Boeing Shares Take Off on Better-Than-Expected Quarterly Results

Shares of Boeing (BA) rose on Wednesday after the company reported quarterly results that soared past analysts' expectations.
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Shares of Boeing (BA) rose on Wednesday after the company reported quarterly results that soared past analysts' expectations. Boeing said it earned $1.1 billion, or $1.59 a share, for the second quarter, down from $1.6 billion, or $2.24 a share, a year ago. Revenue rose 11% to about $24.5 billion. Analysts were expecting earnings of $1.37 a share on revenue of $24.2 billion, according to Thomson Reuters. Boeing said its earnings were hampered by a $536 million after-tax charge tied to its military tanker program. The company reported a 9% increase in commercial airplane deliveries. Revenue in the commercial airplanes segment rose 18% to $16.9 billion. Boeing president and CEO Dennis Muilenburg said in a statement, 'Record commercial airplane deliveries to customers worldwide drove solid revenue growth, and the strength of our overall portfolio and diligent focus produced significant operating cash flow during the quarter. Strong operating performance across our commercial and defense production programs partially offset the tanker charge and enabled us to maintain our commitments to return cash to our shareholders and invest in innovation and our people.' Going forward, Muilenburg said the company's outlook for the second half of the year remains positive. Boeing lowered its 2015 earnings forecast, however.