Boeing profit lifted by commercial, defense sales
By Kyle Peterson
(Reuters) - Boeing Co posted a larger quarterly profit on Wednesday, topping analyst forecasts, on strong commercial and military sales, and the company raised its earnings forecast for the full year.
Shares of the world's largest aerospace and defense company climbed 4.2 percent to $66.42 in morning trade on the New York Stock Exchange.
"This was a good operating performance at both (Boeing Commercial Airplanes) and defense," aerospace analyst Robert Stallard of RBC Capital Markets said in a research note.
"We think airline demand and the backlog remains robust, and Boeing's cash position should start to improve as 787 and 747-8 inventory starts to ship. We think these two drivers will overwhelm other issues going forward -- if Boeing can execute."
(For a graphic on Boeing'S earnings, see link.reuters.com/net64s.)
Boeing recently began making deliveries of 787 Dreamliners and 747-8 Freighters, two of its highest-profile airplanes, which are years behind schedule.
Boeing, which competes with EADS unit Airbus, said third-quarter profit rose to $1.1 billion, or $1.46 per share, from $837 million, or $1.12 per share, a year earlier.
The average Wall Street earnings forecast was $1.10 per share, according to Thomson Reuters I/B/E/S. Continued...