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Aerospace

5:31 a.m. Aug. 22, 2019 - By Barbara Kollmeyer
These 4 big blue chip stocks are cheap for a reason, cautions money manager Critical information for the U.S. trading dayOur call of the day looks at four big U.S. companies that have stumbled after a solid ride between 2016 and 2018. The Felder Report’s Jesse Felder says they need to get a lot cheaper.
3:11 a.m. Aug. 9, 2019 - By Tomi Kilgore
Vista Outdoor’s stock plunges to record low as firearms sales were ‘terrible’ Results miss expectations and outlook is lowered as demand fails to stabilize, tariff headwinds set to increaseShares of Vista Outdoor Inc. took a dive to a record low Thursday, as a “frankly terrible” firearms market led to disappointing fiscal first-quarter results and a lowered full-year outlook, dashing hopes that demand was finally stabilizing.
8:21 a.m. Aug. 5, 2019 - By Tomi Kilgore
Gun stocks surge after President Trump tweets about tightening regulations Stock rallies buck the selloff in the broader stock market, as fears of stronger background checks overshadow trade-war concernsShares of shooting sports companies surged Monday, bucking the sharp selloff in the broader stock market, after President Trump tweeted about pushing for stronger background checks for gun buyers in the wake of the tragic events over the weekend.
8:00 a.m. Aug. 3, 2019 - By Barbara Kollmeyer
The Fed can’t stop a market meltdown, warns forecaster who called the 2008 housing bust Critical information for the U.S. trading dayExpectations over the Fed’s ability to fix all that ails the economy and markets may be running a little too hot, warns our call of the day, from James Stack, president of Stack Financial Management and owner of InvesTech Research.
1:22 p.m. July 31, 2019 - By Max A. Cherney
Gun maker Sturm Ruger stock falls after revenue slidesSturm, Ruger & Co. Inc. shares fell 8.4% in the extended session Wednesday after the company reported declining year-over-year sales for the second quarter. The gun maker reported second-quarter net income of $6.2 million, or 35 cents a share, compared with $15.2 million, or 86 cents a share, in the year-ago period. Revenue fell to $96.3 million from $128.4 million in the year-ago period. According to FactSet, no analysts cover the company. Sturm Ruger stock has gained 6% this year, with the S&P 500 index rising 20.2%.
10:34 a.m. July 31, 2019 - By Tomi Kilgore
Apple's stock adds nearly 130 points to Dow's price in July, Boeing cuts about 115 pointsApple Inc.'s 3.9% stock surge Wednesday on the back of the technology giant's came just in time to lift into first place as the top Dow Jones Industrial Average performer this month, both in price and percentage gains. The stock rose $19.00, or 9.6%, in July. That added about 129 points to the Dow's price, which increased by 555 points this month. The next biggest contributors to the Dow's gain were shares of Goldman Sachs Group Inc. , which rose $15.81, or 7.7%, to add 107 points to the Dow, followed by International Business Machines Corp. , which hiked up $11.20, or 8.1%, to add 76 points to the Dow. Meanwhile, Boeing Co.'s stock was the biggest drag, as it fell $16.90, or 4.6%, to shave about 115 points off the Dow.
1:00 p.m. July 30, 2019 - By Sunny Oh
Global U.S. companies see strong earnings so far—once you rule out Boeing Companies that receive 50% of revenues from abroad saw earnings grow by 7.5% in the second-quarterAmerican multinational companies, excluding Boeing, are posting strong earnings growth in the second-quarter, says BAML.
