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A Look Back at Aerospace Stocks' Q1 Earnings: Boeing (NYSE:BA) Vs The Rest Of The Pack


Max Juang /
2024/07/08 3:41 am EDT

The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how aerospace stocks fared in Q1, starting with Boeing (NYSE:BA).

Aerospace companies often possess technical expertise and have made significant capital investments to produce complex products. It is an industry where innovation is important, and lately, emissions and automation are in focus, so companies that boast advances in these areas can take market share. On the other hand, demand for aerospace products can ebb and flow with economic cycles and geopolitical tensions, which can be particularly painful for companies with high fixed costs.

The 14 aerospace stocks we track reported a solid Q1; on average, revenues beat analyst consensus estimates by 2%. while next quarter's revenue guidance was 1.8% above consensus. Valuation multiples for many growth stocks have not yet reverted to their early 2021 highs, but the market was optimistic at the end of 2023 due to cooling inflation. The start of 2024 has been a different story as mixed signals have led to market volatility, but aerospace stocks have shown resilience, with share prices up 7.1% on average since the previous earnings results.

Boeing (NYSE:BA)

As seen on Netflix, Boeing (NYSE:BA) is a multinational corporation that develops, manufactures, and services commercial airplanes, defense products, and space systems.

Boeing reported revenues of $16.57 billion, down 7.5% year on year, falling short of analysts' expectations by 2.4%. It was a weak quarter for the company, with a miss of analysts' volume estimates.

"Our first quarter results reflect the immediate actions we've taken to slow down 737 production to drive improvements in quality," said Dave Calhoun, Boeing president and CEO.

Boeing Total Revenue

Boeing delivered the slowest revenue growth of the whole group. The stock is up 9.1% since the results and currently trades at $184.55.

Read our full report on Boeing here, it's free.

Best Q1: Moog (NYSE:MOG.A)

Responsible for the flight control actuation system integrated in the B-2 stealth bomber, Moog (NYSE:MOG.A) provides precision motion control solutions used in aerospace and defense applications.

Moog reported revenues of $930.3 million, up 11.2% year on year, outperforming analysts' expectations by 6.5%. It was an incredible quarter for the company, with revenue exceeding expectations.

Moog Total Revenue

The stock is up 8.3% since the results and currently trades at $170.37.

Is now the time to buy Moog? Access our full analysis of the earnings results here, it's free.

Weakest Q1: Textron (NYSE:TXT)

Listed on the NYSE in 1947, Textron (NYSE:TXT) provides products and services in the aerospace, defense, industrial, and finance sectors.

Textron reported revenues of $3.14 billion, up 3.7% year on year, falling short of analysts' expectations by 4%. It was a weak quarter for the company, with a miss of analysts' organic revenue and earnings estimates.

Textron had the weakest performance against analyst estimates in the group. The stock is down 8.3% since the results and currently trades at $86.21.

Read our full analysis of Textron's results here.

Howmet (NYSE:HWM)

Inventing the first forged aluminum truck wheel, Howmet (NYSE:HWM) specializes in lightweight metals engineering and manufacturing multi-material components used in vehicles.

Howmet reported revenues of $1.82 billion, up 13.8% year on year, surpassing analysts' expectations by 5.1%. It was an impressive quarter for the company, with a solid beat of analysts' revenue and earnings estimates.

The stock is up 18.8% since the results and currently trades at $79.33.

Read our full, actionable report on Howmet here, it's free.

Triumph (NYSE:TGI)

Mainly serving the global aviation industry, Triumph (NYSE:TGI) manufactures and services a broad portfolio of aerospace and defense systems and components.

Triumph reported revenues of $358.6 million, up 10.2% year on year, surpassing analysts' expectations by 5.2%. It was a strong quarter for the company, with an impressive beat of analysts' organic revenue and earnings estimates.

Triumph had the weakest full-year guidance update among its peers. The stock is up 4.9% since the results and currently trades at $15.72.

Read our full, actionable report on Triumph here, it's free.

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