After sliding 11 cents in todayâ€™s early session, shares of Boeing Co. (NYSE: BA) climbed 20 cents mid-day after the company announced that its second-quarter earnings rose 17 percent over its 2008 second-quarter results, beating Wall Street expectations.
Boeing posted earnings of $998 million, or $1.41 per share, for the period ended June 30, up from $852 million, or $1.16 per share, for the second quarter of 2008. Earnings for the second-largest commercial plane maker include a charge of 22 cents per share for a late delivery of military aircraft.
Revenue increased 1 percent to $17.15 billion, up from $16.96 for the second quarter last year. Sales for its defense unit, which represents about half of Boeing’s overall revenue, rose 9 percent to $8.7 billion, while commercial plane revenue slipped 2 percent to $8.4 billion.
Boeing also said it will announce a revised schedule for its 787 jetliner in the third quarter, marking the fifth delay of the planeâ€™s inaugural test flight and delivery schedule.
Last month Boeing said parts of the plane needed to be reinforced, hinting at another delay. Today the company said it has identified a technical solution and is now deciding how to implement this solution.
Despite the recent delay, the company today reiterated its 2009 profit forecast of $4.70 to $5 per share, which it lowered to $4.52 in April. Still, some analysts say the guidance doesnâ€™t reflect the new schedule.