Will Global Services Unit Aid Boeing's (BA) Q4 Earnings?
Will Global Services Unit Aid Boeing's (BA) Q4 Earnings?
Will Mixed Deliveries Boost Q4 Results? The Boeing Company (BA-Free Report) is set to release fourth-quarter and full-year 2019 results on Jan 29, before the opening bell.
波音公司(BA-Free Report)將於1月29日開盤前發佈2019年第四季度和全年業績。
Lower commercial deliveries are expected to weigh on Boeing’s quarterly results. However, contract wins for its services segment should reflect impressive figures.
預計較低的商業交貨量將令人承壓波音的季度業績。然而，其服務部門贏得的合同應該反映出令人印象深刻的數字。
Let's take a detailed look at the factors likely to have influenced Boeing’s performance in the fourth quarter.
讓我們來詳細瞭解一下可能影響波音第四季度業績的因素。
Will Mixed Deliveries Boost Q4 Results?
混合交付是否會提振第四季度業績？
Boeing’s fourth-quarter deliveries reflected a 66.8% year-over-year plunge in commercial shipments. However, its defense deliveries increased a solid 78% in the soon-to-be-reported quarter.
波音第四季度的交貨量反映出商業出貨量同比下降66.8%。然而，在即將公佈的季度，該公司的國防交貨量穩步增長了78%。
The Boeing Company Price and EPS Surprise
波音公司價格與每股收益驚喜
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Nonetheless, this mixed delivery figures do not raise hopes for an optimistic operational performance this time around. This is because the aircraft giant’s defense business unit contributes 23% to its total revenues whereas its commercial segment accounts for 60% of overall revenues.
儘管如此，這種喜憂參半的交付數字並沒有讓人們對這一次樂觀的運營表現抱有希望。這是因為這家飛機巨頭的國防業務部門貢獻了其總收入的23%，而商業部門則佔總收入的60%。
Therefore, an improved defense delivery of 78% will not be sufficient to offset the adverse impact of the commercial unit’s delivery loss of almost 67%. Since lower deliveries tend to affect the company’s top as well as bottom line, our consensus estimate for both indicates year-over-year decline.
因此，78%的國防交付改進將不足以抵消商業單位近67%交付損失的不利影響。由於較低的交貨量往往會影響公司的頂端和底線，我們對這兩種情況的普遍估計都表明同比下降。
BGS Unit to Reflect Growth
BGS單位反映增長
Boeing Global Service (BGS) segment is expected to have witnessed revenue growth. To this end, it is imperative to mention that last November, the aircraft giant clinched some service orders and agreements at the Dubai Airshow.
波音全球服務(BGS)部門預計將出現收入增長。為此，值得一提的是，去年11月，這家飛機巨頭在迪拜航展上敲定了一些服務訂單和協議。
Such new business wins are likely to have boosted this business segment’s top line in the soon-to-be-reported quarter. The Zacks Consensus Estimate for BGS unit’s fourth-quarter revenues is pegged at $5.02 billion, suggesting 2.6% improvement from the prior-year reported number. The consensus estimate for the unit’s bottom line is pegged at $777 million, indicating 6.1% rise from the prior-year reported number.
這樣的新業務勝利可能已經提振了這一業務部門在即將公佈的季度的營收。扎克斯對BGS部門第四季度營收的普遍估計為50.2億美元，比去年公佈的數字增長了2.6%。對該部門利潤的普遍估計是7.77億美元，比去年公佈的數字增長了6.1%。
Nevertheless, BGS along with Boeing’s defense units together constitutes 40% of the company’s overall revenues, still less than that of the commercial unit. Therefore, the jet maker’s top and bottom line results are projected to reflect dismal performance.
然而，BGS和波音的國防部門加起來佔公司總收入的40%，仍然低於商業部門的收入。因此，這家噴氣式飛機制造商的營收和利潤預計將反映出慘淡的表現。
Notably, the Zacks Consensus Estimate for the company’s total revenues in the fourth quarter is pegged at $21.67 billion, suggesting 23.6% decline from the prior-year reported number. The consensus estimate for Boeing’s fourth-quarter earnings is pegged at $1.73 per share, indicating 68.4% decline from the year-ago quarter reported figure.
