Boeing (BA) is scheduled to report results of the second quarter of its fiscal year 2022 before market open on July 27, with a conference call scheduled for 10:30 am ET. What to watch for:

OUTLOOK: When Boeing reported its Q1 earnings results on April 27, which missed big on both the top and bottom lines, it gave some forward-looking commentary. Dave Calhoun, Boeing's president, and CEO. said, "While the first quarter of 2022 brought new challenges for our world, industry and business, I am proud of our team and the steady progress we're making toward our key commitments, We increased 737 MAX production and deliveries and made important progress on the 787 by submitting our certification plan to the FAA. Despite the pressures on our defense and commercial development programs, we remain on track to generate positive cash flow for 2022, and we're focused on our performance as we work through certification requirements and mature several key programs to production. Leading with safety and quality, we're taking the right actions to drive stability throughout our operations, deliver on our commitments to customers, and position Boeing for a sustainable future." Additionally, management said that Boeing sees a path to restart 787 deliveries in the near-term and that Boeing's decision to extend 777-9 into 2025 was made "out of a position of strength." 

DREAMLINER RETURN: On June 17, Bloomberg's Charlotte Ryan and Julia Johnsson reported that Boeing was "almost there" on returning the 787 Dreamliner to service, and had notified customers of their place in the delivery queue as it works with U.S. regulators to complete the final paperwork. Stan Deal, head of Boeing's commercial airplane division, said the company has reviewed the carbon-composite frames for tiny structural imperfections with regulators and key suppliers. "There's been steady progress," Deal said on the sidelines of a UK Aviation Club event in London. "There's a lot of paperwork you have to turn in so we've been focused on that and on the restoration of the airplane."

On July 20, The Wall Street Journal's Andrew Tangel and Benjamin Katz reported that Boeing was preparing to increase production of the jet soon after U.S. air-safety regulators allow the aircraft to resume deliveries, according to a person close to the plane manufacturer.

CAUTIOUS OPTIMISM FROM ANALYSTS: On July 13, Susquehanna analyst Charles Minervino updated his Q2 and full-year estimates for Boeing following the release of its Q2 order and delivery data. He said the main takeaway from the monthly data was a recovery in 737 MAX deliveries, which were challenged earlier in the year due to supply chain challenges. Minervino maintained his Positive rating and $192 price target on Boeing shares.

On the same day, JPMorgan analyst Seth Seifman lowered the firm's price target on Boeing to $188 from $190 but kept an Overweight rating on the shares. The company's June deliveries were strong, but this was expected, and while the result was a "plus, it won't be easily replicated each month," Seifman told investors. With potential for orders at the Farnborough air show and the resumption of 787 deliveries likely approaching as well, "we could envision Boeing sustaining some of the momentum we saw today, though our fundamental outlook is not much different," wrote the analyst at that time.

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