Boeing expects to deliver 120 jets in Q1 of 2023

Boeing delivered more planes in the first two months of 2023 compared with the previous year. That’s just as it should be. What investors want more than rising deliveries, though, is positive earnings from the commercial aerospace giant.

Boeing typically reports monthly orders and deliveries on its commercial website mid-month. For February, Boeing delivered 28 jets, including 25 737 MAX jets. Boeing delivered 22 jets in February of 2022, including 20 737 MAX jets.

February deliveries dipped from the 38 delivered in January, but in the first two months of the year, Boeing delivered 66 jets compared to 54 delivered in the first two months of 2022.

Wall Street expects Boeing to deliver about 120 jets in the first quarter of 2023, up from 95 delivered in 2022. That leaves roughly 50 to 55 jets to deliver in March. It should be possible. Before the pandemic, Boeing was delivering about 60 jets a month.

Meeting delivery estimates are important to meeting earnings estimates, something Boeing has had trouble doing since the March 2019 grounding of the MAX and the Covid-19 pandemic. The company has missed Wall Street earnings projections in 12 of the past 15 quarters.

For the first quarter of 2023, Wall Street expects a 69 cents per share loss, better than the $2.75 per share loss reported in the first quarter of 2022. Boeing has reported a quarterly loss in six consecutive quarters.

Boeing is expected to report profits in the third quarter of 2023 as well as a small profit for the full year. Free cash flow for 2023 is expected to be $4 billion up from $2.3 billion in 2022.

As for orders in 2023, Boeing has taken in 60 for new jets in the first two months of the year. Boeing took in orders for 114 jets in the first two months of 2022. March 2023 data isn’t available yet, but Boeing just received 78 firm orders for 787 jets from two Saudi airlines.

Boeing stock is down 2.3% in premarket trading. Orders and deliveries aren’t the likely reason. The market is down. S&P 500 and Dow Jones Industrial Average futures are both off about 1.7%.

Coming into Wednesday trading, Boeing stock is up about 9% year to date and up about 15% over the past 12 months. dowjones.com