Boeing reports higher earnings, lifts forecast
Boeing reported higher third-quarter earnings and lifted its full-year forecast yesterday a solid performance in its commercial airplane deliveries. Net income was $2.3 billion, up 33.7 percent from the year-ago period and boosted by a one-time tax benefit. Revenues were down 7.5 percent to $23.9 billion.
Operating profit fell both in Boeing’s commercial and military divisions, yet the aerospace giant continued to book major orders for new commercial planes. The company also boosted its 2016 forecast for commercial plane deliveries to 745-750 from the prior range of 740-745. Commercial airplane deliveries are closely tied to revenues in the aerospace industry.
“Solid operating performance across our commercial and defense and space businesses in the third quarter again generated strong cash flow for Boeing, which continues to fuel investments in our future and enable us to deliver compelling returns to our shareholders,” said Boeing chief executive Dennis Muilenburg.
Boeing’s earnings translated to $3.51 per share, compared with analyst expectations of $2.62 per share. Shares of Boeing rose 1.8 percent to $141.48. —AFP