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Boeing reports better-than-expected Q1 earnings, revenue

Plane maker Boeing reported its first-quarter earnings before the market opened on Wednesday. Its shares climbed more than 3% in premarket trading.

For Q1, Boeing reported:

  • An adjusted loss of $0.20 per share, compared to the loss of $0.68 per share expected by Wall Street analysts polled by FactSet.

  • Revenue of $22.22 billion, compared to estimates of $21.85 billion.

Boeing reported -$1.45 billion in free cash flow in Q1, compared to the -$2.34 billion expected by Wall Street. Prior to Wednesday, Boeing had reported two consecutive quarters of positive FCF following six straight quarters of negative results. The company is still guiding for full-year FCF of between $1 billion and $3 billion.

Earlier this month, Boeing announced it had delivered 143 commercial jets in Q1, up 10% from the same period last year and ahead of rival Airbus, which delivered 114. This was Boeing’s first time outdelivering Airbus since 2018.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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