A month has gone by since the last earnings report for Boeing (BA). Shares have lost about 7.6% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Boeing due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

Boeing Q3 Earnings Lag Estimates, Revenues Decrease Y/Y

The Boeing Company incurred an adjusted loss of $10.44 per share in the third quarter of 2024, wider than the Zacks Consensus Estimate of a loss of $10.34. The bottom line deteriorated from the year-ago quarter’s reported loss of $3.26 per share.

Including one-time items, the company reported a GAAP loss of $9.97 per share, wider than the year-ago quarter’s reported loss of $2.70.

The year-over-year deterioration can be attributed to the adverse impacts of the International Association of Machinists and Aerospace Workers (IAM) work stoppage and previously announced charges on commercial and defense programs.

Revenues

Revenues amounted to $17.84 billion, which decreased 1% from the year-ago reported figure of $18.10 billion.

The year-over-year deterioration was due to dismal performance by the Commercial Airplanes segment.

Total Backlog

Backlog at the end of the third quarter of 2024 totaled $510.51 billion, down from $515.87 billion recorded at the end of the second quarter.

Segmental Performances

Commercial Airplane: Revenues in this segment declined 5% year over year to $7.44 billion, reflecting the impact of the IAM work stoppage. The segment incurred an operating loss of $4.02 billion, indicating a deterioration from the year-ago quarter’s reported operating loss of $0.68 billion. This was due to pre-tax charges of $3 billion from the 777X and 767 programs as well as higher period expenses.

During the quarter under review, Boeing delivered 116 commercial planes. The figure rose 10% year over year.

The backlog for this segment remained healthy, with more than 5,400 airplanes valued at $428 billion.

Boeing Defense, Space & Security (“BDS”): The segment recorded revenues of $5.54 billion, indicating a year-over-year rise of 1%. It incurred an operating loss of $2.38 billion, implying a deterioration from the year-ago quarter’s operating loss of $0.92 billion. This deterioration was due to pre-tax charges of $2 billion from the T-7A, KC-46A Tanker, Commercial Crew, and MQ-25 programs.