Boeing Flies Above Expectations

Boeing, Co. (BA) posted better than expected second-quarter results before the bell this morning on strong defense sales and cost saving measures in its commercial airline business.

Earnings came in at $1.41 per share, up from $1.16 last year when the company took a one-time hit of 22 cents related to the late delivery of military aircrafts. Analysts were looking for earnings of $1.19. Sales edged up 1% to $17.15 billion.

The company said that its commercial aircraft backlog stood at $257 billion, while the backlog for its integrated defense systems was $70 billion. Boeing also addressed ongoing issues with the late delivery of its Dreamliner aircraft, saying it has identified solutions to certain structural problems that it will announce in the third quarter.

Boeing went ahead and confirmed its full-year forecast, saying it still expects to earn between $4.70 and $5.00 per share. Analysts are a bit more cautious, targeting earnings of $4.58.

Overall it was a surprisingly strong performance from the world’s largest aircraft maker in a challenging environment where government and commercial spending are down due to ongoing economic uncertainty.

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