It's earnings season!
Boeing and Caterpillar CAT both reported earnings before the bell Wednesday morning.
Boeing said earnings for the three months ending in September came in at $2.05 per share, down 42% from the same period last year and four cents shy of the Street consensus forecast. Group revenues, Boeing said, fell 20.55% to $19.98 billion, a figure that modestly topped analysts' estimates of a $19.67 billion tally.
Boeing said it would increases costs related to the grounded 737 MAX by around $900 million, taking the total to around $3.6 billion. It reported that it not only expects a return to service in the fourth quarter, but also sees production rising from 42 planes per month to 57 planes per month by the end of 2020.
"Our top priority remains the safe return to service of the 737 MAX, and we're making steady progress," said CEO Dennis Muilenburg. "We've also taken action to further sharpen our company's focus on product and services safety, and we continue to deliver on customer commitments and capture new opportunities with our values of safety, quality, and integrity always at the forefront."
Real Money stock of the day Caterpillar reported earnings before the bell.
Caterpillar said earnings for the three months ending in September came in at $2.66 per share, missing analyst forecast of $2.90 per share. Group revenues were also disappointing, with the company pegging them at $12.8 billion, missing analysts' estimates of $13.5 billion.
Caterpillar said it will cut its full-year profit target to between $10.90 and $11.40 per share, compared to a prior range of $12.06 to $13.06 per share, adding the new range assumes "modestly lower sales" for 2019 when compared to last year.
More from Cramer Today
Bull Market Fantasy: LIVE TUESDAY & THURSDAY @10:45AM
Catch Up: Today's Top News Videos Below