Shares of Boeing (NYSE: BA) gained in pre-market trading on Wednesday after the airplane manufacturer’s core loss narrowed in Q1 to $1.27 per share versus $2.75 in the same period last year but still wider than analysts’ expectations of a loss of $1.07 per share.
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The company posted revenues of $17.9 billion in Q1, up by 28% year-over-year and beating Street estimates of $17.5 billion. At the end of the first quarter, Boeing had a backlog of $411 billion, including around 4,500 commercial airplanes.
Looking forward, management still expects to deliver between 400 and 450 Boeing 737 airplanes this year and plans to ramp up production to 38 per month later this year. Boeing reaffirmed its guidance for FY23 and now expects its operating cash flow to be in the range of $4.5 billion to $6.5 billion while free cash flow is projected to be between $3 billion and $5 billion.
Overall, Wall Street analysts are cautiously optimistic about BA stock with a Moderate Buy consensus rating based on 11 Buys, five Holds, and one Sell.
