Boe­ing re­ports higher earn­ings, lifts fore­cast

Kuwait Times - - BUSINESS -

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

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