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2021-07-27

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Boeing Earnings Approach As Company Deals With New Snag Affecting 787 Planes<blockquote>波音公司应对影响787飞机的新障碍，盈利方法</blockquote>

It may sound a bit harsh, but it feels like Boeing (NYSE:BA) just can’t get out of its own way. Afte

Boeing Earnings Approach As Company Deals With New Snag Affecting 787 Planes<blockquote>波音公司应对影响787飞机的新障碍，盈利方法</blockquote>

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The 737-MAX return wasn’t perfect, either, with electrical issues cropping up on some planes.<blockquote>在停飞近两年后，英航于2020年底在美国恢复了737-MAX航班，但其787飞机仍然存在问题。737-MAX的回归也并不完美，一些飞机出现了电气问题。</blockquote> All of this could help explain the disappointing performance of BA’s stock. As of mid-July, it was up just 2% in 2021, well behind the 16% growth of the S&amp;P 500 Index (SPX). It’s also lagged counterparts in the Industrial sector, which is up nearly 17% this year.<blockquote>所有这些都有助于解释英航股票令人失望的表现。截至7月中旬，2021年仅上涨2%，远远落后于标普500指数（SPX）16%的增长。它也落后于工业领域的同行，工业领域今年增长了近17%。</blockquote> Going into earnings later this week, BA has some things to celebrate from Q2 but also faces some new concerns. Most recently, BA said it will cut 787 “Dreamliner” production after finding a production-related structural defect, Reuters reported. In addition, a major customer partially canceled a 737-MAX order. It was a double whammy to the U.S. plane maker’s COVID-19 pandemic recovery.<blockquote>本周晚些时候将公布财报，英航从第二季度开始有一些值得庆祝的事情，但也面临一些新的担忧。据路透社报道，英国航空最近表示，在发现与生产相关的结构缺陷后，将削减787“梦想飞机”的产量。此外，一大客户部分取消了一架737-MAX订单。这对这家美国飞机制造商的COVID-19大流行复苏来说是双重打击。</blockquote> The 787’s problem apparently comes down to manufacturing quality. There are questions about whether the planes’ fuselage is properly joined together down to the tiny fractions of an inch necessary, and whether the company’s verification process of that issue was adequate, media reports said.<blockquote>787的问题显然归结于制造质量。媒体报道称，人们对飞机机身是否正确连接到必要的一英寸的微小部分以及该公司对该问题的验证过程是否充分存在疑问。</blockquote> This issue doesn’t affect planes already in service, so no grounding is required, BA said. Still, it’s holding up deliveries of some new planes and raises questions about the company’s basic manufacturing process and inspection abilities. That could be a bit unsettling for airlines buying BA equipment. The company has about 100 undelivered Dreamliners. In April it said it expected to deliver a majority of those jets during 2021. However, BA now says it won’t hit that target because of the 787’s problems.<blockquote>英航表示，这个问题不会影响已经服役的飞机，因此不需要停飞。尽管如此，它还是推迟了一些新飞机的交付，并引发了人们对该公司基本制造工艺和检验能力的质疑。对于购买英航设备的航空公司来说，这可能有点令人不安。该公司有大约100架未交付的梦想飞机。4月份，该公司表示预计将在2021年交付其中大部分飞机。然而，英航现在表示，由于787的问题，它不会达到这一目标。</blockquote> To make things worse, BA suffered 60 order cancellations in June, up sharply from May. All of these issues swirl around as BA prepares to report its Q2 results this Wednesday.<blockquote>更糟糕的是，BA 6月份有60份订单被取消，较5月份大幅增加。所有这些问题都围绕着英航准备在本周三公布第二季度业绩。</blockquote> Earnings Call Could Offer View On Travel Trends<blockquote>看涨期权收益可以提供对旅游趋势的看法</blockquote> The company’s call could be a chance for investors to regroup and get some additional insight into the new 787 issue, how many planes it affects, and how long this might take to resolve. It’s also a good opportunity to get BA’s view on the airline industry’s recovery and how much it might be hurt by this new wave of Covid cases.<blockquote>该公司的看涨期权可能是投资者重新组合的机会，并更多地了解新的787问题、它影响了多少架飞机以及解决这个问题可能需要多长时间。这也是一个很好的机会来了解英航对航空业复苏的看法，以及新一波Covid病例可能会对航空业造成多大的损害。</blockquote> BA is coming off of six consecutive quarterly losses, but until recently its executives had expressed optimism about 2021 bringing some positives. Passenger airline traffic continues to improve despite the Delta variant, with the number of people going through airport checkpoints often reaching two million a day, according to the Transportation Safety Agency (TSA). That’s still several hundred thousand a day below the 2019 numbers, but a huge year-over-year improvement.