NEW YORK (TheStreet) -- Boeing (BA) rose Wednesday after the world's largest plane manufacturer reported first-quarter earnings that surpassed analysts' expectations and increased its fiscal year guidance.
Boeing's adjusted net profit rose to $1.76 a share from $1.73 a share in the same period one year earlier, but the increase totaled 14% after the exclusion of a one-time gain of 19 cents a share for a research and development tax credit booked in 2013. This handily beat the expectation of $1.56 a share from analysts polled by Thomson Reuters I/B/E/S.
Non-adjusted profit declined 13% year over year to $965 million, or $1.28 a share, from $1.11 billion, or $1.44 a share. Revenue rose 8% year over year to $20.47 billion from $18.89 billion.
Commercial airplane deliveries rose 18% to 161 from 137 thanks to an increase in production rates for the company's best-selling 737 jetliner and 787 Dreamliner. This figure also beat some analysts' expectations.
Boeing increased its core earnings forecast to a range of $7.15 a share to $7.35 a share, up from its previous forecast of $7.00 a share to $7.20 a share.
The stock was up 2.11% to $130.24 at 9:56 a.m. on Wednesday.
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Separately, TheStreet Ratings team rates BOEING CO as a "buy" with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation: