Boeing profit up, cuts 2008 revenue forecast

The world’s biggest-selling jet maker, which is also the No. 2 U.S. defense contractor, reported quarterly net profit of $1.1 billion, or $1.44 per share, compared with $694 million, or 89 cents per share, a year earlier.

Earnings from continuing operations were $1.43 per share, which easily beat Wall Street’s average forecast of $1.24, according to Reuters Estimates.

Revenue rose 12 percent to $16.5 billion, above analysts’ average forecast of $16.05 billion.

Boeing delivered 109 commercial planes in the quarter, up 9 percent from the year-ago quarter, which helped boost sales at its commercial planes unit by 23 percent to $8.3 billion.

Defense revenue increased a more modest 3 percent to $8 billion, helped by strong sales at its network and space systems unit.

Boeing raised its profit forecast for the full year to a range of $5.05 and $5.15 per share, up from a previous forecast of $4.80 to $4.95. Wall Street was expecting $5.06, on average.

It kept its 2008 profit forecast of $5.55 to $5.75 per share, below Wall Street’s average estimate of $6.04, but lowered its revenue forecast to account for the six-month delay in 787 Dreamliner production, announced earlier this month.

Boeing said it now expects 2008 revenue of $67.5 billion to $68.5 billion, down from its previous estimate of $71 billion to $72 billion. Analysts were expecting $71.2 billion, on average.