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Boeing reports strong growth in 3Q2011 profits

27-Oct-2011 11:24 AM

Boeing revenue up 4% - financial highlights for the three months ended 30-Sep-2011:

  • Revenue: USD17,727 million, +4% year-on-year;
    • Commercial Airplanes: USD9515 million, +9%;
  • Operating profit: USD1714 million, +24%;
    • Commercial Airplanes: USD1085 million, +7%;
  • Net profit: USD1098 million, +31%;
  • Aircraft deliveries:
    • Commercial Airplanes: 127, +2%;
  • Net aircraft orders: 255;
  • Order backlog:
    • Commercial Airplanes: 3500 aircraft valued at USD273 billion;
  • FY2011 forecast:
    • Revenue: USD68,700 million to USD70,000 million;
      • Commercial Airplanes: USD36,000 million to USD 37,000 million;
    • Aircraft deliveries:
      • Commercial Airplanes: 480, down from between 485 and 495, on lower planned deliveries on development programmes (now a combined 15 to 20 787 and 747-8 units, from 25 to 30 units);
    • Earnings per share (GAAP): USD4.30 to USD4.40;
  • Total assets: USD74,163 million, +8.2% when compared to period ended 31-De-2010;
  • Cash and cash equivalents: USD5954 million, +11.1% when compared to period ended 31-Dec-2010;
  • Total liabilities: USD68,102 million, +3.7% when compared to period ended 31-Dec-2010. [more – Original PR]

Boeing achieved the following during the quarter:

  • Completed the 787-8 and 747-8 Freighter completed flight testing activities and achieved FAA certification;
  • Sold 821 units of the B787 and 200 options at the end of the quarter.

Boeing: "Strong operational performance drove double-digit margins in both of our major businesses and produced an outstanding quarter.  We also strengthened our foundation for accelerated growth by completing development and certification of the 787-8 Dreamliner and 747-8 Freighter, launching the new 737 MAX, and continuing our disciplined ramp up in commercial airplane production rates. Our improved outlook for earnings reflects confidence in our market positions,” Jim McNerney, Chairman, President and CEO. Source: Boeing, 26-Oct-2011.