<p>Boeing‘s (NYSE: BA) earnings for the first quarter of 2020 have BA shares rising on Wednesday afternoon. This comes after reported revenues of $ 16.91 billion were below the Wall Street estimate of $ 17.31 billion. In addition, the company’s adjusted earnings per share of $ 1.70 did not beat analysts’ expectations of a loss of $ 1.61 for the quarter.
In addition, the company reported GAAP losses per share of $ 1.11 for the quarter.
Here’s what’s worth mentioning from Boeing’s latest earnings report.
Losses per share were a negative transition from earnings per share (EPS) of $ 3.16 during the first quarter of 2019. Revenue for the quarter decreased by 26% compared to $ 22.92 billion during the same period last year. Boeing’s earnings report also includes a net loss of $ 641 million. This is much worse than the net profit of $ 2.15 billion from the first quarter of 2019.
David Calhoun, President and CEO of Boeing, said this about BA share income:
“The COVID-19 pandemic affects all aspects of our business, including airlines’ customer demand, production continuity and supply chain stability. Our primary focus is the health and safety of our people and communities as we take tough but necessary steps to navigate this unprecedented health crisis and adapt to a changing market. ”
The company does not include its guidelines for the 2020 fiscal year, but we know what Wall Street expects for the 2020 fiscal year. Analysts’ estimates call for losses of $ 2.30 per share on revenue of $ 70.79 billion.
The BA share ended the day on Wednesday up 5.86%.
Nick Clarkson is the web editor at InvestorPlace. At the time of writing, he had no position in any of the above-mentioned securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/04/boeing-earnings-ba-stock-jumps-following-q1-results/.
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