<blockquote>英航正在摆脱连续六个季度的亏损，但直到最近，其高管还对2021年带来一些积极因素表示乐观。根据运输安全局（TSA）的数据，尽管处于德尔塔变异毒株，航空客运量仍在继续改善，每天通过机场检查站的人数经常达到200万。这仍然比2019年的数字每天低几十万，但同比有了巨大的改善。</blockquote> However, long-haul traffic is far from being out of the woods, hurting demand for some of the widebody craft that BA builds. Earlier this month in its earnings call,&nbsp;Delta(NYSE:DAL) offered some hope for business travel coming back. That’s another area that’s been slow to recover.<blockquote>然而，长途交通远未摆脱困境，损害了对英航制造的一些宽体飞机的需求。本月早些时候在其收益看涨期权中，三角洲（纽约证券交易所股票代码：DAL）为商务旅行的回归带来了一些希望。这是另一个恢复缓慢的领域。</blockquote> <img src=\"https://static.tigerbbs.com/0b312d27469daa156236d67dd0b89e2b\" tg-width=\"1400\" tg-height=\"736\" width=\"100%\" height=\"auto\"><blockquote></blockquote> FIGURE 1:&nbsp;LONG DESCENT. Shares of&nbsp;Boeing&nbsp;(BA—candlestick) are trading way below their 2021 high and have been outpaced by the&nbsp;S&amp;P 500 Index&nbsp;(SPX—purple line) so far this year. Data source: NYSE, S&amp;P Dow Jones Indices. Chart source: The&nbsp;thinkorswim® platform from TD&nbsp;Ameritrade.&nbsp;For illustrative purposes only. Past performance does not guarantee future results.<blockquote>图1： 长下坡本公司之股份波音公司(BA烛台)的交易价格远低于2021年高点，并且已被标普500指数（SPX-紫线）今年迄今为止。数据来源：纽约证券交易所、标准普尔道琼斯指数。图表来源：thinkorswim®德美利证券的平台。仅用于说明目的。过去的表现并不能保证未来的结果。</blockquote> At a financial presentation early last month, BA’s CEO Dave Calhoun talked about BA having “three mountains to climb.” They included recertifying the 737-MAX, recovering from Covid, and repairing or restoring deliveries in China.<blockquote>在上月初的一次财务演示中，英航首席执行官戴夫·卡尔霍恩谈到英航有“三座大山需要攀登”。其中包括重新认证737-MAX、从Covid中恢复以及修复或恢复在中国的交付。</blockquote> “We have to have a framework where our governments want to get back together, restore trade in selected areas, and I think in the case of the United States, Boeing and commercial aerospace has to be a high priority in light of the number of US jobs that are attached to it and the global leadership position that we’ve enjoyed as an industry for so long,” Calhoun said. “That’s predicated on doing business and trying to continue to do business in China. So those three mountains we’re still at different stages of recovering from.”<blockquote>“我们必须有一个框架，让我们的政府能够重新团结起来，恢复选定领域的贸易，我认为就美国而言，鉴于美国的数量，波音和商业航空航天必须成为重中之重。与之相关的就业机会以及我们作为一个行业长期以来享有的全球领导地位，”卡尔霍恩说。“这是基于开展业务并努力继续在中国开展业务。因此，我们仍处于从这三座大山中恢复的不同阶段。”</blockquote> One thing that could make recovery easier, assuming BA can quickly resolve this new 787 challenge, is the quick pace of reopening. Calhoun last month said the industry’s recovery has been “pretty robust,” but now that’s being called into question as the Delta variant of Covid surges.<blockquote>假设英航能够快速解决这一新的787挑战，有一件事可以让恢复变得更容易，那就是快速重新开放。卡尔霍恩上个月表示，该行业的复苏“相当强劲”，但现在随着新冠疫情德尔塔变异毒株的激增，这一点受到了质疑。</blockquote> Quarter Interrupted By 787 Concern, Covid<blockquote>季度因787担忧和Covid而中断</blockquote> Before the 787 issue arose, you could argue BA was having a pretty decent Q2.<blockquote>在787问题出现之前，你可能会说英航第二季度的表现相当不错。</blockquote> For instance, in late June,&nbsp;United Airlines(NASDAQ:UAL) announced it was buying 200 737-MAX planes as part of an expansion plan. Of those, 150 are Max 10’s, the largest in the family. BA completed its first MAX 10 test flight in June.<blockquote>例如，6月下旬，联合航空公司（纳斯达克：UAL）宣布将购买200架737-MAX飞机，作为扩张计划的一部分。其中，150个是Max 10，是该家族中最大的。BA于6月完成了首次MAX 10试飞。</blockquote> The UAL purchase was a nice shot of confidence for BA investors after two years of MAX issues. And the order made June the best month for new BA orders since 2018, before two crashes grounded the MAX.<blockquote>在MAX发行两年后，UAL的收购对BA投资者来说是一个很好的信心打击。该订单使6月成为自2018年以来BA新订单数量最好的月份，此前两起坠机事件导致MAX停飞。</blockquote> Boeing said it delivered 45 jets last month. Of those, 33 were 737 MAX jets, two were military versions of the 737 and 10 were widebody jets. But only one was a 787, to Turkish Airlines. Most of the rest of the widebodies were either freighter aircraft or military jets, an indication of the weakness in the widebody part of the market, CNN noted.