Boeing beats by $0.24, misses on revs; raises FY17 EPS above consensus, reaffirms FY17 revs guidance:
- Reports Q2 (Jun) earnings of $2.55 per share, excluding non-recurring items, $0.24 better than the Capital IQ Consensus of $2.31; revenues fell 8.1% year/year to $22.74 bln vs the $22.97 bln Capital IQ Consensus.
- Co issues guidance for FY17, raises EPS to $9.80-10.00 from $9.20-9.40, excluding non-recurring items, vs. $9.40 Capital IQ Consensus; reaffirms FY17 revs of $90.5-92.5 bln vs. $92 bln Capital IQ Consensus Estimate. Operating cash flow guidance increased by $1.5 billion to $12.25 billion on solid execution and a cash tax benefit from accelerating pension funding in the third quarter of 2017. Additionally, capital expenditures guidance decreased by $300 million to $2.0 billion. reflecting planned production rates and timing of commercial and defense aircraft deliveries. Backlog grew to $482 billion, including $27 billion of net orders during the quarter
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