Boeing Co (NYSE: BA) shares are in the green this morning even after the multinational reported weaker-than-expected results for its fiscal second quarter.
Jim Cramer reacts to Boeing Q2 report
Investors are focusing more on the free cash flow that came in at negative $182 million versus a significantly worse negative $1.01 billion expected. Reacting to Boeing’s earnings report on CNBC’s “Squawk on the Street”, Jim Cramer said:
I think the air show was indeed a watershed. They got a huge number of orders. They’re going to have good cash by year end. Orders for all the aircraft are pretty amazing. It’s an unexpectedly good quarter.
He’s also convinced the 787 will soon receive clearance from the FAA, leaving “China” the only headwind for Boeing that ended the quarter with $372 billion worth of backlog.
A quick recap of Boeing’s fiscal second quarter
Net income printed at $193 million versus the year-ago figure of $587 million
Per-share earnings of 32 cents were significantly below last year’s $1.0
Adjusted for one-time items, core per-share loss came in at 37 cents
Revenue sunk 1.9% YoY to $16.68 billion, as per the earnings press release
Consensus was 13 cents of adjusted per-share loss on $17.57 billion in revenue
A 3.4% increase in Commercial Aeroplanes revenue was in line with estimates
Also on Wednesday, about 2,500 workers in St. Louis rejected Boeing’s wage and 401(k) offers. These union members are now ready to go on strike on August 1st.
The post Boeing Q2 report was ‘unexpectedly good’: Jim Cramer appeared first on Invezz.