Boeing Reports Strong Q3

Profits came in at $837 million

Boeing on Oct. 20 posted third-quarter profit of $837 million, better than the prior quarter on the back of higher commercial airplane volume.

Boeing had reported a sharp 21% profit drop in the second quarter, to $787 million.

The third-quarter performance marked a major swing into profit compared with the same period in 2009, when the company posted a loss of $1.56 billion amid difficulties with its new 787 Dreamliner program.

Boeing reported revenue of $16.97 billion in the July-September period, up from $16.69 billion a year ago.

Earnings per share were $1.12, compared with a loss of $2.23 a year earlier.

Boeing raised its guidance on 2010 earnings per share, to a range of $3.80-$4.00, citing a "stronger" outlook for its Commercial Airplanes division. The previous guidance was between $3.50 and $3.80.

"Our results and revised outlook reflect the continued strong performance of our commercial production and services programs and the ability of our defense businesses to produce solid results in a challenging environment," said Jim McNerney, Boeing CEO.

"Orders were particularly encouraging, with a multi-year production contract for 124 F/A-18 aircraft and more than 200 net commercial airplane orders booked in the quarter, increasing our backlog and demonstrating improved overall market confidence."

Copyright Agence France-Presse, 2010

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