3:09 a.m. July 25, 2019 - By Tomi Kilgore
Raytheon's stock rallies after big profit beat, raised outlookShares of Raytheon Co. rose 1.0% in light premarket trading Thursday, after the defense contractor, which is in the process of merging with United Technologies Corp. , reported a second-quarter profit that was well above expectations and raised its full-year outlook. Net income rose to $817 million, or $2.92 a share, from $800 million, or $2.78 a share, in the year-ago period. The FactSet EPS consensus was $2.64. Sales increased 8.1% to $7.16 billion, above the FactSet consensus of $7.04 billion, as bookings rose 9.0% to $9.48 billion. Sales for the company's integrated defense systems, intelligence, information and services, missile systems and space and airborne systems business segments all rose, and topped expectations. For 2019, Raytheon raised its EPS outlook to $11.50 to $11.70 from $11.40 to $11.60 and its sales guidance to $28.8 billion to $29.3 billion from $28.6 billion to $29.1 billion. The stock has rallied 20.1% year to date through Wednesday, while the Dow Jones Industrial Average has gained 16.9%.
1:06 p.m. July 24, 2019 - Associated Press
Boeing CEO says production of 737 Max could be suspended Dennis Muilenburg says pause may be needed if fleet is grounded past OctoberBoeing’s CEO says the company will consider temporarily shutting down production of the 737 Max if the plane’s return is significantly delayed beyond the company’s October forecast.
12:55 p.m. July 24, 2019 - By Clive McKeef
S&P 500, Nasdaq stock indexes close at record but Dow grounded by Boeing Tech shares in focus as U.S. opens probe into anti-competitive practicesThe S&P 500 and Nasdaq Composite stock indexes closed at record highs on Wednesday despite mixed earnings and economic data and news of antitrust investigations into leading U.S. technology stocks, but the Dow closed lower.
7:38 a.m. July 24, 2019 - By Claudia Assis
Boeing stock falls after ‘messy’ second quarter, doubts on yet another plane ‘It could have been worse’ at Boeing Boeing Co. shares fall after the aerospace and defense company reports a massive quarterly loss and casts doubt on yet another one of its planes.
5:50 a.m. July 24, 2019 - By Barbara Kollmeyer
Dividend-paying stocks will leave Treasurys for dead, says mutual-fund company Federated Critical information for the U.S. trading dayFederated Investors’s chief equity market strategist Phil Orlando, says it’s high time investors wake up to the benefit of dividend paying stocks.
4:30 a.m. July 24, 2019 - By Tomi Kilgore
Boeing sees 'significant risk' to 777X delivery scheduleBoeing Co. said Wednesday that the grounding of the 737 Max planes acted as a $5.6 billion drag on revenue and cut earnings per share by $8.74. Adding that back to of a loss per share of $5.21 and revenue of $24.26 billion, Boeing still would have reported a decline from a year-ago EPS of $3.73 and revenue of $24.26 billion. Separately, Boeing said it was still targeting "late 2020" for the first delivery of the 777X plane, but said there was "significant risk" to this schedule given engine challenges, which have already delayed the first flight until early 2020. Boeing's stock fell 0.7% in premarket trading, with the implied price decline on track to act as a 17-point drag on the Dow Jones Industrial Average's price. Dow futures were down 88 points ahead of the open.
3:57 a.m. July 24, 2019 - By Tomi Kilgore
Boeing's stock slips after swinging to large but narrower-than-expected lossShares of Boeing Co. slid 1.1% in premarket trading Wednesday, after the aerospace and defense giant swung to a large second-quarter loss on weakness in commercial airplanes, although it was narrower than expected, but did not provide any guidance given the uncertainty of the timing and conditions for the return to service of the 737 Max fleet. The company reported a net loss of $2.94 billion, or $5.21 a share, after a profit of $2.20 billion, or $3.73 a share, in the year-ago period. Excluding non-recurring items, the adjusted per-share loss was $5.82, compared with the FactSet consensus for a loss of $6.69 a share. Revenue dropped 35% to $15.75 billion, but topped the FactSet consensus of $15.05 billion. Commercial airplane revenue tumbled 66% to $4.72 billion, below the FactSet consensus of $6.61 billion, as deliveries fell 54% to 90 planes and the segment swung to a loss of $4.95 billion from a profit of $1.79 billion. Defense, space and security revenue rose 8% to $6.6 billion to beat expectations of $6.51 billion. "This is a defining moment for Boeing and we remain focused on our enduring values of safety, quality, and integrity in all that we do, as we work to safely return the 737 MAX to service," said Chief Executive Dennis Muilenburg. The stock has lost 0.6% over the past three months through Tuesday, while the Dow Jones Industrial Average has gained 2.8%.
