THE BOEING CO. $76 (New York symbol BA; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 764.8 million; Market cap: $58.1 billion; WSSF Rating: Above average) is the world’s second-largest maker of commercial aircraft, behind Europe’s Airbus.
Boeing is currently developing its new 787 Dreamliner passenger jet plane, which uses lightweight materials like titanium and carbon fiber. This makes the 787 about 20% more fuel-efficient than older models. The 787 will also use energy-efficient LED lighting inside the cabin, instead of fluorescent tubes.
Thanks to its low fuel requirements, demand from cost-conscious airlines for the 787 has been strong. Since its launch in April 2004, Boeing has received nearly 900 orders for the 787, worth over $150 billion.
Due to the complexity of this new plane and problems with suppliers, Boeing has had to postpone delivery of the 787. The company now aims to begin test flights in June 2008, and to deliver the first plane in early 2009.
Meanwhile, demand for Boeing’s other planes remains strong. Earnings per share before one-time items in 2007 rose 37.3%, to $5.26 from $3.83 in 2006. Revenue rose 8.0%, to $66.4 billion from $61.5 billion.
The stock is down from its peak of $108 in July 2007, mainly due to the 787 delays. It also fell after it lost a controversial bid to supply refueling tanker planes to the U.S. Air Force. However, Boeing is still attractive at just 12.7 times its forecast 2008 earnings of $5.98 a share. The $1.60 dividend yields 2.1%.
Boeing is a buy.
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