Boeing quarterly profits up on higher commercial deliveries

NEW YORK: US aerospace giant Boeing reported higher quarterly earnings on Wednesday and raised its full-year profit forecast for the third quarter in a row on increased commercial aircraft deliveries.

Earnings for the third quarter came in at $1.36 billion, up 17.6 percent from the year-ago period.

Key drivers included a jump to 186 commercial aircraft deliveries, up from 170 in the 2013 period. Boeing booked 501 net orders during the quarter, with Irish carrier Ryanair signing a deal for 100 Boeing 737 jets.

In its government-oriented defense, space and security segment, Boeing scored higher profits in its military aircraft unit, in part due to increased deliveries of the P-8 vehicle developed for the US Navy.

But revenues fell in the government satellite and global services businesses.

Boeing raised its full-year profit forecast to $8.10-$8.30 per share "core" earnings from the prior range of $7.90-$8.10.

"With three solid quarters behind us and confidence in our ongoing performance, we are increasing our earnings per share outlook for 2014," said chief executive Jim McNerney.

The third-quarter results translated core profits of $2.14 per share, much above the $1.98 forecast by analysts.

Revenues rose 7.5 per cent to $23.78 billion, more than the $23.02 billion projected by analysts. Boeing shares dipped 0.1 per cent to $127 in pre-market trade.