Boeing Co. experienced yet another tough day in trading yesterday, after the nearly 7 per cent tumble in the share price last Friday.
The company is currently struggling from pad press because of recent accusations of the faulty design of the now notorious Boeing 737 MAX.
Boeing’s quarterly earnings report demonstrated very poor performance and disappointed investors and shareholders alike.
Reportedly, the non-GAAP earnings per share reached $1.45 during the third quarter of 2019. In contrast, the estimated forecasts projected an EPS of $2.04.
Seemingly the most recent performance of Boeing is a major improvement compared to Q2 when the EPS was reported at -$5.28.
Nevertheless, the recorded EPS underperformance of -29 per cent, which is the difference between the consensus forecast and the final results, illustrates the difficult period that the aeroplane manufacturer is going through.
On a year to year basis, the revenue of Boeing has abated from recorded $25 billion in 2018 to nearly $20 billion in 2019.
Despite the poor performance, in a statement to the shareholders, Dennis Muilenburg, Boeing President and Chief Executive Officer, commented on the company’s expectations regarding the future of 737 MAX.
“Our top priority remains the safe return to service of the 737 MAX, and we're making steady progress. […] We've also taken action to further sharpen our company's focus on product and services safety, and we continue to deliver on customer commitments and capture new opportunities with our values of safety, quality and integrity always at the forefront.”
The share price is currently trading at 344.55 and is nearing the historically significant support level at 320.22
BA 1D CHART. Image source: Trendsharks ©, created with TradingView.com
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