Aerospace giant Boeing Co. on Wednesday posted third-quarter earnings of (all U.S. dollars) $837 million, or $1.12 a share, a turnaround from a final loss of $1.56 billion a year earlier. It delivered more aircraft in the latest quarter, overcoming delays caused by a Japanese supplier’s, defective seats, and total sales hit $17 billion, up 1.7 per cent.
Boeing shipped more of its top-selling Boeing 737s and Boeing 777s after receiving replacement seats. Higher production rates for these two Airplane Models are offsetting more delays in the Boeing787 Dreamliner flight-test program and in deliveries of the new version 747-8 jumbo jet – those two programs brought a $3.5-billion special charge in the third quarter of 2009.
Boeing said full year’s earnings will be about $4 a share, 20 cents higher than its previous forecast. It will have delivered 460 planes in 2010, when total sales will reach about $65.5 billion.
And the airlines customers? Delta Air Lines, American Airlines’ parent AMR Corp. and United Airways Group Inc. all posted higher than expected third-quarter profits, buoyed by higher fares in what appears to have been the industry’s best quarter since pre-recession 2007.
Capacity restraints, higher load factors, stronger business travel, busier international routes and more stable fuel costs helped all three – several other major airlines report Thursday.
Combined third-quarter earnings of the eight largest U.S. airlines will likely total $2.1 billion to $2.4 billion, analysts estimate.
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