Boeing (NYSE:BA) stock is taking a beating on Wednesday following the release of the aircraft company’s first-quarter 2022 earnings report.
The bad news for BA stock starts off with core earnings per share of -$2.75. That’s a massive miss next to Wall Street’s estimate of -27 cents per share for the period. It’s also much wider than the -$1.53 per share reported in Q1 2021.
Next up we’ve got to talk about the company’s revenue of $13.99 billion. Yet again, this wasn’t able to meet analysts’ estimates of $16.02 billion for the quarter. In addition to that, it’s an 8% drop from the $15.22 billion reported during the same time last year.
Dave Calhoun, president and CEO of Boeing, said the following in a letter to employees.
“Through our first-quarter results, you’ll see we still have more work to do; but I remain encouraged with our trajectory, and we are on track to generate positive cash flow for 2022. We are a long-cycle business, and the success of our efforts will be measured over years and decades; not quarters. The deliberate actions we’re taking now will drive stability in our operations and position us for long-term, sustainable performance.”
The drop in BA stock today brings it to its lowest in 17 months. That might not be too much of a surprise for investors. The company had already warned that its Q1 results would be its weakest in 2022 in terms of earnings, revenue, deliveries and cash flow.
BA is seeing higher trading today with over 8 million shares on the move as of this writing. That’s quickly approaching its daily average trading volume of 9.1 million shares and markets haven’t been open long.
BA stock is down 10% as of Wednesday morning.
Investors on the lookout for more hot stock market news are in luck!
We’ve got all the latest stock news that traders need to know about today! Among that is what has Lucid Motors (NASDAQ:LCID) stock and Robinhood (NASDAQ:HOOD) stock on the move, as well as this morning’s biggest pre-market stock movers. You can find out all about these matters at the following links!
More Stock Market News for Wednesday
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.