Boeing sees strong quarter earnings

Source: Stock Market Digital

Date :25/10/2007 12:06:37

Boeing has posted a 61 percent rise in third-quarter earnings following strong demand for its passenger jetliners.

The Chicago-based company exceeded Wall Street's expectations reporting earnings of $1.1 billion, or $1.44 per share, compared with earnings of $694 million, or 89 cents per share, last year.

The year-earlier period was marred by a $280-million charge related to exiting a business; excluding that and other special items, Boeing said, earnings per share were up 30 percent.

Earnings from continuing operations were a solid $1.43 a share.

Commercial earnings

Revenues also climbed 14.4 percent to $14.18 billion from $12.39 billion following higher deliveries of commercial airplanes and increases in its defense business.

"Our focus on growth and productivity is driving strong financial performance," said Chairman and Chief Executive Officer Jim McNerney.

In the latest quarter, Boeing's commercial-jet group delivered a total of 109 aircraft, up nine percent from last year with revenue surging 23 percent to $8.26 billion from $6.69 billion.

Operating profit, helped by wider profit margins as well as the increased output and stronger aircraft prices, jumped 46 percent to $945 million.

At Boeing's defense group, revenues rose 2.8 percent, to $8.01 billion, and profits, squeezed by a $9-million charge related to its network and space systems unit's Delta II program, sagged 6.3 percent to $824 million.

Boeing Commercial Airplanes said it booked 304 orders in the quarter and has signed 903 orders so far this year.

October 25 2007

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