Boeing quarterly net income soars to $1 billion
NORTH CHARLESTON, S.C. -- The Boeing Company reported that second-quarter net income rose to $1 billion, or $1.27 per share, on revenue of $20.0 billion.
Earnings per share rose two percent, reflecting continued strong core performance across the company's businesses, which more than offset higher pension expense. Earnings per share guidance for 2012 increased to between $4.40 and $4.60 reflecting the strong core operating performance.
The company also increased its revenue guidance to between $79.5 and $81.5 billion on higher defense, space and security revenues, and reaffirmed its 2012 operating cash flow outlook.
"Increased revenues and strong operating performance across both our major businesses drove significantly improved first-half 2012 results for Boeing," said Chairman, President and Chief Executive Officer Jim McNerney. "Commercial airplane deliveries increased 27 percent in the second quarter, and our defense, space and security business also produced higher revenues and strong margins in a difficult market environment.
McNerney said Boeing has strengthened its outlook for the year based on the solid first-half performance.