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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Boeing posts profit rise, hikes 2010 earnings outlook AFP - 1 hour 31 minutes ago Send IM Story Print Boeing posts profit rise, hikes 2010 earnings outlook WASHINGTON (AFP) - – US aerospace giant Boeing on Wednesday posted better-than-expected third-quarter profit and boosted its full-year earnings forecast on the back of stronger commercial airplane deliveries. Boeing reported net income of 837 million dollars in the July-September period, an improved performance after the company had posted a sharp 21 percent drop in second-quarter profit to 787 million dollars. The third-quarter earnings results marked a major swing into profit compared with the same period in 2009, when the Chicago-based company posted a loss of 1.56 billion dollars amid difficulties with its new 787 Dreamliner program. Revenue topped expectations at 16.97 billion dollars, up from 16.69 billion a year ago. Earnings per share were 1.12 dollars, compared with a loss of 2.23 dollars a year earlier. That sharply exceeded the average analyst forecast of 1.05 dollars. "Our results and revised outlook reflect the continued strong performance of our commercial production and services programs and the ability of our defense businesses to produce solid results in a challenging environment," Jim McNerney, Boeing chairman, president and chief executive, said in the earnings release. "Orders were particularly encouraging, with a multi-year production contract for 124 F/A-18 aircraft and more than 200 net commercial airplane orders booked in the quarter, increasing our backlog and demonstrating improved overall market confidence." Boeing raised its guidance on 2010 earnings per share, to a range of 3.80-4.00 dollars, citing a "stronger" outlook for its Commercial Airplanes division. The previous guidance was between 3.50 and 3.80 dollars. It also confirmed it continued to expect 2011 revenue will be higher than in 2010. The company delivered 124 planes in the third quarter, up from 113 a year ago. Net orders for jetliners totaled 221, compared with 79 orders in the 2009 third quarter. The backlog of commercial orders stood at 3,401 airplanes valued at 255 billion dollars. Boeing said that commercial markets were recovering but the global economic recovery "remains fragile." Passenger and freight traffic continued to show strong signs of recovery, although the pace was moderating, the company said, while defense budget pressures weighed on its defense, space and security division. Boeing reiterated that delivery of its first 787 Dreamliner, to Japanese launch customer All Nippon Airways, will occur in the middle of the first quarter 2011. The schedule had been pushed back in August from a target of the early weeks of 2011 due to a delay in the availability of an engine needed for the final phases of flight test. The delay-plagued 787 program is almost three years behind the initial schedule. Recommend Send IM Story Print News Search Top Stories Key tiger habitats in Russia at risk: WWF Boeing posts profit rise, hikes 2010 earnings outlook Student named police chief in violent Mexican town US bank Wells Fargo boasts strong earnings Britain unveils harsh spending cuts to tackle deficit More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Much of planet could see extreme drought in 30 years: study Russian spy Chapman strips off for men's magazine US military ends gay ban US banks fight back in 'foreclosure-gate' Police break fuel blockades in France strike More Most Viewed » Time, like all good things, may come to an end: study Too much TV psychologically harms kids: study Iranian chocolate thief 'to have hand chopped off' British lottery winner gets record 129 mln euros 'A billion people' go hungry in 2010: report More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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