Boeing raises forecast as third-quarter profit jumps

Boeing 787 Dreamliner
Source: Boeing Co.

Boeing reported a 12 percent jump in profit per share and raised its full-year forecast.

Net income rose to $1.51 a share from $1.35 a year ago as revenue increased 11 percent to $22.13 billion, it said on Wednesday. The gain came largely from a 14 percent surge in aircraft deliveries.

Core earnings, which exclude some pension and other costs, jumped 16 percent to $1.80 a share from $1.55.

Boeing raised its full-year core earnings forecast to between $6.50 and $6.65 a share from a previous outlook of $6.20 to $6.40.

(Read more: Stocks look technically sound amid earnings barrage)

It also lifted the forecast for unadjusted 2013 earnings to between $5.40 and $5.55 a share from $5.10 to $5.30.

Another black eye for Boeing
Another black eye for Boeing

It left unchanged its full-year revenue forecast at between $83 billion and $86 billion, and its target for delivering between 635 and 645 commercial aircraft for the full year.

In the first nine months, Boeing delivered 476 planes, including 170 in the latest quarter. That means it needs to deliver 169 in the fourth quarter to hit the top end of its target.

Boeing to increase 787 production

Boeing said it plans to increase production of the 787 Dreamliner to 12 aircraft per month in 2016, up from a target of 10 per month by the end of 2013.

(Read more: Get ready for the DC-based earnings excuses)

The company said it plans to further ramp up the production rate of its newest, high-tech plane to 14 per month before the end of the decade. Rising production allows the company to book more revenue and increases its cash flow.

The forecast came as Boeing posted results that exceeded expectations, largely on rising commercial aircraft production, sending its stock up more than 3 percent in pre-market trading. ? (Click here to get the latest quotes for the company.)

By Reuters