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Boeing posts earnings of $1.62 a share vs $1.37 expected

Boeing Dreamliner 787
Source: Boeing
Boeing Dreamliner 787

Boeing delivered quarterly earnings that handily topped analysts' expectations on Wednesday.

The company earned $1.11 billion, or $1.59 per share, for the second quarter ended June 30, down from $1.65 billion, or $2.24 per share, a year earlier.

The company's results were hurt by a big charge related to its military tanker program, and cut its 2015 earnings forecast.

The company said last week it would take a $536 million after-tax charge in the second quarter to account for problems with the fuel system on the KC-46A aerial refueling tanker it is developing for the U.S. Air Force.

Core earnings, which exclude pension and other costs, fell to $1.62 per share from $2.42.

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Revenue rose 11 percent to $24.54 billion.

Analysts expected earnings of $1.37 per share and revenue of $24.22 billion, according to Thomson Reuters I/B/E/S.

Commercial aircraft deliveries rose 9 percent to 197.

The company said it now expects core earnings of $7.70 to $7.90 per share for 2015, down from its previous forecast of $8.20 to $8.40 per share.

Boeing shares moved higher in premarket trading following the announcement. (Click here to track its shares.)

Boeing warned on Friday the company would recognize a charge related to its U.S. Air Force aerial refueling tanker in its second-quarter results.

The after-tax charge of $536 million reflected higher engineering and manufacturing costs to complete development on the tanker while still holding the program schedule for delivery in 2017.

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The airplane manufacturer has reported growing demand through the first half of the year. Boeing previously announced that EVA Airways plans to buy more than 20 Boeing 787 jets for around $65 billion to be delivered between 2018 and 2019.

Reuters contributed to this report.