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Boeing Beats Estimates on Strong Sales

CHICAGO ( TheStreet) -- Boeing (BA - Get Report) beat earnings estimates, crediting strong sales of both commercial and defense aircraft, and said its order book grew by $25 billion.

The company said it earned $837 million, or $1.12 a share, in the third quarter. Analysts surveyed by Thomson Reuters had estimated $1.06. Revenue rose 2% to $17 billion. Analysts had estimated $16.8 billion.

In the same quarter a year earlier, Boeing lost $1.6 billion, equivalent to a loss of $2.23 a share, as it booked losses related to delays in development of the 787 and 747-800.

Looking ahead, the company boosted full-year guidance to between $3.80 and $4 a share as a result of the stronger outlook for commercial aircraft sales. Analysts had been estimating $3.96. Boeing also said it expects full-year operating cash flow to exceed $1.5 billion, while revenue would fall between $64.5 billion and $65.5 billion. Analysts were estimating $64.5 billion.

"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," said CEO Jim McNerney, in a prepared statement. "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."

Boeing's backlog increased to $321 billion.

-- Written by Ted Reed in Charlotte, N.C. .

>To contact the writer of this article, click here: Ted Reed

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