Boeing Boosts Guidance After A Massive Earnings Beat

Boeing, Dreamliner

Photo: Boeing

Aircraft manufacturer Boeing increased its guidance for the full year as its order backlog jumped to $374 billion at the end of the quarter and sales topped expectations.Click here for updates >

The company reported it earned net income of $967 million, or $1.27 per share, following a 21 per cent sales jump to $20.0 billion.

Both figures topped consensus forecasts, surprising as most S&P 500 companies to report earnings this season have had trouble matching Wall Street’s top line estimates.

Analysts polled by Bloomberg had forecast earnings per share of $1.13 on revenue of $19.3 billion.

“Increased revenues and strong operating performance across both our major businesses drove significantly improved first-half 2012 results for Boeing,” Chief Executive Jim McNerney said. “As a result of this solid first-half performance, we have strengthened our outlook for the year, and our people remain focused on disciplined execution, quality and productivity, and meeting customer commitments.”

Boeing commercial airline deliveries improved 27 per cent during the period, as the company shipped 150 jets to customers.

The Chicago based firm said it had orders for more than 4,000 aircraft to produce over the next decade, and that 28 new orders were booked during the three months ended June.

Boeing’s defence business also saw revenues advance, up 7 per cent to $8.2 billion. The division was fuelled by its military aircraft unit, which was recently awarded the Apache Block III contract with the U.S. Army

Shares are up nearly 3 per cent in pre-market trade.

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