Despite calamities and crashes, Boeing still soars

A Boeing 787 Dreamliner
Stuart Isett | Bloomberg | Getty Images
A Boeing 787 Dreamliner

The past month has not been great for Boeing, with a deluge of troubles including a fatal crash-landing at San Francisco International Airport and a fire aboard a Boeing 787 at London Heathrow. But last week, the aviation behemoth reported earnings that exceeded estimates, and raised its revenue guidance for the year. So, what's Boeing's secret?

Shares in Boeing continue to rise, after it reported second quarter earnings of $1.09 billion (£711 million) on revenue of $21.82 billion (£14.19 billion) and raised its revenue guidance for 2013.

Michel Merluzeau, a managing partner at aerospace consultancy G2 Solutions, said the crash-landing of the Asiana 777 at San Francisco, which killed three and injured 181, had impacted the Asiana airline brand, rather than Boeing.

"One has to look at the Boeing brand beyond just the 787 or an Asiana 777," Merluzeau said. "Remember, it's the Asiana brand that is damaged there, not the Boeing brand."

"On the contrary, the accident demonstrated clearly the progress and advances made by Boeing, and others, in terms of airframe and passenger survivability," he added.

Merluzeau added that Boeing benefited from its diversified portfolio, with a strong defense aircraft manufacturing side. Plus, its geographical diversification in terms of manufacturing bases boosts its resilience, he said.

"Increased shift of work to South Carolina will please the street," said Merluzeau, referring to Boeing's two U.S. plants, one in South Carolina and one in Washington state (WA).

"I for one would not bet on 777X to remain in Washington: our own analysis suggest risks, but also significant benefits, from moving that to South Carolina. Strategy is key, Boeing needs to counter Airbus in that domain… WA state is moving too timidly, and some local politicians are not being very smart about it."

(Read more: 787 fire: Investigators focus on key component)

Boeing ordered airlines to inspect up to 1,200 aircraft on Monday, following this month's fire on a 787 Ethiopian Airlines jet at London Heathrow. In addition, All Nippon Airways revealed on Monday that it had cancelled a Okayamo-to-Tokyo Boeing 787 flight after problems with the aircraft.

Nonetheless, Boeing secured 442 aircraft orders at the Paris Air Show in June, and John Strickland, director of JLS consulting, told CNBC that it was important to remember how much had been achieved with the 787 Dreamliner.

"All new aircraft do get problems," Strickland said. "The 787 perhaps has got proportionately more because it's so leading edge, using different technologies, different systems, different manufacturing processes.

"Just taking one of those on its own would have been quite a mouthful to swallow without indigestion, but to do all three, Boeing does acknowledge that if they'd had the benefit of hindsight, they perhaps would have done less."

Still, Strickland said Boeing has to solve the Dreamliner problem once and for all, as the aircraft remained central to its future success.

"There really has to be now the maximum effort to get to the bottom of the different problems," he said.

(Read more: Airline report card: How bad is your carrier?)

Correction: An earlier version of this story misstated the conversion of dollars to pounds in Boeing's earnings.