Boeing (NYSE: BA) reported third-quarter earnings before the market opened on Wednesday.
The aerospace giant raised its full year earnings forecast to a range of $11.20 – $11.40, up ten cents from its previous range of $11.10 – $11.30. The company says the upward adjustment is due to a lower-than-expected tax rate.
Chairman and CEO Dennis Muilenburg said Boeing delivered "a record 202 commercial airplanes" in the quarter as it increases production of the 737 MAX aircraft.
Earnings per Share came in at $2.72 vs. $2.66 expected. Revenue was $24.3 billion versus $23.9 billion expected.
Two of Boeing's businesses – Commercial Airplanes and Defense, Space & Security – saw declines in revenue – by 1% and 5%, respectively – compared to the same time last year.
The business segments saw a combined $329-million charge due to production problems with the KC-46 aerial refueling tanker. The program remains in testing as Boeing seeks to certify the aircraft.
The quarter ended with a $474 billion orders backlog, which includes $16 billion added during the quarter, down from $482 billion three months ago.
Boeing's trade dispute with Bombardier (TSX: BBD.B) dominated both headlines and stock valuations over the past three months.
At the center of the dispute are 75 Bombardier C Series jets, which Boeing alleged were sold to Delta Air Lines (NYSE: DAL) for "absurdly low prices, in violation of U.S. and global trade laws." Bombardier refuted the allegations as "pure hypocrisy."
Shares in Boeing opened Wednesday trading down $1.51 from Tuesday’s close at $264.49
Related Stories
