Boeing Stock Jumps After Corporate Earnings Numbers

Boeing posted a smaller loss with bigger sales than analysts expected. The company's $2.6 billion of free cash flow in the quarter also exceeded analyst forecasts.

Boeing Q2 fiscal results incite a big move higher.
Debt reduction amid higher cash flows is likely inspiring bulls.
The technical chart looks good after overtaking key moving average.

Boeing (BA) stock is jumping higher in early Wednesday trading after reporting second-quarter fiscal results. Boeing prices jumped 6% to $227.88 per share as analysts applauded the numbers despite the market risk from an incoming Fed decision. That puts the airplane manufacturer’s stock at the highest level since January 2022.

While today’s move is significant and may be followed by more bullish activity, the stock is only up 12.8% this year, which trails the S&P 500’s 20% climb. Investors soured on Boeing amid a profit decline, but today’s numbers may flip the narrative and push prices higher through the rest of the year.

What is driving prices higher?

It wasn’t all good news. Boeing’s embattled defense section added $514 million in charges for Q2, with a lot of that coming from the 46A Pegasus—a military tanker plane that has been plagued by issues from its suppliers.

Otherwise, it was pretty good news. Revenue rose to $19.8 billion from $16.7 billion a year ago, and free cash flow crossed the wires at $2.6 billion, a significant improvement from a $0.2 billion bleed in Q2, 2022.

The company still holds a notable debt burden but made enough progress to satisfy shareholders, with consolidated debt reduced to $52.3 billion from Q1’s $55.4 billion.

Commercial airplanes segment*

460 commercial airplanes net orders.
136 airplanes were delivered.
Will still see 400 to 450 737 deliveries this year.
70 to 80 deliveries of 787s expected.

Defense, space & security*

$6 billion in orders, with a $58 billion backlog.
19 CH-47 Chinooks contract awarded by U.S. Army.
Delivered 38 military aircraft.

Global services*

$4 billion value of orders, with $18 billion backlog.
A collaboration with civil aviation tech firm CAE to enhance and expand training solutions.
Japan Airlines adopted Boeing Insight Accelerator for its 787 fleet.

*Statistics sourced from the Q2 2023 investors presentation

Boeing chart analysis

The weekly chart reveals that prices are firmly above the 200-week simple moving average (SMA) and are now challenging the January 2022 highs. A break higher could set up a fight to overtake the 2021 high 278.57. Alternatively, a retracement below the 200-week SMA would put the psychologically important 200 level into focus. Combined with the positive earnings, BA may see some bullish follow-through in the coming weeks.

Thomas Westwater, a tastylive financial writer and analyst, has eight years of markets and trading experience. @fxwestwater

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