Skip to main content
Advertising

Originally published July 23, 2014 at 5:54 AM | Page modified July 23, 2014 at 1:00 PM

  • Share:
             
  • Comments
  • Print

Commercial jets push Boeing profits up 52 percent

Increased production of passenger jets helped push up Boeing's profit by 52 percent in the second quarter, topping Wall Street's expectations.


Reader Comments
Hide / Show comments
Good for Boeing. Does this mean they will start paying all those taxes that were deferred? MORE

advertising

Increased production of passenger jets helped push up Boeing's profit by 52 percent in the second quarter, topping Wall Street's expectations.

The Chicago-based company said net income increased to $1.65 billion, or $2.24 per share, from $1.09 billion, or $1.41 per share, in the same quarter a year ago.

Earnings, adjusted for non-recurring costs, came to $2.42 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $2.02 per share.

Boeing Co. (BA) said Wednesday that revenue climbed 1.1 percent to $22.05 billion from $21.82 billion in the same quarter a year ago. Analysts expected $22.32 billion, according to Zacks.

Revenue at Boeing's Commercial Airplanes division increased 5 percent to $14.3 billion on higher deliveries -- 181 new jets, compared to 169 during the same period last year.

Those gains were partially offset by a 5 percent drop in the company's defense, space and security division's revenues to $7.7 billion. The largest problem for that division was fewer deliveries of its C-17 and P-8 military planes, and a pre-tax charge related to its KC-46A tanker program.

"While challenges resolving engineering and systems installation issues on our tanker test aircraft are resulting in higher spending to maintain schedule, the issues are well understood and we remain on path to begin flight testing fully provisioned tankers the first part of next year," CEO Jim McNerney said in a statement.

Boeing also increased its earnings guidance for the year to $6.85 to $7.05 per share, up from a range of $6.10 to $6.30. Its annual revenue guidance remains the same at $87.5 billion to $90.5 billion.

Boeing shares have declined $6.75, or 4.9 percent, to $129.74 since the beginning of the year, while the Standard & Poor's 500 index has climbed 7.3 percent. However, the stock has climbed $21.95, or 20 percent, in the last 12 months.

Shares of the company fell $2.22, or 1.7 percent, to $127.52 in early trading.



Free 4-week trial, then $99 a year for unlimited seattletimes.com access. Try it now!

Also in Business & Technology

News where, when and how you want it

Email Icon

The Seattle Times wins top award for multimedia storytelling

The Seattle Times wins top award for multimedia storytelling

Our Sea Change series received a prestigious 2015 DuPont-Columbia award for showcasing the power of storytelling on the Web. Experience the report here.

Advertising

Advertising


Advertising
The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►
The Seattle Times

To keep reading, you need a subscription upgrade.

We hope you have enjoyed your complimentary access. For unlimited seattletimes.com access, please upgrade your digital subscription.

Call customer service at 1.800.542.0820 for assistance with your upgrade or questions about your subscriber status.

The Seattle Times

To keep reading, you need a subscription.

We hope you have enjoyed your complimentary access. Subscribe now for unlimited access!

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Activate Subscriber Account ►