Yahoo Finance Boeing (BA) Gains From 36.8% Surge in Commercial Shipments
The Boeing Company’s BA shares rose 0.7% to reach $212.32 on Apr 11, driven by its recently revealed impressive first-quarter 2023 delivery figures.
The company’s first-quarter 2023 delivery numbers reflected a solid improvement of 36.8% in commercial shipments from the previous year’s tally. Also, defense shipments rose 2.4% year over year.
Combining both the segments, Boeing’s total deliveries in the first quarter were 172 units compared with the 136 units delivered in the year-ago period. Such strong delivery numbers are likely to bolster BA’s top line in the first quarter.
Commercial Deliveries Remain a Key Contributor
Boeing reported commercial deliveries of 130 airplanes in the first quarter of 2023, a solid increase from the prior-year tally of 95. This was primarily driven by increased 737 and 787 airplane deliveries.
The shipments of Boeing 737 totaled 113 compared with 86 in the year-ago period, registering growth of 31.4% year over year. Boeing delivered 11,787 jets in the first quarter, while the same in the year-ago quarter was nil. The company also shipped 4,777 jets in the quarter, one more than the year-ago quarter’s tally.
The shipment of the 767 model was one compared with five in the previous year’s first-quarter tally. The delivery figure of Boeing 747 was one in the quarter, in line with the last year’s figure.
Boeing vs. Airbus
A comparative analysis of Boeing’s arch-rival Airbus SE’s EADSY commercial shipment indicates that the U.S. jet giant came ahead of Airbus in terms of delivery numbers. EADSY delivered 127 commercial aircraft in the first quarter compared with Boeing’s 130 in the same period.
The year-over-year growth rate of both companies also tells the same story, with Boeing’s deliveries indicating an improvement of an impressive 36.8%. Meanwhile, Airbus registered a decline of 11%, suggesting that BA is on a better growth trajectory.
Defense Deliveries Up
Boeing reported defense deliveries of 42 airplanes in the first quarter of 2023, reporting an increase by one jet from the prior-year tally.
The shipments of AH-64 Apache (remanufactured) deliveries declined by two jets at 13 compared with the year-ago period’s tally. Meanwhile, the delivery of AH-64 Apache (new) remained steady at seven compared with the year-ago period.
Moreover, the company delivered five CH-47 Chinook (new) jets in the first quarter compared with four in the year-ago quarter. Meanwhile, one CH-47 Chinook (renewed) was delivered in the reported quarter compared with three in the first quarter of 2022.
The shipments of F-15 Models included two jets compared with one in the prior-year quarter. Meanwhile, the delivery of the KC-46 Tanker declined by three jets year over year at four, while seven F/A-18 jets were delivered compared with four in the first quarter of 2023.
The delivery of P-8 models remained unchanged at three from the first-quarter 2022 tally. Three commercial and civil satellites were delivered compared to none in the year-ago quarter.
Peer Prospects
Jet makers who are yet to report their delivery numbers are Embraer S.A. ERJ and Textron TXT.
In the last reported quarter, Embraer delivered 30 commercial and 50 executive (33 light and 17 midsize) jets compared with 10 commercial and 23 executive (15 light and eight mid/super-midsize) jets in the prior quarter.
The long-term earnings growth rate for Embraer is pegged at 17%. The Zacks Consensus Estimate for ERJ’s 2023 earnings has been revised upward by 28.7% in the past 60 days.
Textron delivered 52 jets in the fourth quarter of 2022, down from 46 in the year-ago quarter. It also delivered 47 commercial turboprops, up from 43 in the fourth quarter of 2021.
The long-term earnings growth rate for Textron is 11.2%. The Zacks Consensus Estimate for TXT’s 2023 earnings indicates growth of 24.2% from the prior-year reported figure.
Price Performance
Shares of Boeing have rallied 20.4% in the past year against the industry’s decline of 7.7%.
Image Source: Zacks Investment Research
Zacks Rank
Boeing carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The Boeing Company (BA) : Free Stock Analysis Report
Embraer-Empresa Brasileira de Aeronautica (ERJ) : Free Stock Analysis Report
Textron Inc. (TXT) : Free Stock Analysis Report
Airbus Group (EADSY) : Free Stock Analysis Report
