Boeing (NYSE:BA) earnings for the second quarter of fiscal year 2020 have BA stock falling on Wednesday morning. This comes after reported revenue of $11.81 billion was below Wall Street’s estimate of $13.16 billion. Additionally, the company’s reported adjusted losses per share of $4.79 was much worse than analysts’ expectations for a $2.54 loss.
Moreover, the company said GAAP losses per share were $4.20 for the period.
Here is what else is worth mentioning from the most recent Boeing earnings report.
- Adjusted per-share losses were up 17.7% from $5.82 during Q2 2019.
- Revenue for the quarter comes in 25% lower compared to $15.75 billion during the same time last year.
- Operating loss of $2.96 billion is 12.4% better year-over-year than than a loss of $3.38 billion.
- The Boeing earnings report also includes a net loss of $2.4 billion.
- That’s 18.4% better than $2.94 billion from the second quarter of 2019.
Dave Calhoun, president and CEO of Boeing, had this to say about the BA stock earnings:
“We remained focused on the health of our employees and communities while proactively taking action to navigate the unprecedented commercial market impacts from the COVID-19 pandemic. We’re working closely with our customers, suppliers and global partners to manage the challenges to our industry, bridge to recovery and rebuild to be stronger on the other side.”
The company does not mention any sort of guidance for FY2020. However, the earnings release does state that “to align to the sharp reduction in commercial market demand in light of COVID-19, the company is taking several actions including further adjusting commercial airplane production rates and reducing employment levels.”
Meanwhile, Wall Street analyst expectations for FY2020 call for losses per share of $5.38 on revenues of $65.75 billion.
BA stock was down 3.9% as of Wednesday morning.
Nick Clarkson is a Web Editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.