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Afp

Boeing reports jump in 1Q profits, lifts 2018 forecast

By AFP
media The Boeing logo on the first Boeing 737 MAX 9 airplane is pictured during its rollout for media in March 2017 AFP

Boeing reported a surge in first-quarter profits Wednesday and lifted its full-year earnings forecast following a strong performance in commercial aviation and defense programs.

The aerospace giant reported earnings of $2.5 billion, up 56.9 percent from the year-ago period. Revenues rose 6.5 percent to $23.4 billion.

Boeing notched higher commercial plane deliveries compared with the year-ago quarter. Models with gains included the narrow-aisle 737 and the 787 "Dreamliner" plane.

Earnings in Boeing's defense division were lifted by strong weapons volume. Boeing won new business from Kuwait and said it was making progress on the KC-46 tanker program, a US Air Force transport aircraft contract that has led to unexpected cost increases in prior quarters.

Boeing lifted its full-year forecast range from $13.80 to $14.00 per share to $14.30 to $14.5 per share, excluding pension costs.

"Our team's strong first-quarter performance, combined with the positive market outlook across our businesses and our confidence in executing on our production and development programs, gives us a solid foundation to raise our guidance for the year," said chief executive Dennis Muilenburg.

Shares rose 2.5 percent to $337.39 in pre-market trading.

 
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