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Boeing Earnings: BA Stock Jumps Following Q1 Results

Boeing also "plans to reduce overall staffing levels" due to effects from the coronavirus

Boeing (NYSE:BA) earnings for the first quarter of 2020 have BA stock rising on Wednesday afternoon. This comes after reported revenue of $16.91 billion was under Wall Street’s estimate of $17.31 billion. Also, the company’s adjusted losses per share of $1.70 did not beat analysts’ expectations of a loss of $1.61 for the quarter.

Boeing Earnings: BA Stock Jumps Following Q1 Results
Source: Shutterstock

Additionally, the company reported GAAP losses per share of $1.11 for the quarter.

Here is what else is worth mentioning from the most recent Boeing earnings report.

  • Per-share losses were a negative switch from earnings per share (EPS) of $3.16 during Q1 2019.
  • Revenue for the quarter comes in 26% lower compared to $22.92 billion during the same time last year.
  • The Boeing earnings report also includes a net loss of $641 million.
  • That’s much worse than net income of $2.15 billion from the first quarter of 2019.

David Calhoun, president and CEO of Boeing, said this about the BA stock earnings:

“The COVID-19 pandemic is affecting every aspect of our business, including airline customer demand, production continuity and supply chain stability. Our primary focus is the health and safety of our people and communities while we take tough but necessary action to navigate this unprecedented health crisis and adapt for a changed marketplace.”

The company does not include its fiscal 2020 guidance, but we know what Wall Street is expecting for fiscal 2020. Analysts’ estimates call for losses per share of $2.30 on revenue of $70.79 billion.

BA stock ended the day Wednesday up 5.86%.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media,

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