Wall Street analysts are projecting American aircraft manufacturer Boeing (NYSE: BA) to post $19.23 billion in sales during Q2 2021.
Four analysts from Zacks Investment Research placed the lowest sales revenue figure at $17.21 billion while the highest figure is at $20.94 billion ahead of the company’s Q2 results release on August 4th.
The estimates are a positive sign for the manufacturer that is recovering from the effects of the coronavirus pandemic. The $19.23 billion revenue represents a 62.8% year-over-year growth rate.
Under full-year sales, analysts are projecting an average of $80.75 billion. During the next financial year, Zack Investment Research places the sales at $91.31 billion.
Boeing posted $15.22 billion during the last quarter results in revenue shy of the analyst estimates of $15.95 billion. Overall, the revenue plunged 10% from a year ago. The firm also reported $1.53 earnings per share during the same quarter, missing analysts’ consensus estimates of $1.17.
Domestic market leads Boeing recovery
According to Boeing’s CEO Dave Calhoun, there is optimism about the company’s prospects following an increase in air travel led by domestic markets in the U.S. He, however, remains cautious that it might take about two or three years to get back to pre-pandemic levels globally.
“While the global pandemic continues to challenge the overall market environment, we view 2021 as a key inflection point for our industry as vaccine distribution accelerates, and we work together across government and industry to help enable a robust recovery,” said Calhoun.
As the company continues with the recovery process, hedge funds are purchasing shares in the aircraft manufacturer. For instance, Atlas Capital Advisors LLC purchased a new position worth $25,000. Elsewhere, RBA Wealth Management purchased shares at an estimated $26,000.
Other hedge funds that acquired a position in Boeing include DB Wealth Management ($28,000), Bradley ($28,000), and, Finally, Albion Financial Group ($30,000).