NEW YORK – Boeing Co. (BA) on Wednesday reported a higher-than-expected second-quarter profit compared with a year-ago loss, and raised its full-year forecast as it ramped up delivery of its hot-selling commercial planes and defense sales remained strong.
Its shares jumped 6 percent to an all-time high of $110 in electronic trading before the bell.
Boeing, which vies with Airbus for the title of world's biggest plane maker and is the Pentagon's No. 2 supplier, reported quarterly profit of $1.1 billion, or $1.35 per share, compared with a loss of $160 million, or 21 cents per share, in the year-ago quarter.
Revenue rose 14 percent to $17 billion.
That easily beat Wall Street's earnings forecast of $1.16 per share, on average, on revenue of $16.01 billion, according to Reuters Estimates.
Boeing's sales of commercial jets rose sharply as it delivered 114 planes in the quarter, up 18 percent from the year before.
The Chicago-based plane maker is ramping up deliveries of planes, reflecting a three-year surge in orders that allowed it to reclaim the title of biggest-selling plane maker from its European rival last year.
For the full-year, Boeing raised its earnings forecast to $4.80 to $4.95 per share, up from its previous range of $4.55 to $4.75 per share. Analysts are expecting $4.91 per share, on average.
For 2008, it kept its earnings forecast of $5.55 to $5.75 per share. Analysts are expecting $6.12 per share, on average.