Boeing Co. raised its full-year profit and cash-flow guidance even as quarterly earnings fell from a year earlier and the company took another charge on its military tanker program.
The world's largest aerospace company still beat expectations for the sixth quarter in a row after a record number of commercial airliner deliveries in the latest period.
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Boeing added 10 cents to the midpoint of its full-year profit guidance and another $250 million in operating cash flow, a key driver in the near-doubling of its stock price over the past year. It also repurchased another $2.5 billion of its own shares.
Profits fell to $1.85 billion in the third quarter from $2.28 billion a year earlier, with the latter lifted by a large tax gain. Per-share earnings declined to $3.06 from $3.60 but were $2.72 after stripping out certain pension items, 6 cents ahead of consensus.
The latest quarter included $329 million in additional costs for the KC-46A Pegasus tanker. Boeing is unlikely to meet its target of delivering the first of a new fleet of aerial refueling tanker jets by the end of the year.
Boeing's stock fell 0.3% to $265.09 in recent premarket action.
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(END) Dow Jones Newswires
October 25, 2017 08:19 ET (12:19 GMT)