Boeing Reports Strong Second Quarter, Lifts 2012 Outlook

Boeing Co. (IW 1000/16) reported that profit rose 3% in the second quarter, boosted by strong commercial-aircraft deliveries, and lifted its full-year forecast.

Boeing posted net income of $967 million for the April-June period, compared with $941 million 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 billion.

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

"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."