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Boeing 2Q tops estimate

July 18, 2001 Posted: 1358 GMT

NEW YORK (CNNfn) -- Boeing Co. second-quarter earnings climbed as the world's largest aerospace manufacturer topped Wall Street expectations Wednesday with an unexpected rise in revenue.

The company, a component of the Dow Jones Industrial average, also revised 2001 revenue forecasts upward to $58 billion from $57 billion, reflecting a higher commercial airplane delivery forecast. Revenue guidance for 2002 remains unchanged at more than $62 billion.

Seattle-based Boeing (BA: up $0.57 to $56.87, Research, Estimates), which is also the biggest U.S. exporter, reported earnings of $804 million, or 95 cents a diluted share, excluding a one-time gain. Analysts surveyed by earnings tracker First Call had forecast 91 cents a share, up from 71 cents a share a year earlier. Revenue rose 3 percent to $15.4 billion. First Call had forecast a slight decline to $14.7 billion.

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Net earnings including a one-time $36 million gain related to a rosier production outlook for the F15E fighter jet, totaled $840 million, or 99 cents a share.

The company reported $9.3 billion in revenue during the second quarter for its commercial airplane segment, down from $9.9 billion a year ago. Boeing said it delivered 141 planes in the three months, down from 167 a year ago. It anticipates 400 gross orders by the end of 2001.

Boeing also revised its delivery outlook to 538 planes in 2001 and between 510 and 520 in 2002, from 530 planes in each year.

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Military aircraft and missile systems revenue increased to $3.3 billion in the second quarter from $3.1 billion a year earlier. Profit improved due to increased orders from the U.S. Air Force for F15E fighters, the company said.

Space and communications reported quarterly revenue of $2.5 billion, up 40 percent from $1.8 billion a year earlier.



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