3Q Boeing Commercial Airplane Margins Surprise to the Upside but We Continue to Watch Cash Flow
Wide-moat Boeing reported third-quarter results that featured core EPS of $3.58, beating consensus expectations. Management also raised 2018 guidance for revenue and EPS, which now stands at a $15 per share midpoint. There was a 71-cent-per-share tax benefit in the quarter, which helped results but commercial airplane margins of 13.2% (14% excluding charges) also pushed earnings higher. Working against these positive elements was 93 cents of defense program charges (T-X trainer and MQ-25).Desp...
The Boeing is an aerospace firm. The company's segments include: Commercial Airplanes, which develops, produces and markets commercial jet aircraft and provides fleet support services, mainly to the commercial airline industry; Defense, Space and Security, which engages in the research, development, production and modification of manned and unmanned military aircraft and weapons systems for strike, surveillance and mobility, vertical lift, and commercial derivative aircraft; Global Services, which provides supply chain and logistics management, pilot and maintenance training systems and services, and data analytics and digital services; and Boeing Capital, which manages overall financing exposure.
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