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Boeing Q3 profit soars, raises 2013 outlook

AFP | Last Updated: Wednesday, October 23, 2013 - 18:18

Washington: US aerospace and defense giant Boeing said Wednesday third-quarter profit soared 12 percent from a year ago and raised its 2013 earnings outlook on a pick-up in commercial aircraft deliveries.

Net earnings totaled USD 1.16 billion for the July-September quarter, compared with USD 1.03 billion in the same period in 2012, the Chicago-based company said in a statement.

Revenues rose 11 percent to USD 22.13 billion, beating analyst expectations of USD 21.68 billion.

Earnings of USD 1.51 per share were 12 percent higher than the year-ago EPS of USD 1.35.

Third-quarter core operating earnings per share, excluding certain expenses, increased 16 percent to USD 1.80, well above the Wall Street analysts` average estimate of USD 1.55.

Boeing said the strong across-the-board performance in the quarter led it to raise its 2013 core earnings outlook to between USD 6.50 and USD 6.65 per share, from the prior estimate of USD 6.20 to USD 6.40.

"Consistently strong operating performance is driving higher earnings, revenue and cash flow as we deliver on our record backlog and return increased value to shareholders," Jim McNerney, Boeing`s chairman, president and chief executive, said in the statement.

"Despite the uncertainty of the US defense market, overall our customer-focused business strategies and disciplined execution on our programs are producing the results we expect, and our strong year-to-date performance and positive outlook allow us to increase our 2013 guidance for earnings and operating cash flow."

First Published: Wednesday, October 23, 2013 - 18:18
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