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Shares of Boeing rose after the company announced that its Q3 profit soared 31% to $2.36 billion driven by defence volume and orders for new planes placed by airlines to meet growing demand for travel.
Boeing delivered 190 airliners in the quarter, including 57 737 MAX airplanes. That is down 12 from the same period last year, but Boeing remains ahead of its 2017 pace. It took 171 net orders, contributing to a backlog that Boeing values at $491 billion and which includes more than 5,800 commercial planes.
The leading aircraft manufacturer’s core earnings came in 11% above analysts’ average forecast at $3.58 per share in the quarter ended Sept. 30.
Thus, Boeing raised its full-year profit forecast to $14.90-$15.10 from a previous $14.30-$14.50 per share, and revenue to a range of $98 billion to $100 billion, up $1 billion from a previous forecast.