Boeing has reported growth in its third-quarter earnings of 20 per cent to US$2.1 billion over the same period last year, on revenues of US$22.1 billion.
Boeing Commercial Airplanes’ third-quarter revenue increased to US$14.0 billion in a period that saw the company complete its first 787-9 first and the launch of the 787-10. Boeing intends to increase 787 production from 10 to 12 a month in 2016, with plans to increase to 14 per month before the end of the decade. Two hundred net orders were received during the quarter, with the backlog standing at nearly 4,800 aircraft valued at a record US$345 billion.
Boeing Military Aircraft (BMA) third-quarter revenue was down five per cent to US$3.5 billion, primarily reflecting lower delivery volume. During the quarter, BMA was awarded a low-rate initial production award for 13 P-8A Poseidon aircraft.
Boeing Chairman and CEO Jim McNerney said: “Despite the uncertainty of the US defense market, overall our customer-focused business strategies and disciplined execution on our programs are producing the results we expect, and our strong year-to-date performance and positive outlook allow us to increase our 2013 guidance for earnings and operating cash flow.”
Despite the fall-off in defense revenues, Boeing expects a 12 per cent year-over-year increase in core earnings.
