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Boeing profit climbs on strong defense sales

Boeing's second-quarter earnings rose 17 percent to beat analyst expectations amid robust defense sales and higher operating profit for its commercial aircraft division.
/ Source: The Associated Press

Boeing Co. said Wednesday its second-quarter earnings rose 17 percent from a year earlier, when a charge weighed down results. Higher defense sales and lower costs in its commercial aircraft division boosted the company's profit in the latest period.

The Chicago-based company also said it would announce a revised schedule for its long-delayed 787 jetliner in the third quarter. Boeing's credibility suffered a serious blow last month when it announced the latest of several costly delays of the plane's inaugural test flight.

Boeing, the world's second-largest commercial plane maker, said it earned $998 million, or $1.41 per share, for the three months ended June 30. That compares with $852 million, or $1.16 per share, during the same period last year, which included a charge of 22 cents per share for late delivery of military aircraft.

Revenue edged up 1 percent to $17.15 billion from $16.96 billion in the year-earlier period.

Analysts surveyed by Thomson Reuters, on average, had expected a profit of $1.21 per share on revenue of $17.15 billion. Analyst estimates typically exclude one-time items.

Boeing and its European archrival, Airbus, face dwindling orders for new planes as the global recession undercuts demand for air travel and cargo services.