Boeing Profit Jumps As Commercial Plane Sales Soar

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Boeing Co (BA.N) posted a better-than-expected 13 percent jump in quarterly profit after delivering more commercial jets, shrugging off concerns about the 787 Dreamliner and sending its shares up 2 percent to an all-time high in premarket trading.

Boeing 787

Boeing Co (BA.N) posted a better-than-expected 13 percent jump in quarterly profit after delivering more commercial jets, shrugging off concerns about the 787 Dreamliner and sending its shares up 2 percent to an all-time high in premarket trading.

Boeing also raised its full-year revenue forecast to a range of $83 billion to $86 billion from its previous guidance of $82 billion to $85 billion.

The company forecast full-year earnings of $5.10 to $5.30 per share, up from its previous estimate of $5.00 to $5.20.

Chief Executive Jim McNerney said in a statement Boeing had strengthened its position in commercial airplanes with the launch of the 787-10 and $40 billion in new orders.

During the quarter, the company completed the retrofit of 787 battery enhancements on previously delivered airplanes, as well as delivering 16 787 airplanes, up from six a year ago.

Officials are investigating a fire aboard a parked Ethiopian Airlines 787 in London this month.

For the second quarter, Boeing reported net income of $1.09 billion, or $1.41 per share. Excluding items, it earned $1.67 per share.

Revenue rose 9 percent to $21.8 billion, reflecting higher 787 and 737 deliveries. Commercial aircraft revenue rose 15 percent in the quarter.

Analysts had expected $1.58 per share, excluding items, on revenue of $20.78 billion, according to Thomson Reuters I/B/E/S.

Revenue from Boeing's Defense, Space & Security unit was flat, indicating growth in the quarter was driven by its commercial plane business.

Boeing shares were trading at $109.62 before the bell on the New York Stock Exchange on Wednesday.

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