Boeing profit gets boost from increased deliveries


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.

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

Continue Reading Below

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.

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.