Boeing Shares Up 3% As Profit, Sales Blow Past Estimates

The Boeing Co. shares rose more than 3% in premarket trade Wednesday, after the company blew past profit and sales estimates and raised its outlook for the full year. The aerospace giant said it had net income of $1.362 billion, or $1.86 a share, in the third quarter, up from $1.158 billion, or $1.51 a share, in the year-earlier period. Adjusted per-share earnings were $2.14, well ahead of the FactSet consensus of $1.97. Revenue climbed 7% to $23.784 billion, also ahead of the FactSet consensus of $22.981 billion. "Continued strong operating performance across our production and services businesses drove significant growth in earnings-per-share, and enabled us to continue to capture new business, pushing our order backlog to a record $490 billion," Chief Executive Jim McNerney said in a statement. The company is now expecting 2014 adjusted per-share earnings to range from $8.10 to $8.30, up from prior guidance of $7.90 to $8.10. Revenue is still expected to range from $87.5 billion to $90.5 billion. Boeing shares are down 6.9% in the year so far, while the Dow Jones Industrial Average is up 0.2%.