estimate of $9.91 billion by 4.4%. The top line also declined 6.6% from $10.13 billion reported in the year-ago quarter.

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This article originally published on Zacks Investment Research (zacks.com).

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