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Boeing profit up, cuts 2008 revenue forecast

NEW YORK - Boeing Co said on Wednesday third-quarter profit rose more than expected, helped by higher deliveries of commercial planes, but it scaled back its revenue forecast for next year due to delays on its 787 Dreamliner.

The world’s biggest-selling jet maker, which is also the No. 2 U.S. defense contractor, reported quarterly net profit of $1.1 billion, or $1.44 per share, compared with $694 million, or 89 cents per share, a year earlier.

Earnings from continuing operations were $1.43 per share, which easily beat Wall Street’s average forecast of $1.24, according to Reuters Estimates.

Revenue rose 12 percent to $16.5 billion, above analysts’ average forecast of $16.05 billion.

Boeing delivered 109 commercial planes in the quarter, up 9 percent from the year-ago quarter, which helped boost sales at its commercial planes unit by 23 percent to $8.3 billion.

Defense revenue increased a more modest 3 percent to $8 billion, helped by strong sales at its network and space systems unit.

Boeing raised its profit forecast for the full year to a range of $5.05 and $5.15 per share, up from a previous forecast of $4.80 to $4.95. Wall Street was expecting $5.06, on average.

It kept its 2008 profit forecast of $5.55 to $5.75 per share, below Wall Street’s average estimate of $6.04, but lowered its revenue forecast to account for the six-month delay in 787 Dreamliner production, announced earlier this month.

Boeing said it now expects 2008 revenue of $67.5 billion to $68.5 billion, down from its previous estimate of $71 billion to $72 billion. Analysts were expecting $71.2 billion, on average.