Boeing (BA - Get Report) said it easily beat Wall Street's earnings forecast for the first quarter, as the Puget Sound earthquake at the end of February didn't have a major financial impact on the company's results.
The jetmaker said it earned $762 million, or 89 cents a share, excluding nonrecurring items, in the first quarter. Sixteen analysts polled by Thomson Financial/First Call were expecting Boeing to produce earnings of 80 cents a share, up significantly from 41 cents in the year-ago period.
Revenue rose to $13.3 billion from $9.9 billion in the same period last year.Shares of Boeing, which is based in Seattle, jumped $2.79, or 4.6%, to $63.42 in recent New York Stock Exchange trading. The company, a component of the Dow Jones Industrial Average, also reaffirmed its guidance for 2001 and 2002. "As promised, we continue to execute well on our core businesses, invest for future growth and competitiveness and maintain significant balance sheet strength," the company said in a statement. In 2001, the company expects revenue of about $57 billion. Boeing expects revenue to reach more than $62 billion in 2002. Analysts are expecting the company to earn $3.71 a share in 2001 and $4.38 in 2002.