3:56 a.m. July 24, 2019 - By Tomi Kilgore
Boeing, Caterpillar stock drops a 55-point drag on the DowThe declines in shares of Caterpillar Inc. and Boeing Co. in premarket trading Wednesday, after the industrial companies reported second-quarter results, was acting as a 55-point drag on the Dow Jones Industrial Average's price. Dow futures dropped 92 points. Caterpillar's stock slumped 3.5% after ; the implied price decline would shave about 33 points off the Dow. Boeing shares shed 0.9%, after amid 737 Max woes, with the implied price decline taking about 22 points off the Dow.
3:28 a.m. July 24, 2019 - By Jeremy C. Owens
Earnings Watch: Facebook’s fine, Boeing’s bind and Tesla’s bottom line Three companies that have faced tough questions from investors line up for more discussion WednesdayLast quarter, Boeing Co., Facebook Inc. and Tesla Inc. played “Hold my beer” amid controversies; three months later, it is time for an update as they work through their issues.
2:45 a.m. July 24, 2019 - By Tomi Kilgore
Northrop Grumman beats profit and sales expectations, lifts outlookNorthrop Grumman Corp. reported Wednesday second-quarter earnings and revenue that beat expectations, and raised its full-year profit outlook. The defense and aerospace company said net income rose to $861 million, or $5.06 a share, from $789 million, or $4.50 a share, in the year-ago period. The FactSet consensus for earnings per share was $4.68. Total sales grew 19% to $8.46 billion, above the FactSet consensus of $8.41 billion. Aerospace systems sales rose 2% to $3.39 billion, but missed expectations of $3.50 billion, while mission systems sales growth of 9% to $3.13 billion topped expectations of $3.04 billion. Elsewhere, innovation systems and technology services sales were also above expectations. For 2019, the company raised its adjusted EPS guidance range to $19.30 to $19.55 from $18.90 to $19.30 and affirmed its sales outlook of about $34 billion. The stock, which was still inactive in premarket trading, has soared 32.3% year to date, while the Dow Jones Industrial Average has run up 17.2%.
2:35 p.m. July 23, 2019 - By Emily Bary
Videogames are struggling, but these types of games are winning Earnings Watch: Hasbro reports big gains for tabletop games Magic: The Gathering, Dungeons & Dragons and MonopolyOne of the year’s best “gaming” stocks continues to win by following an old-school approach.
3:40 a.m. July 23, 2019 - By Ciara Linnane
Lockheed Martin shares climb premarket after earnings beatLockheed Martin Corp. said Tuesday it had net income of $1.420 billion, or $5.00 a share, in the second quarter, up from $1.163 billion, or $4.05 a share, in the year-earlier period. Sales rose to $14.427 billion from $13.398 billion. The numbers beat the FactSet consensus for EPS of $4.77 and sales of $14.196 billion. Sales rose at all of the aerospace giant's four business segments of aeronautics, missiles and fire control, rotary and mission systems and space. The company raised its full-year guidance and now expects EPS to range from $20.85 to $21.15 from a prior outlook of $20.05 to $20.35. It raised its sales guidance to $58.250 billion to $59.750 billion from a prior $56.750 billion to $58.250 billion. The current FactSet consensus is for full-year EPS of $20.60 and sales of $58.049 billion. Shares rose 2.3% premarket and have gained 37% in 2019, while the S&P 500 has gained 19%.
