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Boeing Q2 profit soars 20%, raises outlook for 2011 earnings

Boeing Q2 profit soars 20%, raises outlook for 2011 earnings
AFP
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First Published: Wed, Jul 27 2011. 07 51 PM IST
Updated: Wed, Jul 27 2011. 07 51 PM IST
New York: Boeing reported Wednesday second-quarter profit rose 20% from a year ago and raised its forecast for 2011 earnings.
The US aerospace and defence giant posted net profit of $941 million and said that commercial aircraft as well as a strong core performance across the company’s businesses had produced a banner April-June period.
Revenues rose 6.0% from the 2010 second quarter, to $16.5 billion, the Chicago-based company said in a statement.
Earnings per share of $1.25 were 18% higher than a year ago and much better than the average analyst estimate of 96 cents.
“Strong operational performance drove double-digit margins at both of our major businesses and produced outstanding results in the quarter,” Jim McNerney, Boeing chairman, president and chief executive, said in the statement.
McNerney said the company had made “major progress” toward certification and delivery of the new 787 Dreamliner and 747-8 this year and continued “disciplined” increases in commercial airplane production rates.
“Our outlook for the year has strengthened as our team continues its relentless focus on productivity improvement, cash management and program execution.”
Earnings from operations leaped 17% to $1.5 billion as the operating margin rose 0.9 points to 9.3%.
Boeing raised its 2011 earnings per share forecast to between $3.90 and $4.10 per share, while estimates for revenue and cash flow were left unchanged.
The strong quarter, however, saw a decline in company backlog, to $323 billion from $329 billion at the start of April.
Net orders for the quarter were $12 billion and included “a significant mix” of wide-body commercial airplanes, Boeing said.
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First Published: Wed, Jul 27 2011. 07 51 PM IST