Boeing profit edges up 2.8%

Boeing Co.'s  second-quarter income rose 2.8% as the aerospace giant saw a continued rebound in its commercial airplane business, while its defense operations flagged
The company raised its per-share earnings estimate for the year, now seeing $4.40 to $4.60 a share, from its previous view of $4.15 and $4.35
 Boeing also upped its revenue guidance by $1.5 billion, forecasting $79.5 billion to $81.5 billion
The company's commercial business has been benefiting from a global expansion of passenger air travel and a flood of orders for its best-selling 737 jets
For the latest period, the commercial airplane business posted revenue of $11.84 billion, up 34%, as deliveries improved 27%
Still, Boeing's ability to execute on its bulging commercial aircraft backlog has been a primary concern among investors, and the company still has significant milestones to meet in boosting 787 output and launching its new 737 Max
Meanwhile, Boeing and others have faced challenges from soft U.S. defense spending
The company earlier this year unveiled plans to close defense operations in Wichita, Kan., as it grapples with lighter government spending
In the latest period, Boeing's defense, space and security segment, saw revenue rise 7% to $ 8.19 billion and operating earnings shrank 6%
Its network and space systems segment posted a 34% earnings drop
Boeing reported a profit of $967 million, or $1.27 a share, up from $941 million, or $1.25 a share, a year earlier
Revenue rose 21% to $20.01 billion
Analysts polled by Thomson Reuters most recently projected earnings of $1.12 a share on revenue of $19.37 billion
Operating margin narrowed to 7.7% from 9.3%