Research Desk Line-up: L3 Technologies Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 4, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on The Boeing Co. (NYSE: BA), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=BA, following the Company's disclosure of its financial results on July 26, 2017, for Q2 FY17. The Company reported GAAP EPS of $2.89; core EPS (non-GAAP) of $2.55; and operating cash flow of $5.0 billion. Boeing also announced the repurchase of 13.6 million shares for $2.5 billion in Q2 FY17. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Aerospace/Defense Products & Services industry. Pro-TD has currently selected L3 Technologies, Inc. (NYSE: LLL) for due-diligence and potential coverage as the Company reported on July 27, 2017, its financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on L3 Technologies when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on BA; also brushing on LLL. With the links below you can directly download the report of your stock of interest free of charge at:
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Earnings Reviewed
Boeing generated revenues of $22.7 billion in Q2 FY17 compared to $24.8 billion for Q2 FY16; noting a decrease of 8.5% y-o-y. Earnings from operation (non-GAAP) for Q2 FY17 were $2.5 billion compared to a loss of $419 million for Q2 FY16. Operating margin was 11.1% in Q2 FY17 compared to a negative margin of 1.7% in Q2 FY16.
Boeing's net earnings for Q2 FY17 were $1.8 billion compared to a net loss of $234 million in Q2 FY16. The earnings per share (EPS) was also positive at $2.89 in Q2 FY17 compared to a negative EPS of $0.37 in Q2 FY16, and Core EPS was $2.55 in Q2 FY17 compared to a negative core EPS of $0.44 in Q2 FY16.
The Company noted that in Q2 FY17 there was increase in order backlog at $482 billion, with key wins in commercial airplanes, defense, space, and services, while also achieving important milestones such as delivering the first 737 MAX airplane; flying the second production-ready T-X trainer aircraft; and conducting a successful Ground-based Midcourse Defense intercept test.
The Company beat analysts' EPS estimates of $2.32, while revenues missed expectations of $23.01 billion for Q2 FY17.
Segment Information
In Q2 FY17, Boeing's Commercial Airplanes segment delivered 183 airplanes generating $15.7 billion compared with deliveries of 199 airplanes generating revenues of $17.5 billion in Q2 FY16; a decrease of 10.3% y-o-y. Earnings from operations were $1.6 billion in Q2 FY17 compared to a loss of $973 million in Q2 FY16. Operating margin in this segment was 10.0% in Q2 FY17 compared to a negative margin of 5.6% in Q2 FY16.
In the Defense, Space &Security segment, Boeing generated revenues of $6.9 billion in Q2 FY17 compared to revenue of $7.2 billion in Q2 FY16; noting a decrease of 4.2% y-o-y. Earnings from operations for this segment were $980 million in Q2 FY17 compared to $593 million in Q2 FY16; noting an increase of 56.2% y-o-y. Operating margin in this segment was 12.9% in Q2 FY17 compared to 8.3% in Q2 FY16; an increase of 55.4% y-o-y.
Cash Matters
Boeing generated $4.95 billion in operating cash flow in Q2 FY17 compared to $3.19 million in Q2 FY16, marking an increase of 55.1% y-o-y. The Company also generated a free cash flow of $4.51 billion in Q2 FY17 compared to $2.52 billion in Q2 FY16; a rise of 80% y-o-y.
Boeing repurchased 13.6 million shares for $2.5 billion in Q2 FY17; leaving $9.0 billion remaining under the current repurchase authorization. The Company also paid $0.9 billion in dividends in Q2 FY17, reflecting a 30% increase in dividends per share y-o-y.
Outlook
Based on a positive impact of improved performance across the Company and a lower-than-expected tax rate, Boeing raised its guidance for FY17. The Company anticipates revenues to be between $90.5 million - $92.5 billion compared to a previous guidance of $90.5 billion - $92.5 billion, GAAP EPS of between $11.10 and $11.30 compared to prior guidance of $10.35 and $10.55; Core EPS of between $9.80 and $10.00 compared to prior estimates of between $9.20 and $9.40; and Operating Cash Flow of about $12.25 billion compared to the earlier guidance of $10.75 billion. Boeing expects operating margin to be over 11.5% compared to an earlier estimate of about 11.5%.
Stock Performance
Boeing's share price finished yesterday's trading session at $238.25, marginally up 0.13%. A total volume of 5.11 million shares have exchanged hands, which was higher than the 3-month average volume of 3.29 million shares. The Company's stock price skyrocketed 30.14% in the last three months, 46.83% in the past six months, and 80.67% in the previous twelve months. Additionally, the stock soared 53.04% since the start of the year. Shares of the Company have a PE ratio of 20.86 and have a dividend yield of 2.38%. The stock currently has a market cap of $140.67 billion.
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