Boeing shares jump after blowout quarter
Shares of Boeing were on the move Wednesday morning after the company reported better-than-expected quarterly earnings and issued an upbeat forecast, tempering fears for now that the Trump administration's tough talk on trade would hurt its bottom line.
Boeing delivered 184 commercial aircraft in the quarter, an increase of 9 percent from a year ago. That included the first 787-10 Dreamliner to Singapore Airlines and the first 737 Max 9 to Lion Air Group.
Boeing also booked 221 net orders and reported a backlog of more than 5,800 airplanes valued at $415 billion.
That drove revenue up by 6 percent to $23.4 billion. Profit from operations surged 35 percent to $2.5 billion.
Boeing expects the good times to continue and raised its 2018 earnings per share forecast by 50 cents - it now expects $14.30 to $14.50 a share.
Concerns about a trade war continue to linger, especially since Boeing is counting on sales to China.
"Unfortunately, Boeing makes an easy target for anyone wishing to retaliate against the new US trade measures," wrote aviation analyst Richard Aboulafia of the Teal Group in Aviation Week last month. "About 80% of Boeing's jetliners are exported, and the company is one of the most iconic US manufacturers and global brands."
Shares of Boeing recently traded at $337, an increase of about 2 percent. They have surged more than 14 percent this year.