Boeing Stock Flies After Strong Q2 Earnings, $363B Backlog

Boeing Co BA reported second-quarter revenue growth of 44% year-over-year to $17 billion, missing the consensus of $17.78 billion.

• Revenue by segments: Commercial Airplanes $6.02 billion (+268% Y/Y), Defense, Space & Security $6.88 billion (+4% Y/Y), and Global Services $4.07 billion (+17% Y/Y).
• Adjusted EPS improved to $0.40 from $(4.79) in 2Q20, reflecting higher commercial volume and lower period costs, beating consensus of $(0.70).
• The company delivered a total of 156 commercial airplanes year-to-date, compared to 70 in 2Q20. 
• The adjusted operating margin recovered to 4.4% compared to (28.1%) a year ago.
• Boeing's operating cash flow burn improved to ($483) million in Q2 compared to a cash burn of ($5.3) billion, driven by higher commercial deliveries, higher-order receipts, and lower expenditures.
• It held cash and equivalents of $21.3 billion.
• At the end of Q2, the company's backlog was $363 billion, with Commercial Airplanes backlog at $285 billion (+1.3% Y/Y) and added 180 net orders.
• Commercial Airplanes secured orders for 200 737 aircraft for United Airlines, 34 737 aircraft for Southwest Airlines, and a total of 31 freighter aircraft.
• Price action: BA shares are trading higher by 5.78% at $235.14 in premarket on the last check Wednesday.