Jim Cramer Would Buy Boeing Stock Wednesday

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Boeing  (BA) - Get Report posted earnings on Wednesday.

Boeing said its core share loss, on a non-GAAP basis, was pegged at $1.39. That's down from a profit of $1.45 over the same period last year but firmly ahead of the Street consensus forecast of a $2.47 per share loss. Group revenues, Boeing said, fell nearly 30% to $14.1 billion.

Commercial airplane revenues fell 56.4% to $3.6 billion, Boeing said, while the defense, space, and security revenues slumped to $6.8 billion.

Boeing also said it will increase its target for staff reductions, revealing another 11,000 job cuts that will take its overall headcount to under 130,000 by the end of next year.

"The global pandemic continued to add pressure to our business this quarter, and we're aligning to this new reality by closely managing our liquidity and transforming our enterprise to be sharper, more resilient and more sustainable for the long term," said CEO Dave Calhoun. "Our diverse portfolio, including our government services, defense, and space programs, continues to provide some stability for us as we adapt and rebuild for the other side of the pandemic."

"Despite the near-term headwinds, we remain confident in our long term future and are focused on sustaining critical investments in our business and the meaningful actions we are taking to strengthen our safety culture, improve transparency and rebuild trust," he added. 

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