The Boeing Company shares rose more than 4% on Wednesday after the company reported better-than-expected first quarter financial results. Revenue rose 6.6% to $23.4 billion – beating consensus estimates by $1.18 billion – while net income of $3.64 per share beat consensus estimates by $1.05 per share. The company also raised its outlook for the year and plans to deliver between 810 and 815 planes.
Most analysts are likely to weigh in on the stock later this week, but Vertical Research upgraded the stock from a Hold to a Buy following the financial results. In addition to the strong performance during the first quarter, management indicated on the conference call that it anticipates spending $12 billion on share buybacks over the next two years and expects the outlook for commercial planes to rise to 41,000 over the next 20 years. (See also: Boeing Finalizes $3B Ryanair Order.)
Boeing shares rebound after positive earnings and could break out as analysts weigh in on the stock. …read more
Read more here: Boeing Looks for a Rebound After Strong Earnings