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Boeing tops Street 3Q forecasts

By The Associated Press
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CHICAGO (AP) — Boeing posted better-than-expected, third-quarter net income of $1.85 billion and raised its outlook for the year.

The Chicago company earned $3.06 per share, or $2.72 when adjusted for one-time gains and charges. That's 7 cents better than industry analysts had predicted, according to a poll by Zacks Investment Research.

Boeing delivered a record 202 commercial airplanes last quarter, pushing revenue to $24.31 billion. That also edged out Wall Street predictions and beat the $23.9 billion for the same period last year.

The aircraft maker's net income fell almost 20 percent from the year ago quarter because it got a sizeable tax break then. Boeing posted earnings of $2.28 billion in the third quarter last year.

Boeing expects full-year earnings in the range of $9.90 to $10.10 per share, a dime better than earlier forecasts.

The Commerce Department also reported Wednesday that orders for commercial aircraft surged more than 30 percent in September, reflecting strength industry-wide.

Shares of Boeing Co. edged higher before the opening bell Wednesday, and are up more than 90 percent in the past 12 months and more than 70 percent this year.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BA at https://www.zacks.com/ap/BA

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News
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