Boeing 3Q profit rises 31 percent, tops expectations
DALLAS — Boeing’s third-quarter profit soared 31 percent to $2.36 billion as airlines continued placing orders for new planes to meet growing demand for travel.
The results beat expectations, and Boeing Co. raised its forecast for full-year earnings per share.
Boeing says passenger traffic climbed 6.8 percent in the first eight months of this year as a growing global middle class opens up to travel.
Boeing delivered 190 airliners in the quarter. That is down 12 from the same period last year, but Boeing remains ahead of its 2017 pace. It took 171 net orders, contributing to a backlog that Boeing values at $491 billion and which includes more than 5,800 commercial planes.
Executives said they are getting a grip on supplier problems that have caused production delays for the 737, its most popular plane. Fuselages are again being delivered by Spirit AeroSystems, and the company expects a normal schedule of deliveries from engine maker CFM International by the end of the year, they said.
Boeing also runs a large defense business, which recently won Pentagon contracts for a new military training jet and an unmanned plane designed to refuel Navy fighter jets.
Tesla delivers on Musk’s 3Q profit pledge
SAN FRANCISCO — Tesla Motors delivered on CEO Elon Musk’s promise to make money during its latest quarter after fulfilling his pledge to boost production of its first electric car designed for the mass market.
The company earned $311.5 million during the three months ending in September, swinging from a loss of $619 million at the same time last year. It’s only the third time that Tesla has posted a quarterly profit in its eight-year history as a public company.
A big jump in Tesla’s output of its massmarket Model 3 car powered the breakthrough. The manufacturing increase and moneymaking quarter are two things that Musk promised would happen in early August.
Revenue more than doubled from last year to $6.8 billion to easily top analyst estimates, just as the profit did.
Tesla’s stock soared 13 percent to $326.12 after the numbers came out.