<blockquote>波音表示，上个月交付了45架喷气式飞机。其中，33架是737 MAX喷气式飞机，2架是737的军用版本，10架是宽体喷气式飞机。但只有一架是土耳其航空公司的787。美国有线电视新闻网指出，其余大部分宽体飞机要么是货机，要么是军用飞机，这表明宽体市场的疲软。</blockquote> Last time out, BA’s executives continued to sound cautiously optimistic about what 2021 would bring. They said the overall climate remains “challenging” and that domestic air traffic was recovering more quickly than international.<blockquote>上次，英航高管继续对2021年的发展持谨慎乐观态度。他们表示，整体气候仍然“充满挑战”，国内航空交通的恢复速度快于国际航空交通。</blockquote> At the time, BA said it expected revenue, earnings, and operating cash to improve from 2020, driven by commercial deliveries.<blockquote>当时，英航表示，在商业交付的推动下，预计收入、盈利和运营现金将比2020年有所改善。</blockquote> “Revenue improvement from 2020 to 2021 will be driven mainly by higher 737 and 787 deliveries as we plan to unwind inventory and deliver from the production lines,” said Gregory Smith, BA’s chief financial officer, on the Q1 earnings call.<blockquote>BA首席财务官Gregory Smith在第一季度财报看涨期权上表示：“2020年至2021年的收入改善将主要受到737和787交付量增加的推动，因为我们计划减少库存并从生产线交付。”</blockquote> That guidance now could be called into question. Looking ahead to Q2 earnings, investors might want to focus on whether BA can stick to its forecast for improved 2021 earnings and revenue considering its new challenges.<blockquote>这一指导现在可能会受到质疑。展望第二季度盈利，考虑到新的挑战，投资者可能希望关注英航是否能够坚持其对2021年盈利和收入改善的预测。</blockquote> Last time out, BA reiterated its forecast to increase production of the 737 MAX to 31 per month in early 2022 and its estimate to deliver its first 777X wide-body jet in late 2023. This coming earnings call offers investors a chance to see if BA is sticking to those timetables.<blockquote>上次，英航重申了将在2022年初将737 MAX的产量增加到每月31架的预测，并预计将在2023年底交付首架777X宽体喷气式飞机。即将发布的财报看涨期权为投资者提供了一个了解英航是否遵守这些时间表的机会。</blockquote> Reuters reported recently that BA doesn’t intend to raise MAX production until the China situation is clear. BA still awaits Chinese regulatory approval to resume flights of the plane in China.<blockquote>路透社最近报道称，在中国局势明朗之前，英航不打算提高MAX产量。英航仍在等待中国监管机构批准恢复该飞机在中国的航班。</blockquote> Things seemed to improve a bit earlier this month when Chinese regulators expressed willingness to allow flight tests of the aircraft, media reports said. Hopefully, BA can provide an update on China during its call.<blockquote>媒体报道称，本月早些时候，当中国监管机构表示愿意允许对该飞机进行飞行测试时，情况似乎有所改善。希望英航能够在看涨期权期间提供有关中方的最新情况。</blockquote> Looking further out, analysts expect BA to return to positive earnings by later this year. Consensus for the current quarter is at $0.02 a share, climbing to $0.57 in Q4. But a lot of this depends on BA getting out of its own way and operating smoothly. For now, investors don’t seem too sure BA can do that, judging from the stock’s recent performance.<blockquote>展望未来，分析师预计英航将在今年晚些时候恢复正盈利。本季度的普遍预期为每股0.02美元，第四季度攀升至0.57美元。但这在很大程度上取决于英航走出自己的路并顺利运营。目前，从该股最近的表现来看，投资者似乎不太确定英航能否做到这一点。</blockquote> Boeing Earnings And Options Activity<blockquote>波音盈利和期权活动</blockquote> BA is expected to report&nbsp;adjusted EPS of $-0.72 per share, vs. earnings of $-4.79 per share in the prior-year quarter, according to third-party consensus analyst estimates.&nbsp;Revenue is projected at $17.78 billion—up 51% from a year ago.<blockquote>BA预计将报告调整后每股收益为-0.72美元根据第三方分析师的一致预测，去年同期每股收益为-4.79美元。收入预计为177.8亿美元-比一年前增长51%。</blockquote> The options market has priced in a&nbsp;3.3% stock move&nbsp;in either direction around the upcoming earnings release according to the Market Maker Move™ indicator on the&nbsp;thinkorswim®&nbsp;platform.<blockquote>期权市场已经消化了股票变动3.3%根据做市商的动向，围绕即将发布的收益发布向任一方向™thinkorswim上的指示器®平台。</blockquote> Looking at the July 30 weekly options expiration, put activity has been spread out, but with some concentration at the 200 strike. Calls have been most active at the 230 and 240 strikes. Implied volatility is in the 9th percentile as of Monday morning.<blockquote>从7月30日每周期权到期日来看，看跌活动已经分散，但部分集中在200点行使价。评级在230和240罢工中最为活跃。截至周一上午，隐含波动率处于第9百分位。