Boeing (NYSE:BA) has released its third-quarter results for 2023, revealing a mixed financial picture. Despite reporting revenues of $18.1 billion, up 13.5% year-on-year (YoY), and improved earnings per share (EPS) of -$3.26 from -$6.18 YoY, both figures fell slightly short of Zacks Consensus Estimates.
The aerospace giant delivered a total of 105 units during the quarter, trailing the estimated 117 units. Commercial Airplanes - 737 deliveries stood at 70, missing the projection of 81 units.
Segment-wise, Global Services saw revenues of $4.81 billion, an increase of 8.6% YoY but below the estimated $5.28 billion. The defense, Space, and security segment generated revenues of $5.48 billion, up by 3.3% YoY but less than the anticipated $6.02 billion.
On the brighter side, Commercial Airplanes revenues reached $7.88 billion, exceeding the estimated $7.18 billion and marking a significant uptick of 25.8% YoY.
In terms of operational earnings/losses, all three segments fell short of estimates. Global Services reported $784 million against an estimated $902.36 million; Commercial Airplanes reported a loss of -$678 million against an expected -$520.20 million; Defense Space & Security posted a loss of -$924 million, significantly higher than the estimated -$492.98 million loss.
In the past month, Boeing shares have declined by 6.8%, compared to a -1.6% change in the Zacks S&P 500 composite index. Currently, Boeing holds a Zacks Rank #3 (Hold), suggesting potential performance in line with the broader market in the future.
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