Boeing has reported third-quarter net income of $1.0 billion, or $1.35 per share, on continued strong core performance and revenue of $20.0 billion.
Increased earnings at Commercial Airplanes and Defence, Space & Security were more than offset by higher pension expense of $194 million.
Earnings per share guidance for 2012 was raised to between $4.80 and $4.95.
The company also raised its revenue guidance to between $80.5 and $82 billion on higher Defence, Space & Security revenue, and increased its 2012 operating cash flow outlook to greater than $5.5 billion.
“Strong core operating performance drove increased earnings in both our major businesses, along with higher overall revenues, improved cash flow, and solid earnings per share even as pension headwinds rose,” said Boeing chairman Jim McNerney.
“Our Defence, Space & Security business maintained double-digit margins in a challenging environment while Commercial Airplanes continued to build momentum with 787 deliveries and 737 MAX orders.
“Underpinned by our solid performance to date and positive outlook, we are raising our year-end guidance for revenue, earnings and operating cash flow.
“We remain well positioned for long-term growth with a clear focus on quality, productivity and disciplined program execution,” McNerney said.
Boeing Commercial Airplanes
Boeing Commercial Airplanes third-quarter revenue increased by 28 per cent to $12.2 billion on higher delivery volume.
Operating margin was 9.5 per cent, reflecting the dilutive impact of 787 and 747-8 deliveries and higher period costs partially offset by lower research and development.
During the quarter, Commercial Airplanes began major assembly on the 787-9, and, in October, delivered the first 787 built in South Carolina.
Commercial Airplanes booked 369 net orders during the quarter.
Backlog remains strong with approximately 4,100 airplanes valued at $307 billion.