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Tuesday, October 25, 2016

Boeing Q3 Profit Soars, Raises 2013 Forecast

Boeing Q3 Profit Soars, Raises 2013 Forecast

Washington (AFP) – U.S. aerospace and defense giant Boeing said Wednesday third-quarter profit soared 12 percent from a year ago and raised its 2013 earnings outlook on a pick-up in commercial aircraft deliveries.

Net earnings totaled $1.16 billion for the July-September quarter, compared with $1.03 billion in the same period in 2012, the Chicago-based company said in a statement.

Earnings of $1.51 per share were 12 percent higher than the year-ago EPS of $1.35.

Third-quarter core operating earnings per share, excluding certain pension expenses, increased 16 percent to $1.80, well above the Wall Street analysts’ average estimate of $1.55.

Revenues rose 11 percent to $22.13 billion, reflecting higher commercial airplane deliveries. That beat analyst expectations of $21.68 billion.

The company reported a record $415 billion order backlog, including $27 billion net orders booked during the quarter.

“Consistently strong operating performance is driving higher earnings, revenue and cash flow as we deliver on our record backlog and return increased value to shareholders,” Jim McNerney, Boeing’s chairman, president and chief executive, said in the statement.

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