The Boeing Company reported third-quarter net income of $800 million, or $1.12 per share, on revenue of $17.0 billion. The results reflect higher Commercial Airplanes volume and strong performance across the company's core businesses. Results in 2009 were impacted by a 787 R&D reclassification ($2.60 per share) and a 747 charge ($0.99 per share).
The company increased its 2010 earnings per share guidance to between $3.80 and $4.00 per share and operating cash flow guidance to greater than $1.5 billion reflecting the continued strong performance in its Commercial Airplanes business. Revenue guidance was narrowed to between $64.5 billion and $65.5 billion.
"Our results and revised outlook reflect the continued strong performance of our commercial production and services programs and the ability of our defense businesses to produce solid results in a challenging environment," said Jim McNerney, Boeing chairman, president and chief executive officer. "Orders were particularly encouraging, with a multi-year production contract for 124 F/A-18 aircraft and more than 200 net commercial airplane orders booked in the quarter, increasing our backlog and demonstrating improved overall market confidence."
Boeing's quarterly operating cash flow was $1.9 billion, reflecting strong operating performance and timing of certain receipts and expenditures. For the first nine months of 2010, operating cash flow was $1.8 billion. Free cash flow was $1.6 billion in the quarter and $1.1 billion year-to-date.