3:11 a.m. July 23, 2019 - By Emily Bary
United Technologies stock gains after earnings beat, raised outlookShares of United Technologies Corp. are up 2.7% in premarket trading Tuesday after the company beat earnings expectations for the second quarter and increased its full-year outlook. The company reported net income of $1.9 billion, or $2.20 a share, down from $2.05 billion, or $2.56 a share, a year earlier. On an adjusted basis, the company also posted earnings per share of $2.20, up from $1.97 a year prior. Analysts surveyed by FactSet had been modeling $2.05 in adjusted EPS. United Technologies saw second-quarter sales of $19.63 billion, up from $16.71 billion a year earlier. Analysts had been projecting $19.55 billion in net sales. The company now projects full-year adjusted EPS of $7.90 to $8.05, up from a prior range of $7.80 to $8.00. United Technologies also projects that organic sales will rise by 4 to 5 percent for the full year. Its earlier forecast was for 3 to 5 percent. Its shares have climbed 25% so far this year, as the Dow Jones Industrial Average has increased 16%.
6:54 a.m. July 22, 2019 - By Emily Bary
Big Tech’s antitrust suspects enter earnings spotlight, along with Boeing and Tesla Earnings Watch: Busiest week of the season includes three of the tech companies being investigated by fedsAmid all the talk of antitrust, government regulation and cryptocurrency plans, it might be nice for Big Tech just to focus on earnings this week — unless they are bad, of course.
6:18 a.m. July 19, 2019 - By Tomi Kilgore
Boeing's stock 'relief' rally is helping keep the Dow positiveShares of Boeing Co. surged 3.9% in morning trading Friday, enough to keep the Dow Jones Industrial Average in positive territory, in the wake of the aerospace giant's announcement of . The stock's price gain of $13.99 was adding about 95 points to the Dow's price, which was up 89 points. J.P. Morgan analyst Seth Seifman said despite the larger-than-expected charge, he believes Boeing's decision to keep 737 Max production at 42 per month and its plan to boost production to 57 per month in 2020 "is likely a relief" for investors.
12:38 p.m. July 18, 2019 - By Claudia Assis
Boeing to take $4.9 billion charge in Q2 on 737 Max groundingBoeing Co. said late Thursday it will record an after-tax charge of $4.9 billion, or $8.74 a share, in connection with the 737 Max groundings. The charge will result in a $5.6 billion dent in revenue and pre-tax earnings in the quarter, Boeing said. Boeing also warned that the estimated costs to produce the aircraft increased by $1.7 billion in the second quarter, primarily due to higher costs associated with a longer-than-expected reduction in the production rate. The increased 737 costs will reduce the margin of the 737 program in the second quarter and in future quarters. The 737 Max family has been grounded worldwide since March after a second fatal crash in less than five months. Preliminary reports found connections between the crashes, related to an anti-stall feature, and Boeing has been working on a software fix. Shares of Boeing rose 0.7% in the extended session after ending the regular trading day down 2.3%.
2:47 a.m. July 18, 2019 - By Tomi Kilgore
Honeywell's stock rises after earnings beat and upbeat guidance, while sales fell shyShares of Honeywell International Inc. rose 0.8% in premarket trading Thursday after the industrial conglomerate reported a second-quarter profit that topped expectations while sales fell shy, and lifted the low end of its full-year guidance ranges. Net income rose to $1.56 billion, or $2.10 a share, from $1.28 billion, or $1.68 a share, in the year-ago period. Adjusted earnings per share rose to $2.10 from $1.93, above the FactSet consensus of $2.08. Sales fell 15% to $9.24 billion, citing the impact of spinoffs, and missed the FactSet consensus of $9.35 billion, as aerospace sales fell less than expected, building technologies and performance materials and technologies sales were roughly in line with expectations and safety and productivity solutions sales fell more than expected. For 2019, Honeywell lifted the low end of its guidance ranges for EPS to $7.95 to $8.15 from $7.90 to $8.15, for sales to $36.7 billion to $37.2 billion from $36.5 billion to $37.2 billion and for adjusted free cash flow to $5.7 billion to $6.0 billion from $5.5 billion to $6.0 billion. The stock has rallied 27.6% year to date through Wednesday, while the Dow Jones Industrial Average has gained 16.7%.
9:23 a.m. July 1, 2019 - By Tomi Kilgore
Boeing's stock the biggest drag on the Dow; J.P. Morgan cuts earnings estimateShares of Boeing Co. fell 2.3% in afternoon trading Monday, enough to be the biggest drag on the Dow Jones Industrial Average , as worries over the fallout from the continue. The stock was both the biggest percentage and price decliner in the Dow, with its $8.20 price decline shaving about 56 points off the Dow's price. The Dow as up just 39 points, paring earlier gains of as much as 291 points. J.P. Morgan analyst Seth Seifman lowered his 2019 earnings estimate for Boeing, as he pushed out his expectations for resumption of 737 Max deliveries to December from October following the new Federal Aviation Administration requirement to make . Seifman cut his 2019 adjusted EPS estimate to $13.23 from $15.43 (FactSet consensus is $14.85) and his revenue forecast to $86.10 billion from $92.02 billion (FactSet consensus $100.13 billion). "The new modification means that [Boeing] faces heightened risk around timing, since more delays could ultimately force another production cut," Seifman wrote in a note to clients. Boeing's stock has now shed 9.1% over the past three months while the Dow has gained 1.5%.
12:25 p.m. June 25, 2019 - By Claudia Assis
AeroVironment stock down 13% after fiscal Q4 earningsShares of AeroVironment Inc. fell more than 13% in the extended session Tuesday after the defense and aerospace company reported fiscal fourth-quarter profit below Wall Street expectations. AeroVironment said it earned $5.7 million, or 24 cents a share, compared with $16.8 million, or 70 cents a share, in the year-ago period. Revenue fell 23% to $88 million, the company said, mostly on a decrease of product sales. Analysts polled by FactSet had expected the company to report EPS of 28 cents on sales of $82 million.
3:21 a.m. June 20, 2019 - By Tomi Kilgore
Axon stock at risk of losing half its value, short seller Spruce Point says Company formerly known as Taser says Spruce’s report is ‘poorly researched’ and full of ‘inaccuracies and innuendos’Investors who own Axon Enterprise Inc. should brace for the stock to lose half its value, according to well-known short seller Spruce Point Capital Management, which issued a “strong sell” opinion on the law enforcement technology company, that was formerly known as Taser International.
4:06 a.m. June 4, 2019 - By Tomi Kilgore
Navistar's stock jumps after profit and revenue beat by wide margins, outlook raisedShares of Navistar International Corp. jumped 2.9% in prmarket trade Tuesday, after the maker of commercial and military trucks and diesel engines reported fiscal second-quarter earnings and revenue that rose above expectations, and lifted its full-year outlook. For the quarter to April 30, the company swung to a net loss of $48 million, or 48 cents a share, from a profit of $55 million, or 55 cents a share, in the year-ago period. Excluding non-recurring items, such as a one-time charge of $159 million to address a legal class action settlement, adjusted net income rose to $105 million from $67 million, which based on 99.2 million weighted average diluted shares outstanding equates to earnings per share of $1.06. The FactSet EPS consensus was 69 cents. Revenue rose 24% to $3.00 billion, above the FactSet consensus of $2.70 billion, as truck sales grew 35% to $2.3 billion and parts sales slipped 4% to $579 million. For fiscal 2019, the company raised its revenue guidance range to $11.25 billion to $11.75 billion from $10.75 billion to $11.25 billion, which compares with current expectations of $10.98 billion. The stock has rallied 19.9% year to date through Monday, while the Dow Jones Industrial Average has gained 6.4%.
3:12 a.m. May 17, 2019 - By Philip van Doorn
These 20 S&P 500 companies have posted the biggest sales surprises this earnings season Quarterly sales numbers can give you more insight than a quick ‘earnings beat’ headlineQuarterly sales numbers can give you more insight than a quick “earnings beat” headline.
