Boeing Delivered 51 Jets in August. Here's Why the Stock is Finally Back Above $200.
A year-over-year decline in aircraft deliveries last month doesn't tell Boeing's entire story.
Overview
Shares of Boeing (NYSE: BA) climbed above $200 recently, even after it reported a slight dip in monthly deliveries. In August, Boeing delivered 51 aircraft, a 10.5% drop from a year earlier. Still, Boeing's total number of aircraft deliveries year to date is its best result since 2018. Investors are looking past the August dip because the bigger, longer-term picture has improved.
Boeing hit $24.5 billion in revenue in the second quarter. This represents 8% growth from the year prior. Adjusted free cash flow turned positive in a big way, hitting $631 million against the negative $200 million from last year's second quarter.
Details
Boeing's backlog stands at an incredible $715 billion, with more than 6,200 commercial aircraft in the pipeline. Boeing's turnaround plan appears to be taking hold. CEO Kelly Ortberg has stressed that the aircraft manufacturer is rebuilding trust among customers, regulators, and suppliers alike. This is paving the foundation for even more growth.
Source
Originally published at www.fool.com.