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Boeing Earnings Approach As Company Deals With New Snag Affecting 787 Planes<blockquote>波音公司应对影响787飞机的新障碍，盈利方法</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBoeing Earnings Approach As Company Deals With New Snag Affecting 787 Planes<blockquote>波音公司应对影响787飞机的新障碍，盈利方法</blockquote>\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nBenzinga \n2021-07-26 23:14\n</div>\n</div>\n</h4>\n</header>\n<article>\nIt may sound a bit harsh, but it feels like&nbsp;Boeing&nbsp;(NYSE:BA) just can’t get out of its own way.<blockquote>听起来可能有点刺耳，但感觉波音公司（纽约证券交易所代码：BA）就是走不出自己的路。</blockquote> After resuming 737-MAX flights in the U.S. in late 2020 following a nearly two-year grounding, BA continues to have issues with its 787 planes. The 737-MAX return wasn’t perfect, either, with electrical issues cropping up on some planes.<blockquote>在停飞近两年后，英航于2020年底在美国恢复了737-MAX航班，但其787飞机仍然存在问题。737-MAX的回归也并不完美，一些飞机出现了电气问题。</blockquote> All of this could help explain the disappointing performance of BA’s stock. As of mid-July, it was up just 2% in 2021, well behind the 16% growth of the S&amp;P 500 Index (SPX). It’s also lagged counterparts in the Industrial sector, which is up nearly 17% this year.<blockquote>所有这些都有助于解释英航股票令人失望的表现。截至7月中旬，2021年仅上涨2%，远远落后于标普500指数（SPX）16%的增长。它也落后于工业领域的同行，工业领域今年增长了近17%。</blockquote> Going into earnings later this week, BA has some things to celebrate from Q2 but also faces some new concerns. Most recently, BA said it will cut 787 “Dreamliner” production after finding a production-related structural defect, Reuters reported. In addition, a major customer partially canceled a 737-MAX order. It was a double whammy to the U.S. plane maker’s COVID-19 pandemic recovery.<blockquote>本周晚些时候将公布财报，英航从第二季度开始有一些值得庆祝的事情，但也面临一些新的担忧。据路透社报道，英国航空最近表示，在发现与生产相关的结构缺陷后，将削减787“梦想飞机”的产量。此外，一大客户部分取消了一架737-MAX订单。这对这家美国飞机制造商的COVID-19大流行复苏来说是双重打击。</blockquote> The 787’s problem apparently comes down to manufacturing quality. There are questions about whether the planes’ fuselage is properly joined together down to the tiny fractions of an inch necessary, and whether the company’s verification process of that issue was adequate, media reports said.<blockquote>787的问题显然归结于制造质量。媒体报道称，人们对飞机机身是否正确连接到必要的一英寸的微小部分以及该公司对该问题的验证过程是否充分存在疑问。</blockquote> This issue doesn’t affect planes already in service, so no grounding is required, BA said. Still, it’s holding up deliveries of some new planes and raises questions about the company’s basic manufacturing process and inspection abilities. That could be a bit unsettling for airlines buying BA equipment. The company has about 100 undelivered Dreamliners. In April it said it expected to deliver a majority of those jets during 2021. However, BA now says it won’t hit that target because of the 787’s problems.<blockquote>英航表示，这个问题不会影响已经服役的飞机，因此不需要停飞。尽管如此，它还是推迟了一些新飞机的交付，并引发了人们对该公司基本制造工艺和检验能力的质疑。对于购买英航设备的航空公司来说，这可能有点令人不安。该公司有大约100架未交付的梦想飞机。4月份，该公司表示预计将在2021年交付其中大部分飞机。然而，英航现在表示，由于787的问题，它不会达到这一目标。</blockquote> To make things worse, BA suffered 60 order cancellations in June, up sharply from May. All of these issues swirl around as BA prepares to report its Q2 results this Wednesday.<blockquote>更糟糕的是，BA 6月份有60份订单被取消，较5月份大幅增加。所有这些问题都围绕着英航准备在本周三公布第二季度业绩。</blockquote> Earnings Call Could Offer View On Travel Trends<blockquote>看涨期权收益可以提供对旅游趋势的看法</blockquote> The company’s call could be a chance for investors to regroup and get some additional insight into the new 787 issue, how many planes it affects, and how long this might take to resolve. It’s also a good opportunity to get BA’s view on the airline industry’s recovery and how much it might be hurt by this new wave of Covid cases.<blockquote>该公司的看涨期权可能是投资者重新组合的机会，并更多地了解新的787问题、它影响了多少架飞机以及解决这个问题可能需要多长时间。这也是一个很好的机会来了解英航对航空业复苏的看法，以及新一波Covid病例可能会对航空业造成多大的损害。</blockquote> BA is coming off of six consecutive quarterly losses, but until recently its executives had expressed optimism about 2021 bringing some positives. Passenger airline traffic continues to improve despite the Delta variant, with the number of people going through airport checkpoints often reaching two million a day, according to the Transportation Safety Agency (TSA). That’s still several hundred thousand a day below the 2019 numbers, but a huge year-over-year improvement.