Boeing shares jump after strong quarterly results
Boeing shares climbed on Wednesday after the company reported better-than-expected earnings and raised its full-year 2018 forecast.
The aerospace giant reported earnings per share (EPS) of $3.58 in the quarter ended Sept. 30, surpassing the FactSet consensus of $3.47 a share. Boeing increased its full-year 2018 earnings outlook to a range of $14.90 to $15.10, up from the prior $14.30 to $14.50 forecast.
Revenue grew 4 percent to $25.15 billion, well above the consensus estimate for $23.90 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 156.54 | +1.10 | +0.71% |
"This strong underlying performance, along with growth across our businesses we've seen throughout the year, give us confidence to raise our 2018 revenue and earnings guidance and reaffirm our operating cash flow guidance,” Boeing CEO Dennis Muilenburg said in a statement.
The company raised its 2018 guidance for EPS to a range of $14.90 to $15.10, up from its prior call for $14.30 to $14.50. The company now expects revenue will come in the range of $98 billion to $100 billion, up from $97 billion to $99 billion.
Boeing's total backlog of orders grew to $491 billion in the third quarter, up $3 billion from the previous quarter. While the company booked a $691 million charge due to investments in Pentagon contracts, it is related to the company’s attempt to grab more business in what could be a $60 billion market for its defense training jet and refueling drone, according to Dow Jones Newswires.