Wednesday, October 23, 2013
Boeing Co. says its net income rose 12 percent as deliveries of commercial planes continue to accelerate. It raised its profit guidance for the full year.
Profits from commercial planes rose 40 percent, offsetting a 19 percent profit drop in Boeing's defense division because of a sharp decline in military planes.
Boeing earned $1.16 billion, or $1.51 per share, for the quarter. That was up from about $1 billion, or $1.35 per share, a year earlier.
Not counting pension expenses, Boeing would have earned $1.80 per share. Analysts surveyed by FactSet had been expecting $1.55 per share.
Revenue rose 11 percent to $22.13 billion, above analyst expectations.
The company said it now expects adjusted earnings for the year of $6.50 to $6.65 per share. Analysts had been expecting $6.52.
Today Boeing also said it will speed up production of its new 787 as it tries to catch up on a huge backlog of orders for the plane.
The company has orders for 890 of those planes that it has yet to build.
Boeing is already on its way toward building 10 787s every month by the end of this year. On Wednesday Boeing said it plans to go up to 12 per month in 2016, and it's aiming to get to 14 per month by the end of this decade.
The 787 was first delivered in 2011. It's a long-range, fuel-efficient plane that has turned out to be very popular with airlines. It has sold 131 of the planes this year, even after battery problems grounded them for a while.