11:20 a.m. May 3, 2019 - By Philip van Doorn
Aerospace and defense stocks, even Boeing, are easily outpacing the broader market this year Industry sales are strong, reflecting positive trends for air travel and U.S. defense spendingIndustry sales are strong, reflecting positive trends for air travel and U.S. defense spending.
4:18 a.m. April 30, 2019 - By Ciara Linnane
Arconic shares rise 3.9% premarket as profit tops estimatesArconic Inc. shares surged 3.9% in premarket trade Tuesday, after the maker of aluminum parts for the aerospace and car industries topped profit estimates for the first quarter and raised guidance. The company said it had net income of $187 million, or 39 cents a share, in the quarter, up from $143 million, or 29 cents a share, in the year-earlier period. Adjusted per-share earnings came to 43 cents, ahead of the 39 cents FactSet consensus. Revenue rose 3% to $3.5 billion, matching the FactSet consensus. The company raised its target for cost cuts by $30 million to about $230 million on a run-rate basis with about $120 million of that total targeted for 2019. The company said it still expects full-year revenue of $14.3 billion to $14.6 billion. But it raised its adjusted EPS guidance to $1.75 to $1.90 from $1.55 to $1.65. It expects second-quarter adjusted earnings of 46 cents to 51 cents. It said it is cutting its quarterly dividend to 2 cents a share from 6 cents. Shares have gained 16% in the last 12 months, while the S&P 500 has gained 11%.
3:49 a.m. April 26, 2019 - By Tomi Kilgore
American Airlines' stock sinks after profit beat expectations, but guidance was loweredShares of American Airlines Group Inc. sank 3.2% in premarket trade Friday, after the air carrier reported first-quarter earnings and load factor that beat expectations, but lowered its full-year profit outlook. Regarding the grounding of its 737 MAX fleet, made by Boeing Co. , the company said it expects a $350 million negative impact on 2019 earnings, assuming the flight cancellations extend through Aug. 19. For the latest quarter, net income rose to $185 million, or 41 cents a share, from $159 million, or 34 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted EPS was 52 cents, above the FactSet consensus of 50 cents. Total revenue rose 1.8% to $10.58 billion, in line with the FactSet consensus of $10.60 billion. Load factor increased to 82.2% from 80.4%, beating expectations of 80.5%, as traffic growth of 3.5% outpaced capacity growth of 1.3%. Total revenue per available seat mile (TRASM) rose 0.5% to 15.87 cents. American cut its 2019 adjusted EPS guidance range to $4.00 to $6.00 from $5.50 to $7.50. The stock has gained 4.1% year to date through Thursday, while the NYSE Arca Airline Index has rallied 11.7% and the S&P 500 has climbed 16.7%.
3:56 a.m. April 25, 2019 - By Philip van Doorn
This overlooked group of stocks can give you better returns with less risk over time Will Muggia of Westfield Capital Management discusses Lululemon, Palo Alto Networks and other mid-cap stocksWill Muggia of Westfield Capital Management discusses Lululemon, Palo Alto Networks and other mid-cap stocks.
3:17 a.m. April 25, 2019 - By Ciara Linnane
Raytheon shares up 1.6% premarket after topping first-quarter estimatesDefense contractor Raytheon Co. shares jumped 1.6% in premarket trade Thursday, after the company beat earnings estimates for the first quarter. Waltham, Mass.-based Raytheon said it had net income of $781 million, or $2.77 a share, in the first quarter, up from $633 million, or $2.19 a share, in the year-earlier period. Adjusted per-share earnings also came to $2.77, ahead of the FactSet consensus of $2.47. Sales rose to $6.729 billion from $6.267 billion, also beating the $6.618 billion FactSet consensus. The company had bookings of $5.4 billion in the quarter, down from $6.3 billion a year ago. Its backlog stood at $41.073 billion compared with $42.420 billion a year ago. For the full year, the company is still expecting adjusted EPS of $11.40 to $11.60 and sales of $28.6 billion to $29.1 billion. The current FactSet consensus is for EPS of $11.61 and sales of $28.9 billion. Shares have fallen 13.2% in the last 12 months, while the S&P 500 has gained 10.9%.
