SHARES in plane manufacturer Boeing ascended yesterday as the firm beat Wall Street’s forecasts on adjusted profits and revenues.
The company posted an eight per cent rise in turnover to $20.5bn (£12.2bn) for the first three months of the year, driven by demand from commercial airlines improving their fleets.
The increase was amplified by the tough quarter Boeing endured a year ago, when battery problems with the new Dreamliner 787 model kept planes grounded and customers wary.
But Boeing took $19bn of new orders during the past quarter, taking its order backlog up to a whopping $440bn, of which $374bn comes from commercial planes.
Revenues from military aircraft orders fell 13 per cent in the quarter to $3.5bn, reflecting a windfall on the new F-15 models a year ago, and revenues from Boeing’s satellite unit fell four per cent to $1.9bn.
The firm lifted its core earnings forecast yesterday to reflect a tax settlement but left the rest of its full-year results outlook unchanged. In the quarter, adjusted operating earnings rose 12 per cent to $2.1bn, though net earnings fell 13 per cent to $965m, due to pension plan changes.
“Our outlook for the full year remains positive on the strength of demand for our fuel-efficient new commercial airplanes, our solid position in global defense, space and security markets, and our enterprise focus,” said chief executive Jim McNerney.
New York-listed shares in the firm closed 2.4 per cent higher yesterday.