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Boeing Reports Third-Quarter Results and Raises 2011 EPS Guidance26. ockober 2011 12:20 | Business
The Boeing Company reported third-quarter net income of $1.1 billion, or $1.46 per share, on revenue of $17.7 billion. Operating margin of 9.7 percent reflects continued strong core performance across the company's businesses, partially offset by higher pension expense.
- Earnings per share of $1.46 reported on revenue of $17.7 billion
- Backlog grew to $332 billion, including $26 billion in orders during the quarter
- Operating cash flow of $0.4 billion reflects continued investment in development programs and $0.5 billion of pension funding
- Cash and marketable securities of $9.2 billion provide strong liquidity
- 2011 earnings per share guidance increased to between $4.30 and $4.40 per share on strong core performance across businesses
The company increased its 2011 earnings per share guidance to between $4.30 and $4.40 per share reflecting the strong core performance. Total company 2011 revenue is narrowed to between $68 and $70 billion. Operating cash flow guidance is unchanged.
"Strong operational performance drove double-digit margins in both of our major businesses and produced an outstanding quarter," said Boeing chairman, president and chief executive officer, Jim McNerney. "We also strengthened our foundation for accelerated growth by completing development and certification of the 787-8 Dreamliner and 747-8 Freighter, launching the new 737 MAX, and continuing our disciplined ramp up in commercial airplane production rates. Our improved outlook for earnings reflects confidence in our market positions, and our team's relentless focus on productivity and disciplined execution."
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