CHICAGO (AFP) - Aviation and defense giant Boeing said its third-quarter profit shot up 78 percent from a year ago to 456 million dollars and gave an upbeat forecast for the rest of 2004 and into 2005.
Profits at its defense and intelligence business and at its commercial airplane unit provided much of the lift for Boeing, whose earnings amounted to 56 cents a share.
Excluding all one-time gains and losses, the earnings amounted to 44 cents a share, including 14 cents for tax gains. That compared with the average Wall Street estimate of 40 cents per share.
Boeing`s revenues rose to 13.15 billion dollars from 12.18 billion in the year-ago period, outpacing the average forecast.
The company boosted its outlook for its full-year profit to between 2.40 and 2.60 dollars per share from a prior range of 2.25 to 2.45 dollars.
Boeing also said it now expects to deliver some 320 commercial aircraft in 2005, at the high end of its prior forecast. That would be an increase from the estimated 285 deliveries for 2004.
"Boeing`s strong third-quarter results reflect our relentless focus on business execution, investment for future growth and sustained value creation," said Boeing president and chief executive Harry Stonecipher.
"Our Integrated Defense Systems business again delivered strong revenue growth and outstanding profitability, and made significant progress on key programs such as Future Combat Systems and Ground-based Midcourse Defense. Commercial Airplanes generated another quarter of solid performance and continues to experience unprecedented customer interest in the (new commercial jetliner) 7E7. Our cash flow remains very strong and we`re on track to meet our operating and financial goals for 2004."
10/27/2004 - 14:09 GMT - AFP