Boeing profit gets boost from increased deliveries

Earnings Reuters

Boeing Co reported a 52 percent increase in quarterly profit, helped by a rise in commercial aircraft deliveries and raised its full-year earnings forecast.

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The company said commercial aircraft deliveries rose 7 percent to 181, including 30 Dreamliner jets, in the second quarter ended June 30.

Boeing's ability to churn out the Dreamliner, which was hit by problems with its lithium-ion batteries last year, is crucial to the company's financial performance this year as it is relying on commercial jets to offset a weak defense business.

The planemaker delivered its first stretched Dreamliner 787-9 in the quarter.

Boeing and its European rival Airbus Group NV have been ramping up production to cater to increasing demand from airlines.

Boeing's net income rose to $1.65 billion, or $2.24 per share, from $1.09 billion, or $1.41 per share, a year earlier.

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Core earnings, which exclude some pension and other costs, rose to $2.42 per share from $1.67.

Revenue rose 1 percent to $22.05 billion.

Boeing's total backlog of $440 billion as of June 30 was unchanged from the start of the quarter, the company said.

For 2014, the company said it expects core earnings of $7.90-$8.10 per share, up from its previous forecast of $7.15-$7.35 per share.