Boeing Posts Strong Profits Raises Outlook

Boeing Posts Strong Profits, Raises Outlook

Jim McNerney, Boeing chairman, president and chief executive, said the company's defense, space and security business produced improved margins and market share "in a tough market" subject to sharp government spending cuts.

NEW YORK CITY - Boeing (IW 500/14) reported on Wednesday second-quarter profit topping expectations and raised its performance outlook for the full year.

Net earnings were $1.1 billion, up 13% from the year-ago period, on revenue that rose 9% to $21.8 billion.

Core earnings of $1.67 per share increased 13% from the 2012 April to June period, Boeing said.

That was well above market estimates of $1.58 per share.

"Continued strong core operating performance drove higher earnings, revenue and operating cash flow during the quarter," Jim McNerney, Boeing chairman, president and chief executive, said in a statement.

"We also further strengthened our market-leading position in commercial airplanes with the successful launch of the 787-10 and $40 billion of new orders."

McNerney said the company's defense, space and security business produced improved margins and market share "in a tough market" subject to sharp government spending cuts.

The Chicago-based company raised its 2013 earnings and revenue guidance, saying it expects to deliver a 7% increase in core earnings per share.

Copyright Agence France-Presse, 2013

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