Shares of Boeing Co. rallied 2.4% toward a record high in premarket trade Wednesday, after the aerospace and defense giant's profit beat and raised outlook offset a sales miss. The company swung to a net profit of $1.76 billion, or $2.89 a share, from a loss of $234 million, or 37 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $2.55, beating the FactSet consensus of $2.30. Revenue fell to $22.74 billion from $24.76 billion, below the FactSet consensus of $23.03 billion. Commercial airplane revenue dropped 10% to $15.71 billion, missing the FactSet consensus of $15.94 billion, while military aircraft revenue fell 3% to $2.90 billion to match expectations. Boeing raised its 2017 adjusted EPS outlook to $9.80 to $10.00 from $9.20 to $9.40, while keeping its revenue outlook at $90.5 billion to $92.5 billion. Boeing's stock has soared 36.5% year to date, while the SPDR Industrial Select Sector ETF has climbed 10.2% and the Dow Jones Industrial Average has gained 9.4%.
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