Boeing posted second-quarter earnings that outpaced Wall Street estimates, primarily on the strength of hefty jet deliveries.
The two units featuring Boeing’s space-related operations combined to contributed $9.4 billion in quarterly revenue:
- In the company’s Defense, Space & Security unit, three-month revenue through June hit $7.5 billion. There was a 7 percent operating profit after accounting for a $322 million pre-tax charge for a tanker program.
- Network & Space Systems’ quarterly revenue totaled $1.9 billion, with an operating margin of almost 8 percent. The quarter saw the unit nab Boeing’s first-ever commercial contract.
Overall, the Chicago-based company reported $24.5 billion in quarterly revenue, for an 11 percent jump from a year earlier. A consensus Street estimate had projected the top line would be $24.3 billion.
Net income was $1.1 billion, or $1.59 a share. Boeing reported $2.24 a share in the year-ago period, thanks to a one-time tax benefit.
Tigress Financial upgraded its rating on Boeing’s shares (NYSE: BA) to “buy” from a previous rating of “neutral” one day after the financial results were released.
That again goosed shares upward as the stock had a trading high of $146.77 on July 23, poking toward the upper end of its 52-week trading range of $116.32-$158.83.