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Boeing reports increase in profits

Boeing reports increase in profits

The Boeing Company has reported second-quarter net income rose to $1 billion, or $1.27 per share, on revenue of $20 billion. 

Earnings per share rose two per cent, reflecting continued strong core performance across the company’s businesses, which more than offset higher pension expense.

Earnings per share guidance for 2012 increased to between $4.40 and $4.60 reflecting the strong core operating performance. 

The company also increased its revenue guidance to between $79.5 and $81.5 billion on higher Defence, Space & Security revenues, and reaffirmed its 2012 operating cash flow outlook.

“Increased revenues and strong operating performance across both our major businesses drove significantly improved first-half 2012 results for Boeing,” said chairman, president and chief executive Jim McNerney. 

“Commercial airplane deliveries increased 27 per cent in the second quarter, and our defence, space and security business also produced higher revenues and strong margins in a difficult market environment. 

“As a result of this solid first-half performance, we have strengthened our outlook for the year, and our people remain focused on disciplined execution, quality and productivity, and meeting customer commitments,” McNerney said.

Cash and investments in marketable securities totalled $10.3 billion at quarter-end, down from $10.5 billion at the beginning of the quarter. 
Debt was $11.2 billion, down from $11.6 billion at the beginning of the quarter.

Total company backlog at quarter-end was $374 billion, down from $380 billion at the beginning of the quarter, and included net orders for the quarter of $13 billion.