Boeing lifts full-year outlook after improved Q3 profits

Washington DC
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Boeing’s operating profit climbed 16% in the third quarter of 2013 to $1.8 billion thanks largely to more commercial aircraft deliveries.

Net earnings for the three months ending 30 September increased 12% to $1.2 billion.

Boeing’s commercial aircraft revenue climbed 15% to $14.0 billion and the division’s operating profit increased 40% $1.6 billion.

The division delivered 170 aircraft during the quarter, up from 149 during the third quarter of 2012.

Boeing’s defence, space and security revenue climbed 3% year-over-year to $8.0 billion, while the division’s operating income declined nearly a fifth to $673 million.

The company had $10.0 billion in cash and cash equivalents at the end of the quarter, down from $10.3 billion at the end of the third quarter last year.

Boeing’s order backlog increased to a record $415 billion in the third quarter.

“Consistently strong operating performance is driving higher earnings, revenue and cash flow as we deliver on our record backlog and return increased value to
shareholders," says Boeing’s president and chief executive Jim McNerney.

"Despite the uncertainty of the US defence market, overall our customer-focused business strategies and disciplined execution on our programs are producing the results we expect, and our strong year-to-date performance and positive outlook allow us to increase our 2013 guidance for earnings and operating cash flow."

Boeing has lifted its core earnings per share guidance for 2013 to the range of $6.50-$6.65, up from earlier guidance in the range of $6.20-$6.40