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Boeing profits soar 61% on deliveries

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGame Center: Chargers at Kansas City Chiefs, Sunday, 10 a.m.That news sent the company’s shares down during most of trading Wednesday, but analysts said they were still pleased by the company’s better-than-expected third- quarter performance. “Obviously it was a very solid quarter driven by the commercial aircraft division, but investors are more focused on the outlook for 2008 and beyond,” Edward Jones analyst Matt Collins said. “The $100 billion question is when can they deliver the 787.” Boeing, which operates its Satellite Development Center in El Segundo, announced earlier this month that it would delay its first delivery of the 787 by six months to November or December 2008 because of problems it has encountered assembling the first few planes. Executives said Wednesday that customers were frustrated by the delay, but orders for the plane continued at a steady clip. The company inked 73 new orders for the plane during the third quarter, bringing total firm orders to 710. For the quarter ending Sept.30, Boeing’s profit rose 61percent and amounted to $1.44 per share, up from $694million, or 89 cents per share, a year ago. Boeing delivered 109 planes and booked 354 gross orders during the quarter. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! By Ashley M. Heher THE ASSOCIATED PRESS CHICAGO – The world’s No. 2 commercial airplane maker posted its best profit in nearly four years Wednesday as higher commercial airplane deliveries helped Boeing Co. earn $1.1 billion in the third quarter. The results beat Wall Street expectations, but the company cautioned that a six-month delay in the launch of its new 787 Dreamliner plane would cut into its 2008 revenue and cause it to push 35 plane deliveries from 2008 into 2009. last_img read more

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