Boeing boosts 2014 profit forecast after solid quarter

GMT 14:03 2014 Wednesday ,23 July

Arab Today, arab today Boeing boosts 2014 profit forecast after solid quarter

Boeing posted net profit
Washington - AFP

US aerospace and defense giant Boeing on Wednesday raised its full-year profit outlook after a strong second quarter that saw profit soar 52 percent on higher jetliner deliveries.
Boeing posted net profit of $1.65 billion for the April-June quarter, up from $1.09 billion in the year-ago quarter.
Core earnings per share rose 45 percent to $2.42, soundly beating analyst estimates of $2.01.
Boeing said it delivered 181 jetliners in the second quarter, an increase of 7.1 percent from 169 aircraft a year earlier amid solid demand from airlines.
The Chicago-based company raised its 2014 full-year forecast to core earnings per share between $7.90 and $8.10, from $7.15 to $7.35, citing in part its "positive market outlook."
"Strong operating performance across our production programs and services businesses drove revenue and earnings-per-share growth and healthy operating cash flow," said Boeing's chairman and chief executive Jim McNerney in a statement.
"With 783 new commercial airplane orders to date this year and significant contracts in the quarter for military aircraft and satellites, our backlog remains large and diverse."
During the second quarter, the commercial aircraft division booked 264 net orders, bringing the orders backlog to 5,200 airplanes, valued at a record $377 billion, the company said.
Boeing said it expected to deliver between 715 and 725 jetliners this year.
Revenues at the world's largest aerospace company rose one percent to $22.05 billion.
The commercial aircraft division scored a 5.0 percent rise in revenues, to $14.30 billion.
Revenues at the smaller defense, space and security division fell 5.4 percent to $7.75 billion, reflecting lower US defense spending in the wake of budget cuts.
The second-quarter results included a $272 million after-tax charge to reflect additional work on the KC-46A Tanker program for the US Air Force, and a total of $524 million in tax benefits.
Investors welcomed the financial results. Dow component Boeing shares were up 0.2 percent at $129.97 in pre-market trade.
Boeing said it repurchased 11.4 million shares for $1.5 billion during the second quarter and raised its dividend payments by about 50 percent. It expects to spend the remaining $6.8 billion in the current share buyback program over the next two years.


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