Boeing pops after beating earnings and raising guidance

  • Boeing is up more than 5% Wednesday morning after a stellar earnings report.
  • The planemaker increased both its quarterly earnings per share and revenue, and said it will deliver more aircraft in 2018 than 2017.

Shares of Boeing, the world’s largest planemaker, spiked more than 5% ahead of the opening bell Wednesday after beating Wall Street expectations on both the top and bottom lines.

Boeing said it earned an adjusted $US4.80 per share, up almost double from the previous year, on revenues of $US25.37 billion. Many of the company’s gains came from as a result of the recent corporate tax cuts, which many US airlines have also benefitted from.

Most importantly, Boeing said it expects to deliver between 810 and 815 commercial planes in 2018, roughly 6% more than the 763 it delivered in 2017.

“Our teams delivered a record year of financial and operational performance as they focused on disciplined execution of production and development programs, growing services, and delivering value to customers,” CEO Dennis Muilenburg said in a press release. “That performance enables increased investments in our people and our business, and greater cash return to shareholders.

The stock is set to open around $US357 – higher than Wall Street’s consensus target price of $US351 per share. Shares of Boeing have gained 114% in the last year.

You can track the price of Boeing stock in real-time on Markets Insider here>>

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.