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Research Alert: Boeing Q1 Beat, Nearing Cash Flow Break-even As Deliveries Rise

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

Boeing's Q1 results showed recovery progress with operating cash flow improving $1.4B Y/Y to -$0.2B, revenue up 14% to $22.2B (vs. consensus +$305M), and adjusted EPS of -$0.20 vs. -$0.49 prior year, vs. consensus of -$0.67. BA delivered 143 commercial aircraft (+10% Y/Y), maintaining 737 production at 42/month while advancing 787 to 8/month. We view Boeing's operational recovery as progressing, though execution risks remain elevated in early turnaround stages. Management's 2026 FCF guidance of $1B-$3B remains intact, with an adj. run-rate of high-single digits excluding legacy headwinds. Commercial margins of -6.1% reflect production ramp challenges, with path to positive margins contingent on planned increases to 47/month on 737 and 10/month on 787. Defense margins expanded to 3.1% with record $85B backlog providing multi-year visibility. The $576B commercial backlog and 777X certification progress support revenue acceleration, though timing remains key to achieving the $10B annual FCF target by 2028-2029.

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