ARLINGTON, Va. - The Boeing Company (NYSE:BA) [NYSE: BA], a major aerospace firm, has scheduled the release of its third-quarter financial results for October 23, 2024. The announcement will be followed by a conference call at 10:30 a.m. ET on the same day, featuring President and CEO Kelly Ortberg and Executive Vice President and CFO Brian West, who will discuss the company's performance and outlook.
Investors and other interested parties can access the event via a webcast link provided on the Boeing investors' website, where the news release and accompanying presentation materials will also be available. Additionally, the conference call can be joined by phone, with separate dial-in numbers for U.S. and international callers provided in the company's announcement.
Boeing has advised participants to visit the webcast site in advance to ensure compatibility with the audio stream and presentation slides. The site will offer instructions for downloading any necessary software at no cost.
This upcoming financial disclosure follows a period of intense scrutiny for Boeing, as the aerospace industry continues to navigate the challenges of a post-pandemic recovery, supply chain issues, and competitive pressures. Investors are likely to scrutinize the results for signs of the company's operational and financial health, as well as its forecasts for the future amidst a complex global economic landscape.
Boeing's performance is not only significant for its shareholders but also serves as an indicator of the broader aerospace sector's recovery and growth prospects. The financial results will be closely watched by market analysts, investors, and industry stakeholders.
The information for this report is based on a press release statement from Boeing.
In other recent news, Boeing has been facing a series of challenges. BofA Securities recently reduced its price target for Boeing shares to $170 from $200, maintaining a neutral stance. This adjustment reflects the firm's view of Boeing's ongoing difficulties and the extensive efforts required for its turnaround. TD Cowen also adjusted Boeing's share price target to $200, down from $230, while maintaining a buy rating. The firm anticipates a strong recovery for Boeing in terms of deliveries and free cash flow between 2025 and 2027.
Adding to the aerospace giant's issues, the U.S. National Transportation Safety Board (NTSB) identified a potential safety risk in the rudder control systems of over 40 international Boeing 737 operators. This follows an incident with a United Airlines flight, where the rudder pedals became jammed during landing. The FAA is planning additional simulator testing and has convened a corrective action review board in response to the NTSB's findings.
In addition to these developments, Boeing is reportedly considering a $10 billion stock sale to bolster its finances amid significant financial strain and ongoing labor disputes. The aerospace company is currently managing a debt load of approximately $60 billion and has faced operating cash flow losses exceeding $7 billion in the first half of 2024. The firm is also grappling with a strike initiated by over 30,000 workers from the International Association of Machinists and Aerospace Workers, causing additional operational challenges. These are the recent developments that investors should be aware of.
InvestingPro Insights
As Boeing prepares to release its third-quarter results, investors should be aware of several key factors highlighted by InvestingPro data and tips. The company's financial health appears to be under pressure, with InvestingPro Tips indicating that Boeing "may have trouble making interest payments on debt" and is "not profitable over the last twelve months." This aligns with the article's mention of intense scrutiny and challenges facing the aerospace industry.
The company's market capitalization stands at $94.59 billion, reflecting its significant position in the aerospace sector. However, Boeing's revenue for the last twelve months as of Q2 2024 was $73.56 billion, with a concerning revenue growth of -0.07% over the same period. This stagnation in revenue growth could be a topic of discussion during the upcoming earnings call.
InvestingPro Tips also point out that Boeing's "stock price movements are quite volatile" and the price has "fallen significantly over the last three months." This volatility is evident in the data showing a -16.83% price total return over the past three months. Investors tuning into the conference call may be particularly interested in management's strategies to address these financial challenges and stabilize the company's performance.
For those seeking a more comprehensive analysis, InvestingPro offers 11 additional tips that could provide valuable insights into Boeing's financial situation and future prospects.
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