Boeing profit boosted by commercial aircraft

 

Boeing Co.'s  third-quarter earnings rose 12% as strength in its commercial aircraft business offset weaker profits at its defense division
For the year, the company raised its per-share earnings estimate to $6.50 to $6.65, from its previously increased estimate for a per-share profit of $6.20 to $6.40 and affirmed its revenue view
Boeing's commercial aircraft business continued to report increased deliveries, helped by higher production of its 787 Dreamliner, despite glitches that have continued to plague the flagship plane
The aerospace giant continues to expect to deliver a record 635 to 645 aircraft in 2013 as it works to meet demand for aircraft in Asia, Latin America and the Middle East and replace older fleets in the U.S. and Europe
In the latest quarter, the commercial aircraft business reported revenue growth of 15% as deliveries increased 14% to 170 planes. Operating earnings climbed 40% as margins strengthened
The defense, space and security division reported revenue improved 3%; however, operating earnings fell 19% as margins weakened
Boeing reported a profit of $1.16 billion, or $1.51 a share, up from $1.03 billion, or $1.35 a share, a year earlier
Core operating earnings--which adjusts to exclude pension components related to market fluctuations and other items--were up at $1.80 from $1.55
Revenue increased 11% to $22.1 billion
Analysts polled by Thomson Reuters recently expected per-share earnings of $1.55 and revenue of $21.69 billion
Operating margin rose to 8.1% from 7.8%