Washington Post | Boeing beats profit estimates, boosts 2011 earnings forecast
July 27, 2011 § Leave a comment
By Susanna Ray
Published: 27 July 2011
July 27 (Bloomberg) — Boeing Co.’s second-quarter profit beat analysts’ estimates, buoyed by higher commercial sales, and increased its forecast for full-year earnings.
Net income rose 20 percent to $941 million, or $1.25 a share, from $787 million, or $1.06, a year earlier, Chicago- based Boeing said in a statement today. The average estimate of 22 analysts surveyed by Bloomberg was for 97 cents. Sales climbed 6 percent to $16.5 billion.
Boeing shipped 118 jets in the period, four more than a year earlier, which is important because the company gets much of a plane’s purchase price upon delivery. Net orders slid to 65 from 68 a year earlier. Military sales fell 4 percent to $7.69 billion.
The planemaker pared its full-year forecast for deliveries by five planes to a range of 485 to 495 airliners. Boeing boosted its full-year profit projection by 10 cents a share to a range of $3.90 to $4.10, with revenue unchanged at $68 billion to $71 billion.
Boeing gained $1.75, or 2.5 percent, to $71.91 at 7:46 a.m. before regular New York Stock Exchange composite trading.
The first composite-plastic 787 Dreamliner and 747-8 jumbo jet will still reach their initial customers by September, Boeing said. Deliveries should total 25 to 30 787s and 747-8s this year, Boeing said. The company previously said that total would be 25 to 40, split about evenly between the two models.