Aircraft manufacturer Boeing (NYSE:BA) failed to fly by Wall Street’s full-year forecasts Wednesday but beat estimates for second-quarter profit and revenue.
Excluding items, Boeing earned US$3.33 per share in the quarter on revenue of US$24.3bn, zipping past analysts’ projections of US$3.26 per share on revenue of US$24.04bn.
Looking ahead, Boeing’s projection of a profit range of US$14.30 to US$14.50 per share fell short of analysts’ consensus estimate of US$14.53.
The results did not sit well with investors, who sent Boeing shares down 2.5% to US$349.30 in the opening minutes of trading.
Boeing is in the midst of increasing the number and range of aircraft it provides. A US$4.75bn joint venture agreement with the Brazilian plane group Embraer announced this month paves the way for Boeing to become the dominant player in passenger jets.
The company booked 239 net commercial airplane orders in the quarter, which included 59 787s. Its backlog of orders also remains fairly robust with nearly 5,900 airplanes valued at US$416bn.
“In the quarter, we generated improved revenue and earnings, delivered strong cash and captured US$27 billion in new orders,” said Boeing CEO Dennis Muilenburg, in a statement.
Contact Ellen Kelleher at Ellen@proactiveinvestors.com