BA US : +0.3% Pre Market
Boeing beats by $0.31, beats on revs; guides FY14 below consensus
Reports Q4 (Dec) earnings of $1.88 per share, excluding non-recurring items, $0.31 better than the Capital IQ Consensus of $1.57; revenues rose 6.6% year/year to $23.79 bln vs the $22.53 bln consensus; 172 commercial airplane deliveries.
Co issues downside guidance for FY14, sees sdj. EPS of $7.00-7.20 vs. $7.48 Capital IQ Consensus Estimate; sees FY14 revs of $87.5-90.5 bln vs. $92.77 bln Capital IQ Consensus Estimate. Co sees 715-725 commercial airplane deliveries (rev $57.5-59.5 bln operating margin ~10%), up from 648 in 2013. Co's guidance tends to be conservative.
"Our Commercial Airplanes business accelerated delivery of its record backlog by successfully increasing production rates while also achieving important development milestones on the 737 MAX and 787-9 and launching the new 787-10 and 777X models with an unprecedented customer response. Our Defense, Space & Security unit overcame a tough operating environment to record expanded revenue, earnings and margins while executing to our commitments on the KC-46A tanker and developing and delivering important new capabilities to customers, such as the P-8 maritime aircraft and the Inmarsat-5 satellite."
Co issues downside guidance for FY14, sees sdj. EPS of $7.00-7.20 vs. $7.48 Capital IQ Consensus Estimate; sees FY14 revs of $87.5-90.5 bln vs. $92.77 bln Capital IQ Consensus Estimate. Co sees 715-725 commercial airplane deliveries (rev $57.5-59.5 bln operating margin ~10%), up from 648 in 2013. Co's guidance tends to be conservative.
"Our Commercial Airplanes business accelerated delivery of its record backlog by successfully increasing production rates while also achieving important development milestones on the 737 MAX and 787-9 and launching the new 787-10 and 777X models with an unprecedented customer response. Our Defense, Space & Security unit overcame a tough operating environment to record expanded revenue, earnings and margins while executing to our commitments on the KC-46A tanker and developing and delivering important new capabilities to customers, such as the P-8 maritime aircraft and the Inmarsat-5 satellite."