12:22 p.m. April 24, 2019 - By Sue Chang
Stocks close lower as earnings paint mixed picture of corporate sector Boeing falls short of targets, suspends share buybacksU.S. stocks close lower Wednesday, a day after the S&P 500 and Nasdaq carved out their first records in months, following earnings from high-profile companies that offered a mixed picture of American corporations.
8:29 a.m. April 24, 2019 - By Claudia Assis
Boeing’s quarterly miss does little to stop jet maker’s stock rise Stock gains after earnings show no danger of liquidity crunch Boeing Co. may have missed Wall Street analysts’ quarterly expectations, but its first-quarter results show a company on solid financial footing and getting a handle on its 737 Max problem.
5:32 a.m. April 24, 2019 - By Barbara Kollmeyer
Don’t be ‘fooled’ by these fresh highs for stocks, warns analyst Critical information for the U.S. trading day Our call of the day says investors should take care as the stock market sets out new highs, because a big group of investors is sitting on the sidelines, waiting to cash in on a fall.
5:04 a.m. April 24, 2019 - By Tomi Kilgore
Boeing's stock rise adds more to Dow than Caterpillar's stock decline erasesThe net effect of stock rally and stock selloff after the companies reported first-quarter earnings would be about a 10-point boost to the Dow Jones Industrial Average's price. Boeing's stock rose 1.3% in premarket trade, as the implied price gain would add about 32.5 points to the Dow; Caterpillar's stock fell 2.3%, as the implied price decline shaving about 22.6 points off the Dow. Dow futures rose 17 points.
4:09 a.m. April 24, 2019 - By Tomi Kilgore
Boeing's stock swings higher after Q1 results, which include $1 billion increased cost for 737 businessBoeing Co.'s commercial airplanes business suffered first-quarter declines in profit, revenue and margin in the wake of after . The stock has swung higher in premarket trade, rallying 1.6% after being down as much as 1.3% earlier, after Boeing reported adjusted and revenue that came up a bit shy, while saying it would update its 2019 guidance at a future date. Commercial airplane earnings fell 17% to $1.17 billion, revenue dropped 9% to $11.82 billion and operating margin declined 1.0 percentage points to 9.9%, while deliveries dropped 19% to 149 airplanes. Boeing said the results include $1 billion in increased cost to produce aircraft in the 737 program. Boeing's stock has gained 4.4% over the past three months through Tuesday, while the Dow Jones Industrial Average has gained 8.6%.
3:42 a.m. April 24, 2019 - By Tomi Kilgore
Boeing's stock slips after profit misses expectations, delays update of 2019 outlookShares of Boeing Co. dropped 0.8% in premarket trade Wednesday, after the aerospace and defense giant missed first-quarter profit projections, as commercial airplanes revenue fell more than expected, and said it would update its 2019 guidance at "a future date." Net income fell to $2.15 billion, or $3.75 a share, from $2.48 billion, or $4.15 a share, in the year-ago period, as lower 737 deliveries was partially offset by higher defense and services volume. Excluding non-recurring items, core earnings per share fell to $3.16 from $3.64, below the FactSet consensus of $3.19. Revenue declined 2% to $22.92 billion, just shy of the FactSet consensus of $22.94 billion. Among Boeing's business segments, commercial airplanes revenue declined 9% to $11.82 billion, below the FactSet consensus of $11.89 billion; defense, space & security revenue rose 2% to $6.61 billion, above expectations of $6.39 billion; and global services revenue increased 17% to $4.62 billion, topping expectations of $4.45 billion. Regarding 2019 guidance, Boeing said: "The previously issued 2019 financial guidance does not reflect 737 MAX impacts. Due to the uncertainty of the timing and conditions surrounding return to service of the 737 MAX fleet, new guidance will be issued at a future date." The stock has rallied 16% year to date through Tuesday, while the Dow Jones Industrial Average has gained 14%.
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