Fin24

Boeing profit climbs, lifts forecast

2012-07-25 16:04

New York - US aerospace giant Boeing reported Wednesday that profit rose three percent in the second quarter, boosted by strong commercial aircraft deliveries, and lifted its full-year forecast.

Boeing posted net income of $967m for the April-June period, compared with $941m a year ago.

Earnings per share rose 2%, to $1.27, reflecting a strong core performance that more than offset higher pension expense, the Chicago-based company said.

EPS was well above market expectations of $1.12.

Revenues leaped 21%, to $20.0bn.

Boeing raised its 2012 forecasts to EPS between $4.40 and $4.60, and revenues to $79.5-81.5bn.

"Commercial airplane deliveries increased 27% in the second quarter, and our defense, space and security business also produced higher revenues and strong margins in a difficult market environment," said Jim McNerney, Boeing chairman, president and chief executive.

"As a result of this solid first-half performance, we have strengthened our outlook for the year."