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Boeing Shares Soar on Rising Profits

October 26, 2016

Operations Inside Boeing Co's 777 Factory And Robotics Painting FacilityOperations Inside Boeing Co's 777 Factory And Robotics Painting Facility
A Boeing facility in Everett, WashingtonPhotograph by Mike Kane—Bloomberg via Getty Images

Boeing Co reported a 33.7 percent rise in quarterly profit on Wednesday and raised its commercial airplanes delivery forecast for the year, sending its shares higher.

The world’s largest jetliner maker expects to deliver 745 to 750 commercial airplanes, up from its previous forecast of 740 to 745.

The additional planes would boost revenue by $500 million, prompting Boeing to raise its year-end revenue target to between $93.5 billion and $95.5 billion.

Boeing earned $2.28 billion, or $3.60 per share, in the third quarter, compared with $1.70 billion, or $2.47 per share, a year earlier.

Core earnings, which exclude some pension and other costs, rose to $3.51 per share from $2.52.

Both figures included a special gain of 70 cents a share, reflecting a tax benefit Boeing received by claiming more depreciation on plants and equipment than it had previously.

Revenue fell to $23.90 billion from $25.85 billion.