Boeing revises 2011 delivery guidance as Q2 profits grow

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Boeing has revised downward its guidance for its 2011 commercial aircraft deliveries to 485 to 495 aircraft, reducing its anticipated number of combined 787 and 747 deliveries from 25 to 40 to 25 to 30.

Boeing expects first deliveries of both the 747-8F and 787 during the third quarter.

The airframer reported a 20% year-over-year increase in its second quarter net income to $941 million up from $787 million the year prior. Revenues grew 6% to $16.5 billion, driven by increasing 777 deliveries.

The company's operating earnings for the quarter rose 17% to $1.53 billion, expanding the overall operating margin from 8.4% to 9.3%.

After delivering 118 commercial aircraft in the second quarter, 4% higher than the same period in 2010, Boeing Commercial Airplanes reported a 19% spike in revenues to $8.84 billion, leading to a 10.4% operating margin and an operating profit of $920 million, up 35% year-over-year.

The company holds a commercial backlog of 3,300 commercial aircraft valued at $262 billion, after booking 171 net orders in the first half of the year.