Boeing Co. (NYSE: BA) is set to report its earnings Wednesday before the market opens. Thomson Reuters has consensus earnings estimates for the airplane manufacturing giant of $1.98 per share on $23.02 billion in revenue. In the third quarter of the previous year, it posted $1.80 in earnings per share and $22.13 billion in revenue.
Source: The Boeing Co.
Looking ahead to the fourth quarter, there are consensus estimates of $2.16 in earnings per share and $24.10 billion in revenue.
Boeing has taken a beating from Airbus in recent news. One instance was in India, potentially for $26 billion, and the China loss was supposed to be for 70 jets. IndiGo, the largest domestic airline in India measured by market share, signed a memorandum of understanding with Airbus for a firm order of 250 of the aircraft maker’s new A320neo. The order is worth about $26 billion. Also Airbus took an order for 70 of its A320 family of aircraft from China Aviation Supplies, an airplane leasing and services company. The order is worth $7 billion.
August’s durable goods reading from the U.S. Commerce Department came in at -18.2%, which had a huge impact on (and from) Boeing. The orders for new planes were 324 in July and only 107 in August, which caused some of the slowdown.
Shares of Boeing traded up almost 2% at $126.65 on Tuesday. The quarter closed at $127.38, up less than 1% from the open of $126.46. The third quarter had a range of $119.66 to $130.58.
Boeing is testing the both the 50-day moving average at $125.79 and the 200-day moving average at $127.40. The 200-day moving average from late August to October acted as strong resistance, sending shares lower each time. With the rest of the market it was tested.
Sterne Agee reiterated a Buy rating for Boeing with a $164 price target back on October 1, but the firm raised earnings estimates based on higher-than-expected second-half deliveries.
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Shares have a consensus analyst price target of $153.18 and a 52-week trading range of $116.32 to $144.57. Boeing has a market cap of $91 billion.
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