值得注意的是，扎克斯對該公司第四季度總收入的普遍估計是216.7億美元，比去年公佈的數字下降了23.6%。對波音第四季度收益的普遍估計是每股1.73美元，比去年同期報告的數字下降了68.4%。
Cash Flow to Take a Hit
現金流將受到打擊
Lower delivery payments due to fewer 737 deliveries combined with costs for building and storing 737 aircraft are expected to have weighed on Boeing’s operating cash in the to-be-reported quarter.
由於737交付數量減少，加上737飛機的製造和儲存成本，預計交付款項減少將拖累波音在即將公佈的季度的運營現金。
Notably, Boeing added $872 million of program costs on 737 in the third quarter of 2019 to reflect assumptions regarding the timing of return to service in its third-quarter result accounting. But considering the company’s decision to temporarily suspend 737’s production, which it announced in December, along with extension of expected return of this jet to service in June, the 737 program is projected to have incurred higher costs that earlier anticipated.
值得注意的是，波音公司在2019年第三季度增加了8.72億美元的737項目成本，以反映其第三季度業績會計中關於恢復服務時間的假設。但考慮到該公司去年12月宣佈的暫停737生產的決定，以及這架噴氣式飛機預計將於6月份恢復服務的時間延長，737項目預計會產生比早先預期更高的成本。
These in turn are likely to get reflected in the company’s fourth-quarter balance sheet.
這些反過來可能會反映在該公司第四季度的資產負債表中。
What the Zacks Model Unveils
扎克斯模式揭示了什麼
Our proven model does not conclusively predict an earnings beat for Boeing this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
我們經過驗證的模型並不能最終預測波音這一次的收益節拍。積極的收益ESP和Zacks排名#1(強力買入)、2(買入)或3(持有)的組合增加了收益節拍的機會。您可以通過我們的收益ESP過濾器在報告之前發現最適合買入或賣出的股票。
Boeing has an Earnings ESP of -7.83% and a Zacks Rank #3, which makes surprise prediction difficult. You can see the complete list of today’s Zacks #1 Rank stocks here .
波音的收益ESP為-7.83%，Zacks排名第三，這使得出人意料的預測變得困難。你可以看到這裏是今天ZACKS排名第一的股票的完整名單.
Stocks to Consider
要考慮的股票
Here are some other defense companies you may want to consider, which have the right combination of elements to post an earnings beat this quarter:
以下是你可能想要考慮的其他一些防務公司，它們擁有合適的元素組合，可以在本季度實現盈利節節攀升：
Aerojet Rocketdyne Holdings (AJRD-Free Report) has an Earnings ESP of +2.17% and a Zacks Rank #3. The company is expected to announce fourth-quarter 2019 earnings soon.
Aerojet Rocketdyne控股公司(AJRD-Free Report)的收益ESP為+2.17%，Zacks排名第三。該公司預計將很快公佈2019年第四季度收益。
General Dynamics (GD-Free Report) has an Earnings ESP of +2.23% and a Zacks Rank #3. The company will announce fourth-quarter 2019 earnings results on Jan 29.
通用動力(GD-Free Report)的收益ESP為+2.23%，Zacks排名第三。該公司將於1月29日公佈2019年第四季度收益業績。
Heico Corp. (HEI-Free Report) has an Earnings ESP of +8.94% and a Zacks Rank #1. The company is expected to announce first-quarter fiscal 2020 earnings soon.
海科公司。(HEI-Free Report)的收益ESP為+8.94%，Zacks排名第一。預計該公司將很快公佈2020財年第一季度收益。
Zacks Top 10 Stocks for 2020
扎克斯2020年十大股票
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?
除了上面討論的股票，你想知道我們2020年全年最好的10個買入並持有的股票代碼嗎？
Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
去年的2019年扎克斯十大股票投資組合回報率高達+102.7%。現在從Zacks Rank涵蓋的4000多家公司中精選了一個全新的投資組合。不要錯過參與這些長期收購的機會。
譯文內容由第三人軟體翻譯。
