Boeing Profit Jumps, Raises Delivery Forecast

Industries Reuters

The Boeing logo is seen at their headquarters in Chicago, in this April 24, 2013 file photo.  REUTERS/Jim Young/File Photo - RTX2BW1T

The Boeing logo is seen at their headquarters in Chicago, in this April 24, 2013 file photo. REUTERS/Jim Young/File Photo - RTX2BW1T (Copyright Reuters 2016)

Boeing reported a 33.7 percent rise in quarterly profit on Wednesday and raised its commercial airplanes delivery forecast for the year, sending its shares higher.

Continue Reading Below

The world's largest jetliner maker expects to deliver 745 to 750 commercial airplanes, up from its previous forecast of 740 to 745.

The additional planes would boost revenue by $500 million, prompting Boeing to raise its year-end revenue target to between $93.5 billion and $95.5 billion.

Boeing earned $2.28 billion, or $3.60 per share, in the third quarter, compared with $1.70 billion, or $2.47 per share, a year earlier.

Core earnings, which exclude some pension and other costs, rose to $3.51 per share from $2.52.

Both figures included a special gain of 70 cents a share, reflecting a tax benefit Boeing received by claiming more depreciation on plants and equipment than it had previously.

Continue Reading Below

Revenue fell to $23.90 billion from $25.85 billion.

Boeing shares were up 1.4 percent at $140.99 in premarket trading.

(Reporting by Alwyn Scott in New York and Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta and Jeffrey Benkoe