Boeing Profit Up Sharply as Orders Climb
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SEATTLE — Boeing Co. reported a sharply higher third-quarter profit of $378 million Monday, and analysts said that with more than $86 billion in orders, the giant aircraft maker should continue to thrive despite troubles in the airline industry.
The company announced that July-through-September net earnings were up 56% from the $242 million reported for the same period a year ago.
For the nine months to Sept. 30, Boeing profit was $1.07 billion, compared to $896 million for the same period a year ago.
The company’s revenue rose to $7.18 billion for the third quarter, compared to $6.36 billion in the third quarter of 1989.
A relatively bleak spot was the company’s space and defense business, which Boeing Chairman Frank A. Shrontz said suffered “substantial” losses. The sector’s figures are included in the total earnings report.
Overall, analysts predicted, the company will continue to thrive in the fourth quarter, despite difficult times in the airline industry.
The primary reason is Boeing’s huge backlog of orders, boosted most recently by a $22-billion order from UAL Corp.
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