NEW YORK (AP) - Boeing breezed past almost all expectations for the third quarter and raised its outlook for the year on burgeoning defense spending.
Steady commercial aircraft sales and a tax benefit also helped jolt profit by 31 percent, sending shares of Boeing Co. up 3 percent before the opening bell Wednesday.
The Chicago plane maker had a profit of $2.36 billion, or $4.07 per share. Adjusted per-share profit was $3.58, exceeding estimates by 13 cents, according to a survey by Zacks Investment Research.
Revenue jumped 4 percent to $25.15 billion, also breezing past projections for $23.72 billion.
The company recently won contracts for several projects, including a new drone program and the MH-139 helicopter.
The U.S. military received a major budget increase earlier this year, aimed at pilot training, equipment maintenance and new weapons systems.
"''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," said CEO Dennis Muilenburg.
Boeing now expects profits of between $14.90 and $15.10 per share for 2018, up from $14.30 to $14.50. The company boosted revenue expectations by a billion dollars, to between $98 billion to $100 billion.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BA at https://www.zacks.com/ap/BA