Boeing Earnings Top Estimates as Net Rises 17%

The aircraft maker beat second-quarter analysts' earnings estimates but declined to update its 787 schedule or its earnings guidance.
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beat second-quarter estimates as net income rose 17%, but the company declined to update its 787 schedule or its earnings guidance.

Net income was $998 million, or $1.41 a share. Analysts surveyed by Thomson Reuters had estimated $1.21 a share. Revenue rose 1% to $17.2 billion, in line with estimates. A year earlier, net income was $852 million, or $1.16 a share, after a special charge of 22 cents a share.

The aircraft maker said it is still assessing the schedule and financial implications from delays in the 787 program because of the need to reinforce an area within the side-of-body joint. The company expects to issue a new 787 schedule during the third quarter, at which time earnings guidance will be reevaluated.

Boeing said it benefited from growth in defense programs and commercial airplanes. "Our continued focus on productivity improvements and disciplined cash management drove solid overall results for the quarter," said CEO Jim McNerney, in a prepared statement. "While market and development program execution challenges remain with us, we are doing what's necessary to emerge from the current economic environment as a stronger company that's better positioned to grow and improve its financial performance over time."

For the time being, Boeing left its earnings guidance unchanged between $4.70 and $5 a share.