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Boeing (BA) +1% as global travel rebound fuels Q2 beats
Aerospace company Boeing (BA) was trading up on Thursday after it rebounded to a profit and posted healthy revenues as the global travel sector recovered in Q2.
Boeing (BA) shares were set to take off on Thursday after the aerospace company ended a six-quarter streak of losses as a post-lockdown rebound paved the way for Q2 beats.
On Wednesday, Boeing delivered $0.40 earnings per share for the three months to 30th June, which was considerably better than the -$0.80 consensus and -$4.79 figure from a year ago.
Group revenues, boosted by a large number of deliveries of commercial jetliners, jumped 44% to $17bn and topped the $16.54bn pre-report forecasts.
There have been signs recently that aviation and travel are finally shrugging off the worst effects of the pandemic, and the latest numbers from Boeing offer further encouragement.
CEO Dave Calhoun said that “important progress” had been made during the latest quarter and that the “commercial market environment” was finally getting better.
However, Boeing is not celebrating just yet and is “closely monitoring” the number of positive COVID-19 cases and vaccine distribution in key markets.
Investors will already be pleased to see that Boeing’s core commercial plan unit could bring in $6.02bn in Q2, a massive 270% rise from the same period in 2020.
Calhoun also noted that a cost-cutting drive that initially planned to reduce employee numbers to 130,000 by the end of the year might not be as severe due to a rebound in demand.
Boeing traded modestly higher in New York on Thursday, rising 0.95% to $233.71 by early afternoon.
Google parent Alphabet (GOOGL) revenue rose more than 60% year-over-year.
Revenue from Google Search jumped to $35.85bn from $21.32bn 12 months ago.
Alphabet’s $27.26 earnings per share were also way ahead of the $19.24 per share forecasts.
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