Commercial jets push Boeing profits up 52 percent

Published on NewsOK Modified: July 23, 2014 at 8:40 am •  Published: July 23, 2014
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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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