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HenryTo
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HenryTo
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Location: Los Angeles, California
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HenryTo
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Joined: 06 Aug 2004
Posts: 11257
Location: Los Angeles, California
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 Posted: Wed Oct 26, 2011 2:20 pm Post subject: |
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Morningstar on BA's 3Q earnings:
| Quote: | | Narrow-moat-rated Boeing BA reported third-quarter results that included deliveries of 127 airplanes, slightly higher than our estimates. Higher profitability in the commercial airplane segment drove operating margin expansion to 9.7% from 8.2% in the year-ago period. For the quarter, total sales of $17.3 billion were split 54%/46% between commercial and defense, respectively. The big news in the quarter was the first delivery of the delayed 787 Dreamliner aircraft to All Nippon Airways. The strong segment profitability resulted in surprisingly strong earnings per share of $1.46 and led Boeing to raise its full-year outlook to $4.30-$4.40 from $3.90-$4.10. Still, the guidance implies a much weaker fourth quarter, as year-to-date earnings per share total $3.49. Commercial deliveries of 127 included 21 planes from the 777 program and 100 of the 737 variety, both mature programs that probably helped drive segment profitability to 11.4% of sales from 10.4% in the second quarter. Commercial revenue of $9.6 billion grew 9% from last year. Defense revenue of $8.2 billion was flat with last year, but operating margins expanded to 10% from 8.4% last year and were slightly softer from the second quarter. Total backlog was $332 billion, or nearly 5 times annual sales. Defense backlog declined sequentially and was flat year over year as customers worldwide grapple with austerity measures. Boeing updated its financial guidance, narrowing revenue to $68 billion-$70 billion from $68 billion-$71 billion. Commercial airplane deliveries are expected to be weaker at around 480, down from 485-495. The company expects profitability to increase for both segments. Overall, we think Boeing's third-quarter results were good. Our take is that we may begin to see softer order growth in both its commercial and defense business in the quarters to come, limiting sales potential for the company, but we are making no changes to our fair value estimate. |
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HenryTo
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rffrydr
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Joined: 30 Oct 2005
Posts: 16440
Location: Sunny California
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| Posted: Mon Sep 26, 2011 7:47 am Post subject: |
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No....wait...wait. It came this week. More oxygen!
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HenryTo
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Location: Los Angeles, California
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HenryTo
Site Admin
Joined: 06 Aug 2004
Posts: 11257
Location: Los Angeles, California
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HenryTo
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Joined: 06 Aug 2004
Posts: 11257
Location: Los Angeles, California
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rffrydr
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Joined: 30 Oct 2005
Posts: 16440
Location: Sunny California
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| Posted: Mon Apr 04, 2011 2:05 pm Post subject: |
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Southwest grounding. I remember doing some research on metallurgy back in the 90's and still remember a quote from one of the scientists: all metals fracture and fracture everywhere and always. He said everytime he boarded a plane he'd have to force himself to ignore what he already knew.
Of course rivets go a long way to controlling this effect--ever wondered why planes still aren't welded together?
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rffrydr
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| Posted: Mon Feb 28, 2011 10:29 am Post subject: |
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As defense stocks in semi-secular decline, India buying advanced fighter platform first time in 12 years. 11billion on the line...and Boeing is at the head of it.
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rffrydr
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| Posted: Tue Feb 15, 2011 10:05 am Post subject: |
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First buyer an airline that no longer exists. 
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HenryTo
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rffrydr
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| Posted: Sun Feb 13, 2011 7:22 am Post subject: |
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Chalk this one up to modern MBA: brought in a automotive MBA who was going to show them how to do it. Outsourcing. Tiny product runs, high knowledge base and very high regulation. Disaster. China tech transfer demands the beginning of this grand mistake.
Tribal production not suited to globalization. First salvo in global re-think.
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rffrydr
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| Posted: Fri Feb 04, 2011 6:07 am Post subject: |
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With airline clawbacks alone Boeing will make no money on the first scheduled 25-30 deliveries. Mulally is a lucky man.
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HenryTo
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