Upsurge in aircraft deliveries boosts Boeing profits

Upsurge in aircraft deliveries boosts Boeing profits

Higher aircraft deliveries helped boost quarterly profits at Boeing by 25%.

Net earnings for the three months to September were up to $1.7 billion against $1.3 billion in the same period last year.

The US manufacturer’s commercial airplane division revenue increased by 10% to $17.7 billion on higher delivery volumes and a mix of aircraft.

The number of aircraft delivered rose to 199 from 186 in the same quarter last year.

Boeing won 166 net orders in the three months and reported a strong backlog of nearly 5,700 aircraft worth $426 billion.

Chief executive, Dennis Muilenburg, said: "By continuing to profitably deliver on our large and diverse backlog, we are driving strong growth in revenue, earnings and cash flow.

"Three quarters of solid results and confidence in our continued operating performance enabled us to raise our revenue, earnings per share and operating cash flow guidance for the year.”

The company began the final assembly and achieved “power-on” of the first new generation 737 MAX aircraft in the quarter. 

Boeing has won nearly 2,900 firm orders for the 737 MAX since launch.

Firm configuration for the new 777X, claimed to be the largest and most efficient twin-jet in the world, was also completed ahead of expected first deliveries in 2020.

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