Leading global aerospace manufacturer Boeing outperformed expectations as its core earnings rose to $3.64 per share from the $2.17 recorded a year earlier, greatly surpassing estimates of $2.58.
The results were largely driven by a rise in the company’s commercial deliveries, up 9% to 184 for the three-month period ended 31 March. Alongside these deliveries, the company also announced that it had received 221 net commercial aircraft orders for during Q1, with total revenue also up 6% for the quarter.
“During the quarter we captured important new business, including an initial contract for 28 F/A-18 Super Hornets for Kuwait, a Ground-based Midcourse Defense program contract extension from the Missile Defense Agency, and we delivered the first Space Launch System intertank hardware to NASA,” said Boeing’s Chairman, President and CEO, Dennis Muilenburg, listing some of the company’s recent achievements.
“We achieved the first flight of the 737 MAX 7, and delivered the first 787-10 Dreamliner and the first 737 MAX 9.”
As a result, Boeing has raised its full-year earnings forecast by 50 cents to between $16.40 and $16.60 per share, with total annual revenue expected to fall slightly short of $100bn, somewhere between $96-98bn.
“Going forward, we remain focused on our disciplined growth strategy, improved profitability and cash flow to ensure we meet our commitments to our customers and our shareholders,” Muilenburg continued.
Boeing’s shares rose 2% off the back of the announcement.