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Company Update (NYSE:BA): Boeing says it will cut commercial airplane jobs to reduce costs

[Reuters] – Boeing Co said on Wednesday it will cut jobs at its commercial airplane unit, addressing intense pressure to lower costs to compete with rival Airbus even as the aviation industry booms. Boeing Commercial Airplanes Chief Executive Ray Conner announced the move in an employee webcast after the world’s biggest aircraft maker saw sales fall and profit margins narrow last year. Once based in Seattle, Boeing has already cut about 4,000 jobs in Washington state and has come under fire there after receiving a major package of tax incentives in 2013. Read more on this. The Boeing Company (BA) , valued at $77.57B, began trading this morning at $118.16. During the trading session, BA traded between $116.27 to $119.46 with its 52-week range being $115.02 to $158.83. Boeing (BA) shares are currently priced at 14.07x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 42.10x earnings multiple for the same period. The company pays shareholders $4.36 per share in dividend income per year, for a current yield of 3.56%. Consensus earnings for the current quarter by the 16 sell-side analysts covering the stock is an estimate of $1.87 per share, which would be $0.10 worse than the year-ago quarter and a $0.32 sequential decrease. Investors should also note that the full-year EPS estimate of $8.49 is a $0.77 better when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $21.88 Billion. If realized, that would be a 1.22% decrease over the year-ago quarter. In terms of ratings, Standpoint Research upgraded BA from Hold to Buy (Jan 14, 2016). Previously, Wells Fargo downgraded BA from Outperform to Market Perform. Investors should keep in mind is that the average price target is $148.17, which is 25.40% above where the stock opened this morning. See more in (NYSE:BA) Similar Articles: Stock Update (NYSE:BA): State lawmakers nix bill linking aerospace tax breaks to Boeing jobs Market Update: The Boeing Company (NYSE:BA) – Boeing tanker plane makes first flight Company Update: The Boeing Company (NYSE:BA) – Boeing raises China 20-year aircraft demand, says outlook rosy
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