Boeing profits jump in Q2, raising full-year outlook

Washington DC
Source:
This story is sourced from Pro
See more Pro news »

Higher commercial aircraft deliveries helped Boeing grow operating profit in the second quarter compared to the same period a year ago.

Boeing's operating profit improved 11.3% year-on-year to $1.72 billion in the period ending on 30 June. Net income, including a $546 million income tax bill, rose 12.4% to $1.09 billion.

The Commercial Airplanes division continued to dominate the overall company's revenues, accounting for 63% of all sales or three percentage points higher than last year's second quarter.

Commercial Airplanes revenue jumped 15% year-on-year to $13.6 billion, as aircraft deliveries rose 12.7% to 169 during the second quarter. The deliveries included 10 more 787s and seven more 737s than last year.

Boeing held $8.69 billion in cash and cash equivalents at the end of the second quarter, down from $10.3 billion at the beginning of the year.

Boeing also raised guidance on full-year earnings and revenue. The comapny's forecasted range for overall revenues is now between $83 billion to $86 billion, with $51 billion to $53 billion contributed by the Commercial Airplanes division on deliveries of between 635 to 645 aircraft with an operating margin of 9.5%.