Boeing reports Q3 gains, raises 2012 outlook
Boeing posted $20 billion in revenue for the third quarter, a 13-percent, year-over-year, surge. The U.S. aircraft manufacturer’s performance, which surpassed analysts’ projections, was propelled by a steady increase in passenger and military aircraft deliveries.
Even so, Boeing’s net income stalled slightly in the third quarter, falling from $1.1 billion to $1.03 billion, year-over-year. Earnings from operations also dropped modestly during the quarter that ended September 30, declining 9 percent, year-over-year.
Boeing President and CEO Jim McNerney said the company’s individual business segments saw hefty growth during the quarter, however. “Our defense, space and security business maintained double-digit margins in a challenging environment, while commercial airplanes continued to build momentum with 787 deliveries and 737 MAX orders,” he said in a statement.
“Strong core operating performance drove increased earnings in both our major businesses, along with higher overall revenues, improved cash flow and solid earnings per share even as pension headwinds rose,” McNerney added.
The company’s third-quarter performance also led officials to elevate Boeing’s earnings forecast for 2012. Instead of the $4.40 to $4.60 per share price officials previously anticipated for 2012, Boeing executives are projecting $4.80 to $4.95 a share for all of 2012. McNerney said that these numbers reflect the company’s “clear focus on quality, productivity and disciplined program execution.”