New York: Boeing reported better-than-expected quarterly earnings yesterday and lifted its full-year profit forecast, citing a strong operational performance and tax savings not anticipated earlier in the year.
Net income in the second quarter was $1.8bn, up from the $234m loss in the year-ago period due to one-time costs on its military and commercial aircraft programmes. Revenues fell 8.1 percent to $22.7bn on lower commercial deliveries. Earnings from Boeing’s defense division rose due to higher profit margins and more favorable timing on contract awards compared to the year-ago period.
The company boosted its full-year forecast targets, lifting the range for projected 2017 earnings-per-share to $11.10 to $11.30 per share, up from $10.35 to $10.55 per share.A key factor in the better outlook was $700m in cash tax savings from accelerated pension funding.
