Boeing shares were up Wednesday after the company reported strong third-quarter earnings due to their defense business and increased efficiency in their commercial aircraft production. The company also increased it's 2018 earnings and revenue guidance. Expectations will be a record year for revenue.-Revenue increased to $25.1 billion driven by higher defense and services volume
-GAAP EPS of $4.07 and core EPS (non-GAAP)* of $3.58 on solid execution across the company
-Strong operating cash flow of $4.6 billion; repurchased 7.0 million shares for $2.5 billion
-Total backlog grew to $491 billion, including more than 5,800 commercial airplanes
-Cash and marketable securities of $10.0 billion provide strong liquidity
-Reaffirmed cash guidance; raised revenue and EPS guidance; updated segment margin guidance
"Our teams continued to perform at a high level during the quarter, driving solid operating performance and robust cash generation, and continuing to deliver on our One Boeing advantage by bringing the best of Boeing to our customers," said Boeing Chairman, President and Chief Executive Officer Dennis Muilenburg.
"During the quarter we captured important new defense business, winning and investing in the MQ-25 and T-X programs and securing the MH-139 contract, clearly demonstrating the value Boeing brings to customers while positioning us well for future growth opportunities. Within the Commercial Airplanes business, the 777X static test airplane was completed and moved into test setup and the team's focus on execution across our production programs continued to drive outstanding performance and strong operating margins. Our Global Services business continues to deliver on total lifecycle value to our customers, with key wins in the quarter including P-8 Poseidon training contracts for the U.S. Navy and Royal Australian Air Force and an order from GECAS for 20 737-800 Boeing Converted Freighters. Additionally, we began integrating new data analytics tools, powered by Boeing AnalytX, into all Boeing Defence Australia support contracts, enhancing its position as a leading fleet services provider in the region."
"This strong underlying performance, along with growth across our businesses we've seen throughout the year, give us confidence to raise our 2018 revenue and earnings guidance and reaffirm our operating cash flow guidance."
Read the full earnings report here: http://boeing.mediaroom.com/news-releases-statements?item=130323