Boeing posts $1 billion profit in 3Q

Washington DC
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Boeing today posted a $1 billion profit on a 13% year-on-year jump in revenues in the third quarter.

The Chicago-based airframer also saw rising costs trim net income by 6% and operating margin by 1.9 points compared to the same period a year ago.

But Boeing foresees a strong finish to the year, and raised its 2012 sales target range by $500 million to between $80.5 and $82 billion, and earnings per share by 40 cents to between $4.80 and $4.95. The company also reaffirms that between 585 and 600 commercial aircraft will be delivered, including between 70 and 85 combined 787 and 747-8 deliveries divided roughly equally.

Corporately, Boeing's total cash position improved by $900 million during the quarter, rising to $11.2 billion, including $6.6 billion in cash and $4.6 billion in marketable securities. Debt remained flat at $11.2 billion.

The ongoing production ramp-up of commercial aircraft drove Boeing's overall sales improvement during the quarter. As deliveries of commercial aircraft rose 17% to 149, revenues leaped by 28% year-on-year to $12.2 billion.