Boeing reported better-than-expected quarterly earnings Wednesday and lifted its full-year profit forecast, citing a strong operational performance and tax savings not anticipated earlier in the year.
Net income in the second quarter was $1.8 billion, up from the $234 million loss in the year-ago period due to one-time costs on its military and commercial aircraft programs.
Revenues fell 8.1 percent to $22.7 billion on lower commercial deliveries. Profit margins in the commercial aircraft divisions increased, although the company delivered fewer planes than in the year-ago period.
Earnings from Boeing’s defense division rose due to higher profit margins and more favorable timing on contract awards compared to the year-ago period.
The company boosted its full-year forecast targets, lifting the range for projected 2017 earnings-per-share to $11.10 to $11.30 per share, up from $10.35 to $10.55 per share.
A key factor in the better outlook was $700 million in cash tax savings from accelerated pension funding.
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