<blockquote>英航正在摆脱连续六个季度的亏损，但直到最近，其高管还对2021年带来一些积极因素表示乐观。根据运输安全局（TSA）的数据，尽管处于德尔塔变异毒株，航空客运量仍在继续改善，每天通过机场检查站的人数经常达到200万。这仍然比2019年的数字每天低几十万，但同比有了巨大的改善。</blockquote> However, long-haul traffic is far from being out of the woods, hurting demand for some of the widebody craft that BA builds. Earlier this month in its earnings call,&nbsp;Delta(NYSE:DAL) offered some hope for business travel coming back. That’s another area that’s been slow to recover.<blockquote>然而，长途交通远未摆脱困境，损害了对英航制造的一些宽体飞机的需求。本月早些时候在其收益看涨期权中，三角洲（纽约证券交易所股票代码：DAL）为商务旅行的回归带来了一些希望。这是另一个恢复缓慢的领域。</blockquote> <img src=\"https://static.tigerbbs.com/0b312d27469daa156236d67dd0b89e2b\" tg-width=\"1400\" tg-height=\"736\" width=\"100%\" height=\"auto\"><blockquote></blockquote> FIGURE 1:&nbsp;LONG DESCENT. Shares of&nbsp;Boeing&nbsp;(BA—candlestick) are trading way below their 2021 high and have been outpaced by the&nbsp;S&amp;P 500 Index&nbsp;(SPX—purple line) so far this year. Data source: NYSE, S&amp;P Dow Jones Indices. Chart source: The&nbsp;thinkorswim® platform from TD&nbsp;Ameritrade.&nbsp;For illustrative purposes only. Past performance does not guarantee future results.<blockquote>图1： 长下坡本公司之股份波音公司(BA烛台)的交易价格远低于2021年高点，并且已被标普500指数（SPX-紫线）今年迄今为止。数据来源：纽约证券交易所、标准普尔道琼斯指数。图表来源：thinkorswim®德美利证券的平台。仅用于说明目的。过去的表现并不能保证未来的结果。</blockquote> At a financial presentation early last month, BA’s CEO Dave Calhoun talked about BA having “three mountains to climb.” They included recertifying the 737-MAX, recovering from Covid, and repairing or restoring deliveries in China.<blockquote>在上月初的一次财务演示中，英航首席执行官戴夫·卡尔霍恩谈到英航有“三座大山需要攀登”。其中包括重新认证737-MAX、从Covid中恢复以及修复或恢复在中国的交付。</blockquote> “We have to have a framework where our governments want to get back together, restore trade in selected areas, and I think in the case of the United States, Boeing and commercial aerospace has to be a high priority in light of the number of US jobs that are attached to it and the global leadership position that we’ve enjoyed as an industry for so long,” Calhoun said. “That’s predicated on doing business and trying to continue to do business in China. So those three mountains we’re still at different stages of recovering from.”<blockquote>“我们必须有一个框架，让我们的政府能够重新团结起来，恢复选定领域的贸易，我认为就美国而言，鉴于美国的数量，波音和商业航空航天必须成为重中之重。与之相关的就业机会以及我们作为一个行业长期以来享有的全球领导地位，”卡尔霍恩说。“这是基于开展业务并努力继续在中国开展业务。因此，我们仍处于从这三座大山中恢复的不同阶段。”</blockquote> One thing that could make recovery easier, assuming BA can quickly resolve this new 787 challenge, is the quick pace of reopening. Calhoun last month said the industry’s recovery has been “pretty robust,” but now that’s being called into question as the Delta variant of Covid surges.<blockquote>假设英航能够快速解决这一新的787挑战，有一件事可以让恢复变得更容易，那就是快速重新开放。卡尔霍恩上个月表示，该行业的复苏“相当强劲”，但现在随着新冠疫情德尔塔变异毒株的激增，这一点受到了质疑。</blockquote> Quarter Interrupted By 787 Concern, Covid<blockquote>季度因787担忧和Covid而中断</blockquote> Before the 787 issue arose, you could argue BA was having a pretty decent Q2.<blockquote>在787问题出现之前，你可能会说英航第二季度的表现相当不错。</blockquote> For instance, in late June,&nbsp;United Airlines(NASDAQ:UAL) announced it was buying 200 737-MAX planes as part of an expansion plan. Of those, 150 are Max 10’s, the largest in the family. BA completed its first MAX 10 test flight in June.<blockquote>例如，6月下旬，联合航空公司（纳斯达克：UAL）宣布将购买200架737-MAX飞机，作为扩张计划的一部分。其中，150个是Max 10，是该家族中最大的。BA于6月完成了首次MAX 10试飞。</blockquote> The UAL purchase was a nice shot of confidence for BA investors after two years of MAX issues. And the order made June the best month for new BA orders since 2018, before two crashes grounded the MAX.<blockquote>在MAX发行两年后，UAL的收购对BA投资者来说是一个很好的信心打击。该订单使6月成为自2018年以来BA新订单数量最好的月份，此前两起坠机事件导致MAX停飞。</blockquote> Boeing said it delivered 45 jets last month. Of those, 33 were 737 MAX jets, two were military versions of the 737 and 10 were widebody jets. But only one was a 787, to Turkish Airlines. Most of the rest of the widebodies were either freighter aircraft or military jets, an indication of the weakness in the widebody part of the market, CNN noted.