Boeing has recorded an $0.8 billion profit for the third quarter, reversing a $1.6 billion loss a year ago driven by delays in its 787 and 747 development programmes.
Now citing strong performance it its commercial aircraft business, Boeing has upped earnings per share guidance in 2010 to $3.80-$4.00 from $3.50-$3.80, and estimates an operating cash flow of more than $1.5 billion.
Boeing's third quarter revenues were roughly flat year-over-year at $17 billion while operating cash flow grew from $1.2 billion to $1.9 billion. The company reversed a negative 13% operating margin in the third quarter of 2009 to 8% for the three months ending 30 September.
A 10% rise in commercial aircraft deliveries year-over-year drove an increase in commercial aircraft revenues from $8 billion to $9 billion. Boeing delivered 124 aircraft in the third quarter, compared with 113 the year prior. he company also reversed a negative 36% operating margin from its commercial aircraft business in the third quarter of 2009 to a positive 12% this year.
Boeing booked 257 gross orders during the quarter and removed 36 from the order book, compared to net orders during the year prior of 79 aircraft.
Revenues in Boeing defence, space and security segment for the third quarter reached $8 billion compared with $9 billion the year prior while revenues for Boeing Capital grew from $166 million to $170 million .
Boeing ended the third quarter with $10 billion in cash and marketable securities and a consolidated debt of $12.4 billion.