Boeing Raises Fiscal Year 2011 Earnings Guidance

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Last Update: 27-Jul-11 13:37 ET

Boeing (BA $72.42 +2.26) reported second quarter earnings of $1.25 per share, $0.27 better than the Capital IQ Consensus Estimate of $0.98.

Revenues rose 6.2% year/year to $16.54 billion versus the $16.54 billion consensus.

For its fiscal year 2011, the company raised its earnings guidance to $3.90-4.10 from $3.80-4.00 versus $4.12 Capital IQ Consensus Estimate. On the top line, the company reaffirmed fiscal year 2011 revenues of $68-71 billion versus the $69.32 billion Capital IQ Consensus Estimate.

Flight testing activities on the 787 and 747-8 Freighter programs are nearing completion. During the quarter, both programs entered into Function and Reliability testing, while the 787 program also began Extended Operations testing. First deliveries of the 787 and 747-8 Freighter are expected later in the third quarter.

Total firm orders for the 787 at quarter-end were 827 airplanes from 57 customers. Commercial Airplanes booked 65 net orders during the quarter and 171 during the first half of 2011. Backlog remains strong with more than 3,300 airplanes valued at $262 billion. Co lowers its CA deliveries guidance to 485-495 units down from 485-500 units prior, saying 2011 is sold out and includes the initial 787 and 747-8 deliveries (combined 25 to 30 units) this is down from 25-40.