Boeing's stock soars after big profit and revenue beats, upbeat outlook
Shares of Boeing Co. shot up 6.6% in premarket trade Wednesday, after the aerospace and defense contractor reported fourth-quarter earnings and revenue that rose well above expectations, and provided an upbeat full-year outlook. Net income grew to $3.42 billion, or $5.93 a share, from $3.32 billion, or $5.49 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share rose to $5.48 from $5.07, above the FactSet consensus of $4.57. Revenue climbed 14% to $28.34 billion, beating the FactSet consensus of $26.86 billion. Among Boeing's business segments, commercial airplanes revenue rose 12% to $17.31 billion, topping the FactSet consensus of $17.12 billion; defense, space and security revenue grew 16% to $6.11 billion, above expectations of $5.60 billion; and global services revenue increased 29% to $4.89 billion, beating expectations of $4.12 billion. For 2019, Boeing expects adjusted EPS of $19.90 to $20.10, above the FactSet consensus of $18.46, and revenue of $109.5 billion to $111.5 billion, compared with expectations of $107.3 billion. The stock has gained 8.1% over the past 12 months through Tuesday, while the Dow Jones Industrial Average has lost 5.7%.
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