Boeing reported encouraging second-quarter results with revenue of $24.56 billion, up 8% year over year, beating the $24.25 billion consensus. Free cash flow came in at $631 million, far exceeding the $177 million cash burn consensus. CEO Kelly Ortberg’s turnaround is bearing fruit and the firm upgraded its rating to buy with a price target of $275 per share, unchanged. The 737 Max production ramp continues with a goal of 52 units per month and the commercial backlog stands at $597 billion, representing over 6,200 aircraft. The defense segment, however, recorded a $280 million charge tied to the Air Force One program.
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