Increased production of passenger jets helped push up Boeing's profit by 52 percent in the second quarter, topping Wall Street's expectations.
The Chicago-based company said net income increased to $1.65 billion, or $2.24 per share, from $1.09 billion, or $1.41 per share, in the same quarter a year ago.
Earnings, adjusted for non-recurring costs, came to $2.42 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $2.02 per share.
Boeing Co. (BA) said Wednesday that revenue climbed 1.1 percent to $22.05 billion from $21.82 billion in the same quarter a year ago. Analysts expected $22.32 billion, according to Zacks.
Revenue at Boeing's Commercial Airplanes division increased 5 percent to $14.3 billion on higher deliveries — 181 new jets, compared to 169 during the same period last year.
Those gains were partially offset by a 5 percent drop in the company's defense, space and security division's revenues to $7.7 billion. The largest problem for that division was fewer deliveries of its C-17 and P-8 military planes, and a pre-tax charge related to its KC-46A tanker program.
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