Boeing Shares Fall Premarket After Revenue Falls Short Of Estimates

By Ciara Linnane Markets MarketWatch Pulse

The Boeing Co. shares fell 1.1% in premarket trade Wednesday, after the company's first-quarter revenue came in below expectations. The aerospace company said it had net income of $1.45 billion, or $2.34 a share, in the first quarter, up from $1.22 billion, or $1.83 a share, in the year-earlier period. Adjusted per-share earnings came to $2.01, ahead of the FactSet consensus of $1.91. Revenue fell to $20.9 billion from $22.6 billion, just below the FactSet consensus of $21.3 billion. "We remain on track to achieve our full-year revenue, earnings and cash flow targets as our teams deliver on our large and diverse order backlog," Chief Executive Dennis Muilenburg said in a statement. The company raised its full-year EPS outlook to a range of $10.35 to $10.55 from a prior range of $10.25 to $10.45. It raised its adjusted full-year outlook to $9.20 to $9.40 from a prior range of $9.10 to $9.30. Revenue is expected to range from $90.5 billion to $92.5 billion. Shares have gained 19% in 2017, while the Dow Jones Industrial Average has gained 6%.

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