Aircraft maker Boeing Co (NYSE:BA) this morning posted strong Q3 earnings results and slightly lifted its aircraft delivery outlook, despite a downturn in revenue.
The Seattle-based company reported Q3 EPS of $3.51, bolstered largely by favorable one-time tax items. That total doesn’t compare to analysts’ view of $2.62. Revenues fell 7.5% from last year to $23.9 billion, but stil beat the $23.6 billion consensus estimate.
Looking ahead, BA raised its commercial airplane deliveries forecast. It now expects to deliver 745 to 750 new planes, up from from 740-745 previously. Accordingly, Boeing reiterated its full-year EPS outlook range of $6.10 to $6.30, but lifted its revenue forecast to $93.5 to $95.5 billion. Analysts are looking for EPS of $6.29 on revenue of $94.04 billion.
The company commented via press release:
“Solid operating performance across our commercial and defense and space businesses in the third quarter again generated strong cash flow for Boeing, which continues to fuel investments in our future and enable us to deliver compelling returns to our shareholders,” said Chairman, President and Chief Executive Officer Dennis Muilenburg. “We also captured key orders, reinforcing the strength of our large and diverse order backlog.”
Boeing shares rose $2.98 (+2.14%) to $142.00 in premarket trading Wednesday. Prior to today’s report, BA had fallen 3.85% year-to-date, versus a 5.04% gain in the benchmark S&P 500 during the same period.