Boeing Shares Climb 3% As Company Reports Better-than-expected Earnings, Raises Outlook

By Ciara LinnaneMarketWatch Pulse

The Boeing Co. shares rose 3% in premarket trade Wednesday, after the aerospace company blew past profit and sales estimates for the third quarter and raised its outlook. The company said it had net profit of $1.70 billion, or $2.47 a share, in the quarter, up from $1.36 billion, or $1.86 a share, in the year-earlier period. Adjusted EPS came to $2.52, well ahead of the FactSet consensus of $2.21. Revenue rose 9% to $25.8 billion, also ahead of the FactSet consensus of $24.7 billion. "Three quarters of solid results and confidence in our continued operating performance enabled us to raise our revenue, earnings per share and operating cash flow guidance for the year," Chief Executive Dennis Muilenburg said in a statement. Boeing shares have gained 6.9% in the year so far, while the Dow Jones Industrial Average has lost 3.4%.

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