Boeing Reports Earnings Wednesday. Watch the Cash-Burn Data.

Those aren’t large results, but the commercialized aerospace elephantine is inactive digging retired from the dual crises of the 737 MAX and Covid-19. Things are truthful challenging for the company, it could study astir thing without shocking investors.

“There are capable items that are chartless that thing could beryllium unexpected…. More than likely, it volition miss,” Edward Jones expert Jeff Windau tells Barron’s. “Cash pain [will be] successful focus.” Wall Street expects Boeing to pain done different $2.8 cardinal successful currency aft burning done $3.7 cardinal successful the archetypal quarter.

In the 2nd 4th of 2018, earlier Covid-19 and the worldwide grounding of the 737 MAX successful March 2019 aft 2 deadly crashes wrong 5 months, Boeing earned $3.33 a stock from $24.3 cardinal successful sales. Free currency travel came successful astatine $4.3 billion. Numbers similar that are inactive acold down the road.

Commercial aerial question is improving, though. Over the past week, U.S. aerial question was down astir 21% compared with the aforesaid week successful 2019. Three months ago, aerial question successful the U.S. was down astir 42% compared with the aforesaid week successful April 2019.

That betterment won’t beryllium reflected successful Boeing numbers. “Boeing’s 2Q deliveries numbers were poor, and it announced different chopped to 787 production,” wrote Vertical Research Partners expert Rob Stallard successful a preview report. “This is simply a setback, with immoderate travel done to cardinal suppliers similar [ Sprit AeroSystems ] and [ Hexcel ]. We think Boeing is acceptable to denote different monster 2Q loss.” He projects currency pain of astir $2.8 billion, successful enactment with the Wall Street statement estimate.

Stallard and Windau some complaint Boeing shares Hold. Stallard’s terms people is $153 a share. Windau doesn’t people terms targets for stocks helium covers.

Stallard notes successful his study that request is improving, “particularly for caller constrictive assemblage aircraft.”

What investors volition privation to perceive astir is simply a caller level to beryllium developed by Boeing. CEO Dave Calhoun mightiness not beryllium acceptable to extremity his manus yet, though. Boeing is investigating what it calls the NMA, oregon caller medium-size aircraft, but details of size and motor technology—and erstwhile it mightiness developed—haven’t been discussed with investors successful detail. What’s more, the NMA hasn’t truly been addressed connected an net league telephone since January.

What happens to the banal aft net is anyone’s guess. Over the past 8 quarters, shares person dropped 5 times and risen 3 times. Options markets connote the banal volition determination astir 3%, up oregon down, pursuing earnings.

That isn’t excessively overmuch for each the turmoil faced by the institution implicit the past 24 months.

Boeing banal is down 1%, astatine $223.61, successful caller trading. Year to date, Boeing shares are up astir 5%, trailing down comparable gains of the S&P 500 and Dow Jones Industrial Average. Since reporting first-quarter numbers, Boeing banal is down astir 5%, trailing the marketplace by astir 10 percent points.

Write to Al Root astatine allen.root@dowjones.com