<blockquote>波音表示，上个月交付了45架喷气式飞机。其中，33架是737 MAX喷气式飞机，2架是737的军用版本，10架是宽体喷气式飞机。但只有一架是土耳其航空公司的787。美国有线电视新闻网指出，其余大部分宽体飞机要么是货机，要么是军用飞机，这表明宽体市场的疲软。</blockquote> Last time out, BA’s executives continued to sound cautiously optimistic about what 2021 would bring. They said the overall climate remains “challenging” and that domestic air traffic was recovering more quickly than international.<blockquote>上次，英航高管继续对2021年的发展持谨慎乐观态度。他们表示，整体气候仍然“充满挑战”，国内航空交通的恢复速度快于国际航空交通。</blockquote> At the time, BA said it expected revenue, earnings, and operating cash to improve from 2020, driven by commercial deliveries.<blockquote>当时，英航表示，在商业交付的推动下，预计收入、盈利和运营现金将比2020年有所改善。</blockquote> “Revenue improvement from 2020 to 2021 will be driven mainly by higher 737 and 787 deliveries as we plan to unwind inventory and deliver from the production lines,” said Gregory Smith, BA’s chief financial officer, on the Q1 earnings call.<blockquote>BA首席财务官Gregory Smith在第一季度财报看涨期权上表示：“2020年至2021年的收入改善将主要受到737和787交付量增加的推动，因为我们计划减少库存并从生产线交付。”</blockquote> That guidance now could be called into question. Looking ahead to Q2 earnings, investors might want to focus on whether BA can stick to its forecast for improved 2021 earnings and revenue considering its new challenges.<blockquote>这一指导现在可能会受到质疑。展望第二季度盈利，考虑到新的挑战，投资者可能希望关注英航是否能够坚持其对2021年盈利和收入改善的预测。</blockquote> Last time out, BA reiterated its forecast to increase production of the 737 MAX to 31 per month in early 2022 and its estimate to deliver its first 777X wide-body jet in late 2023. This coming earnings call offers investors a chance to see if BA is sticking to those timetables.<blockquote>上次，英航重申了将在2022年初将737 MAX的产量增加到每月31架的预测，并预计将在2023年底交付首架777X宽体喷气式飞机。即将发布的财报看涨期权为投资者提供了一个了解英航是否遵守这些时间表的机会。</blockquote> Reuters reported recently that BA doesn’t intend to raise MAX production until the China situation is clear. BA still awaits Chinese regulatory approval to resume flights of the plane in China.<blockquote>路透社最近报道称，在中国局势明朗之前，英航不打算提高MAX产量。英航仍在等待中国监管机构批准恢复该飞机在中国的航班。</blockquote> Things seemed to improve a bit earlier this month when Chinese regulators expressed willingness to allow flight tests of the aircraft, media reports said. Hopefully, BA can provide an update on China during its call.<blockquote>媒体报道称，本月早些时候，当中国监管机构表示愿意允许对该飞机进行飞行测试时，情况似乎有所改善。希望英航能够在看涨期权期间提供有关中方的最新情况。</blockquote> Looking further out, analysts expect BA to return to positive earnings by later this year. Consensus for the current quarter is at $0.02 a share, climbing to $0.57 in Q4. But a lot of this depends on BA getting out of its own way and operating smoothly. For now, investors don’t seem too sure BA can do that, judging from the stock’s recent performance.<blockquote>展望未来，分析师预计英航将在今年晚些时候恢复正盈利。本季度的普遍预期为每股0.02美元，第四季度攀升至0.57美元。但这在很大程度上取决于英航走出自己的路并顺利运营。目前，从该股最近的表现来看，投资者似乎不太确定英航能否做到这一点。</blockquote> Boeing Earnings And Options Activity<blockquote>波音盈利和期权活动</blockquote> BA is expected to report&nbsp;adjusted EPS of $-0.72 per share, vs. earnings of $-4.79 per share in the prior-year quarter, according to third-party consensus analyst estimates.&nbsp;Revenue is projected at $17.78 billion—up 51% from a year ago.<blockquote>BA预计将报告调整后每股收益为-0.72美元根据第三方分析师的一致预测，去年同期每股收益为-4.79美元。收入预计为177.8亿美元-比一年前增长51%。</blockquote> The options market has priced in a&nbsp;3.3% stock move&nbsp;in either direction around the upcoming earnings release according to the Market Maker Move™ indicator on the&nbsp;thinkorswim®&nbsp;platform.<blockquote>期权市场已经消化了股票变动3.3%根据做市商的动向，围绕即将发布的收益发布向任一方向™thinkorswim上的指示器®平台。</blockquote> Looking at the July 30 weekly options expiration, put activity has been spread out, but with some concentration at the 200 strike. Calls have been most active at the 230 and 240 strikes. Implied volatility is in the 9th percentile as of Monday morning.<blockquote>从7月30日每周期权到期日来看，看跌活动已经分散，但部分集中在200点行使价。评级在230和240罢工中最为活跃。截至周一上午，隐含波动率处于第9百分位。</blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BA":"波音"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126483906","content_text":"It may sound a bit harsh, but it feels like Boeing (NYSE:BA) just can’t get out of its own way.\nAfter resuming 737-MAX flights in the U.S. in late 2020 following a nearly two-year grounding, BA continues to have issues with its 787 planes. The 737-MAX return wasn’t perfect, either, with electrical issues cropping up on some planes.\nAll of this could help explain the disappointing performance of BA’s stock. As of mid-July, it was up just 2% in 2021, well behind the 16% growth of the S&P 500 Index (SPX). It’s also lagged counterparts in the Industrial sector, which is up nearly 17% this year.\nGoing into earnings later this week, BA has some things to celebrate from Q2 but also faces some new concerns. Most recently, BA said it will cut 787 “Dreamliner” production after finding a production-related structural defect, Reuters reported. In addition, a major customer partially canceled a 737-MAX order. It was a double whammy to the U.S. plane maker’s COVID-19 pandemic recovery.\nThe 787’s problem apparently comes down to manufacturing quality. There are questions about whether the planes’ fuselage is properly joined together down to the tiny fractions of an inch necessary, and whether the company’s verification process of that issue was adequate, media reports said.\nThis issue doesn’t affect planes already in service, so no grounding is required, BA said. Still, it’s holding up deliveries of some new planes and raises questions about the company’s basic manufacturing process and inspection abilities. That could be a bit unsettling for airlines buying BA equipment. The company has about 100 undelivered Dreamliners. In April it said it expected to deliver a majority of those jets during 2021. However, BA now says it won’t hit that target because of the 787’s problems.\nTo make things worse, BA suffered 60 order cancellations in June, up sharply from May. All of these issues swirl around as BA prepares to report its Q2 results this Wednesday.\nEarnings Call Could Offer View On Travel Trends\nThe company’s call could be a chance for investors to regroup and get some additional insight into the new 787 issue, how many planes it affects, and how long this might take to resolve. It’s also a good opportunity to get BA’s view on the airline industry’s recovery and how much it might be hurt by this new wave of Covid cases.\nBA is coming off of six consecutive quarterly losses, but until recently its executives had expressed optimism about 2021 bringing some positives. Passenger airline traffic continues to improve despite the Delta variant, with the number of people going through airport checkpoints often reaching two million a day, according to the Transportation Safety Agency (TSA). That’s still several hundred thousand a day below the 2019 numbers, but a huge year-over-year improvement.\nHowever, long-haul traffic is far from being out of the woods, hurting demand for some of the widebody craft that BA builds. Earlier this month in its earnings call, Delta(NYSE:DAL) offered some hope for business travel coming back. That’s another area that’s been slow to recover.\n\nFIGURE 1: LONG DESCENT. Shares of Boeing (BA—candlestick) are trading way below their 2021 high and have been outpaced by the S&P 500 Index (SPX—purple line) so far this year. Data source: NYSE, S&P Dow Jones Indices. Chart source: The thinkorswim® platform from TD Ameritrade. For illustrative purposes only. Past performance does not guarantee future results.\nAt a financial presentation early last month, BA’s CEO Dave Calhoun talked about BA having “three mountains to climb.” They included recertifying the 737-MAX, recovering from Covid, and repairing or restoring deliveries in China.