Profit up 25% At Boeing
CBJ — Boeing has reported a substantial 25% rise in quarterly profit as an increase in commercial aircraft deliveries substantially enhanced overall revenue.
The world’s largest plane maker upped its forecast for jet deliveries for the year to between 755 and 760, from 750 to 755, and said it now expects core earnings of between $7.95 and $8.15 per share, up from $7.70 to $7.90 a share previously.
Core earnings, which exclude some pension and other costs, were up 18% to $2.52 per share in the third quarter from $2.14 a year earlier.
Overall Boeing earned net profit of $1.70 billion, or $2.47 per share, for the third quarter, up from $1.36 billion, or $1.86 per share, a year earlier. Revenue rose about 9% to $25.85 billion. Commercial aircraft deliveries rose about 7% to 199.
Boeing said that the deferred production cost balance for its 787 Dreamliner, a measure of the program’s progress toward profitability, rose to $28.3 billion in the third quarter from $27.7 billion in second quarter.
Boeing now projects an operating cash flow of about $9.5 billion for the year, compared with the prior forecast of just over $9 billion with revenue expected to reach a high as $97 billion, up from a previous estimate of 96.5 billion.