The Boeing Company BA incurred adjusted loss of $1.53 per share for first-quarter 2021, much wider than the Zacks Consensus Estimate of a loss of $1.17. However, the bottom line improved from the year-ago quarter’s loss of $1.70.Including one-time items, the company incurred GAAP loss of 92 cents per share compared with a loss of $1.11 incurred in the first quarter of 2020.The year-over-year bottom line improvement can be attributed to KC-46A Tanker improvement, higher 737 deliveries and lower commercial airplanes period costs.RevenuesIn the quarter under review, Boeing’s revenues amounted to $15.22 billion, which beat the Zacks Consensus Estimate of $14.38 billion by 5.8%. The top line however declined 10% from the year-ago quarter’s figure of $16.91 billion.This decline was due to lower 787 deliveries and commercial services volume. The Boeing Company Price, Consensus and EPS Surprise The Boeing Company price-consensus-eps-surprise-chart | The Boeing Company QuoteTotal BacklogBacklog at the end of first-quarter 2021 inched up to $364 billion from $363.4 billion at the end of fourth-quarter 2020.Segmental PerformancesCommercial Airplane: Revenues at this segment plunged 31% to $4.27 billion due to lower 787 deliveries. The segment incurred operating loss of $856 million compared with loss of $2.07 billion in the year-ago quarter.Boeing delivered 77 commercial planes during the quarter under review, up 54% year over year.Backlog for this segment remained healthy with over 4,000 airplanes valued at $283 billion.Boeing Defense, Space & Security (BDS): This segment recorded revenues worth $7.19 billion in the first quarter, reflecting 19% year-over-year improvement, primarily driven by higher KC-46A Tanker revenues due to orders for 27 aircraft.Meanwhile, this unit generated operating income of $405 million against operating loss of $191 million in the year-ago quarter.Backlog at BDS was $61 billion, 31% of which comprised orders from international clients.Global Services: Revenues at this segment declined 19% to $3.75 billion on account of lower commercial services volume thanks to COVID-19 impacts. Moreover, this unit generated operating income of $441 million compared with $708 million in the year-ago quarter.Boeing Capital Corporation (BCC): This segment reported quarterly revenues of $60 million compared with $65 million registered in the year-ago quarter.At the end of first-quarter 2021, BCC's portfolio balance was $1.9 billion.Financial ConditionBoeing exited the first quarter with cash and cash equivalents of $7.06 billion, and short-term and other investments of $14.86 billion. At the end of 2020, the company had $7.75 billion of cash and cash equivalents, and $17.84 billion of short-term and other investments. Long-term debt amounted to $57.55 billion at the end of the first quarter, down from $61.89 billion at 2020 end.Boeing’s operating cash outflow at the end of first-quarter 2021 was $3.39 billion compared with $4.30 billion at the end of first-quarter 2020.Free cash outflow totaled $3.68 billion at the end of first quarter 2021 compared with $4.73 billion at the end of first-quarter 2020.Zacks RankBoeing currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Recent Defense ReleasesLockheed Martin LMT reported first-quarter 2021 earnings of $6.56 per share, which surpassed the Zacks Consensus Estimate of $6.32 by 3.8%. The bottom line also improved 7.9% from the year-ago quarter’s $6.08.Hexcel Corporation HXL reported first-quarter 2021 loss of 10 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 16 cents.Raytheon Technologies Corporation’s RTX first-quarter 2021 adjusted earnings per share (EPS) of 90 cents outpaced the Zacks Consensus Estimate of 88 cents by 2.3%.Zacks Names “Single Best Pick to Double”From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Boeing Company (BA): Free Stock Analysis Report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Hexcel Corporation (HXL): Free Stock Analysis Report Raytheon Technologies Corporation (RTX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research