\n“We have to have a framework where our governments want to get back together, restore trade in selected areas, and I think in the case of the United States, Boeing and commercial aerospace has to be a high priority in light of the number of US jobs that are attached to it and the global leadership position that we’ve enjoyed as an industry for so long,” Calhoun said. “That’s predicated on doing business and trying to continue to do business in China. So those three mountains we’re still at different stages of recovering from.”\nOne thing that could make recovery easier, assuming BA can quickly resolve this new 787 challenge, is the quick pace of reopening. Calhoun last month said the industry’s recovery has been “pretty robust,” but now that’s being called into question as the Delta variant of Covid surges.\nQuarter Interrupted By 787 Concern, Covid\nBefore the 787 issue arose, you could argue BA was having a pretty decent Q2.\nFor instance, in late June, United Airlines(NASDAQ:UAL) announced it was buying 200 737-MAX planes as part of an expansion plan. Of those, 150 are Max 10’s, the largest in the family. BA completed its first MAX 10 test flight in June.\nThe UAL purchase was a nice shot of confidence for BA investors after two years of MAX issues. And the order made June the best month for new BA orders since 2018, before two crashes grounded the MAX.\nBoeing said it delivered 45 jets last month. Of those, 33 were 737 MAX jets, two were military versions of the 737 and 10 were widebody jets. But only one was a 787, to Turkish Airlines. Most of the rest of the widebodies were either freighter aircraft or military jets, an indication of the weakness in the widebody part of the market, CNN noted.\nLast time out, BA’s executives continued to sound cautiously optimistic about what 2021 would bring. They said the overall climate remains “challenging” and that domestic air traffic was recovering more quickly than international.\nAt the time, BA said it expected revenue, earnings, and operating cash to improve from 2020, driven by commercial deliveries.\n“Revenue improvement from 2020 to 2021 will be driven mainly by higher 737 and 787 deliveries as we plan to unwind inventory and deliver from the production lines,” said Gregory Smith, BA’s chief financial officer, on the Q1 earnings call.\nThat guidance now could be called into question. Looking ahead to Q2 earnings, investors might want to focus on whether BA can stick to its forecast for improved 2021 earnings and revenue considering its new challenges.\nLast time out, BA reiterated its forecast to increase production of the 737 MAX to 31 per month in early 2022 and its estimate to deliver its first 777X wide-body jet in late 2023. This coming earnings call offers investors a chance to see if BA is sticking to those timetables.\nReuters reported recently that BA doesn’t intend to raise MAX production until the China situation is clear. BA still awaits Chinese regulatory approval to resume flights of the plane in China.\nThings seemed to improve a bit earlier this month when Chinese regulators expressed willingness to allow flight tests of the aircraft, media reports said. Hopefully, BA can provide an update on China during its call.\nLooking further out, analysts expect BA to return to positive earnings by later this year. Consensus for the current quarter is at $0.02 a share, climbing to $0.57 in Q4. But a lot of this depends on BA getting out of its own way and operating smoothly. For now, investors don’t seem too sure BA can do that, judging from the stock’s recent performance.\nBoeing Earnings And Options Activity\nBA is expected to report adjusted EPS of $-0.72 per share, vs. earnings of $-4.79 per share in the prior-year quarter, according to third-party consensus analyst estimates. Revenue is projected at $17.78 billion—up 51% from a year ago.\nThe options market has priced in a 3.3% stock move in either direction around the upcoming earnings release according to the Market Maker Move™ indicator on the thinkorswim® platform.\nLooking at the July 30 weekly options expiration, put activity has been spread out, but with some concentration at the 200 strike. Calls have been most active at the 230 and 240 strikes. 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