Boeing beats by $0.16, misses on revs; reaffirms FY15 guidance (153.33)
Reports Q1 (Mar) earnings of $1.97 per share, excluding non-recurring items, $0.16 better than the Capital IQ Consensus Estimate of $1.81; revenues rose 8.3% year/year to $22.15 bln vs the $22.5 bln consensus. Commercial Airplanes first-quarter revenue increased 21 percent to $15.4 billion on higher delivery volume (+14% to 184) and mix. First-quarter operating margin was 10.5% (-130 bps), reflecting the dilutive impact of higher 787 deliveries. Defense, Space & Security's first-quarter revenue was $6.7 bln (-12%) with an operating margin of 11.1% (+90 bps). Co reaffirms guidance for FY15, sees EPS of $8.20-8.40 vs. $8.48 Capital IQ Consensus Estimate; FY15 revs of $94.5-96.5 bln vs. $94.82 bln Capital IQ Consensus; 750-755 deliveries. Total company backlog at quarter-end was $495 bln, down from $502 billion at the beginning of the year, and included net orders for the quarter of $15 billion.