Boeing’s fourth quarter saw a positive market reaction as the company reported results ahead of Wall Street’s revenue and profit expectations, driven by improved operational execution and a substantial increase in commercial airplane deliveries. Management pointed to the successful implementation of a safety and quality plan, higher production rates, and significant progress on development programs. CEO Kelly Ortberg highlighted Boeing’s efforts to deliver the most commercial aircraft since 2018, noting, “We delivered 600 airplanes and won more than 1,100 commercial orders for the year, making this one of our highest order totals ever.”

Is now the time to buy BA? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Boeing’s Q4 Earnings Call

• Myles Walton (Wolfe Research) asked about the timeline for normalizing excess advances and customer considerations. CFO Jay Mollave explained these items will burn down over several years, with production rate improvements being the main driver.
• John Godin (Citi) questioned whether achieving $10 billion in normalized free cash flow was still realistic. Mollave affirmed the goal, noting that higher production rates and improved defense margins are prerequisites.
• Doug Harned (Bernstein) inquired about bottlenecks in ramping 737 and 787 production. CEO Kelly Ortberg detailed that supply chain constraints are manageable in the near term, but moving to higher rates will require further improvements, particularly with Spirit AeroSystems.
• Sheila Kahyaoglu (Jefferies) asked about the impact of integration on margins in the near and long term. Mollave responded that current margins are depressed due to integration costs but are expected to improve as productivity and synergies are realized.
• Ronald Epstein (Bank of America) raised the issue of profitability in aircraft manufacturing. Ortberg acknowledged structural industry challenges and stressed the need for better risk management and contract terms on future programs.

Catalysts in Upcoming Quarters

In upcoming quarters, the StockStory team will be monitoring (1) Boeing’s ability to ramp commercial aircraft production while maintaining quality and on-time delivery, (2) the pace of integration and operational improvement following the Spirit AeroSystems acquisition, and (3) progress on key certification milestones for new aircraft models. Sustained momentum in the defense and services segments will also be critical for meeting long-term financial targets.

Boeing currently trades at $233.32, down from $248.43 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).

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