Boeing profit climbs on strong defense sales

updated 8:25 a.m. ET July 22, 2009

CHICAGO - 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.

Also in msnbc.com business Retailers learn lessons from Black Friday death Your Career: How your name may hurt you Answer Desk: Unemployment benefit madness Pop-up stores try to entice holiday shoppers   Video: Stores are hoping for a holiday miracle

MORE FROM EARNINGS

Earnings Section Front

Barnes & Noble, Borders post losses Spam maker's profit rises 50 percent Campbell's profits rise despite falling sales Tyson Foods profit drops, but sales rise Smucker's profit surges after acquiring Folgers Dell profit falls 54 percent amid PC slump Sears posts second consecutive quarterly loss Gap profit up 25 pct in 3Q as Old Navy recovers Earnings Section Front   Add Earnings headlines to your news reader: