Boeing increases share guidance following strong third quarter

Boeing increases share guidance following strong third quarter

Boeing has reported third-quarter net income of $1.1 billion, or $1.46 per share, on revenue of $17.7 billion. 

An operating margin of 9.7 per cent reflects the continued strong core performance across the company’s businesses, partially offset by higher pension expense, the company said in a statement to markets. 

Boeing increased its 2011 earnings per share guidance to between $4.30 and $4.40 per share reflecting the strong core performance. 

Total company 2011 revenue is narrowed to between $68 and $70 billion. 

“Strong operational performance drove double-digit margins in both of our major businesses and produced an outstanding quarter,” said Boeing chairman, president and chief executive officer, Jim McNerney. 

“We also strengthened our foundation for accelerated growth by completing development and certification of the 787-8 Dreamliner and 747-8 Freighter, launching the new 737 MAX, and continuing our disciplined ramp up in commercial airplane production rates. 

“Our improved outlook for earnings reflects confidence in our market positions, and our team’s relentless focus on productivity and disciplined execution.”

Boeing’s quarterly operating cash flow was $0.4 billion, with “strong operating performance” more than offsetting continued investment in development programs and discretionary pension funding of $0.5 billion. 

Boeing Commercial Airplanes

Boeing Commercial Airplanes third-quarter revenue increased by nine per cent to $9.5 billion on higher deliveries and improved mix. 

Operating margin was 11.4 per cent, reflecting continued strong operating performance.