Rising demand for travel is providing Boeing with a huge tail wind, pushing earnings and revenue beyond Wall Street expectations in the first quarter.
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The aircraft maker also boosted its 2018 profit outlook and cited a strong backlog on orders. It expects to increase production of its 767’s over the next within the next two years.
“Our team’s strong first-quarter performance, combined with the positive market outlook across our businesses and our confidence in executing on our production and development programs, gives us a solid foundation to raise our guidance for the year,” said President and CEO Dennis Muilenburg.
Profit rose 57 percent to $2.48 billion, or $4.15 per share. Per-share earnings, adjusted for non-recurring gains, were $3.64, blowing past analyst projections for $2.59.
Revenue rose 6 percent to $23.38 billion with the Chicago company making 184 deliveries of commercial aircraft.
The company’s defense segment also gained ground, getting an initial contract from Kuwait for 28 F/A-18’s, among other international contracts.
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Looking ahead, Boeing raised its projected 2018 per-share profit range to between $16.40 and $16.60 from $15.90 to $16.10. It still expects revenue between $96 billion and $98 billion.
Shares of Boeing Co. rose 3 percent in premarket trading.
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Elements of this story were generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on BA at https://www.zacks.com/ap/BA
