Boeing (NYSE:BA) reported better-than-expected results as its losses narrowed in the first quarter. The aerospace giant reported a Q1 loss of $1.13 per share, compared to a loss of $1.27 per share in the same period last year. Analysts were expecting a loss of $1.63 per share.
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The company’s revenues declined by 8% year-over-year to $16.6 billion but surpassed analysts’ estimates of $16.2 billion. Boeing’s management stated that its Q1 results reflected lower deliveries of its 737 aircraft. The company’s commercial airplane business saw its revenues drop sharply by 31% year-over-year to $4.65 billion in Q1.
Boeing’s departing CEO, Dave Calhoun acknowledged that lower aircraft deliveries would prove to be difficult for its financials and its customers, but the company was committed to prioritizing safety and quality over financial concerns.
Is BA Stock a Good Buy?
Analysts remain cautiously optimistic about BA stock, with a Moderate Buy consensus rating based on 17 Buys, six Holds, and two Sells. Year-to-date, BA stock has declined by more than 30%, and the average BA price target of $230.56 implies an upside potential of 36.3% from current levels. These analyst ratings are likely to change following Boeing’s Q1 results today.
