Boeing reports third-quarter results and raises 2012 guidance

Boeing reported third-quarter net income of $1.0bn on continued strong core performance and revenue of $20.0bn. Increased earnings at Commercial Airplanes and Defense, Space and Security were more than offset by higher pension expense of $194m. Earnings per share guidance for 2012 was raised to between $4.80 and $4.95. The company also raised its revenue guidance to between $80.5 and $82bn on higher Defense, Space and Security revenue, and increased its 2012 operating cash flow outlook to greater than $5.5bn. Boeing’s quarterly operating cash flow before pension contributions was $2.3bn. Operating cash flow was $1.6bn, with higher commercial airplane deliveries and strong operating performance more than offsetting continued investment in the 787 program and discretionary pension funding. Free cash flow was $1.2bn in the quarter. Total company backlog at quarter-end was $378bn, up from $374bn at the beginning of the quarter, and included net orders for the quarter of $24bn.