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Boeing profit beats on commercial plane recovery

Boeing profit beats on commercial plane recovery
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First Published: Wed, Oct 20 2010. 05 45 PM IST
Updated: Wed, Oct 20 2010. 05 45 PM IST
Chicago: Boeing Co, the world’s largest aerospace and defense company, posted a quarterly profit that beat expectations and it boosted its full year forecast, helped by a recovery in the commercial airplane market.
The company, which competes with Airbus, said its third-quarter net profit was $837 million, or $1.12 per share, compared with a loss of $1.56 billion, or $2.23 a share a year ago.
The results beat Wall Street expectations for a profit of $1.06 per share, according to Thomson Reuters I/B/E/S. Shares of Boeing, a Dow component rose 2.4% to $70.72 in premarket trade.
The company increased its 2010 earnings per share forecast to between $3.80 and $4 per share, reflecting its stronger commercial airplanes business. Previously the company had predicted it would earn $3.50 to $3.80 per share in 2010.
Boeing narrowed its revenue forecast to between $64.5 billion and $65.5 billion.
The company’s order backlog rose to $321 billion in the quarter.
Revenue from the commercial airplane division rose 11 percent to $8.7 billion on higher airplane deliveries and services volume, the company said.
Boeing Commercial Airplanes booked 257 orders during the quarter while 36 orders were withdrawn. The commercial order backlog amounted to 3,401 airplanes valued at $255 billion.
Revenue from the defense unit declined 6 percent to $8.2 billion on lower volume.
The company reaffirmed its plan to make first delivery of its long-delayed 787 Dreamliner in the first quarter of 2011.
Boeing said in September it would delay first delivery of the 747-8 Freighter, its biggest commercial jet, to mid-2011 from the fourth quarter of 2010.
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First Published: Wed, Oct 20 2010. 05 45 PM IST