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Accelerating Deliveries Drive Boeing 3Q Profits

Wed, 10/23/2013 - 8:10am
Joshua Freed, Associated Press

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.

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