Boeing Raises Guidance, Though Sales Flag

By Anne Steele 

Boeing Co. posted earnings well above expectations in the first quarter and lifted its guidance for the year because of a tax benefit, though sales flagged worse than analysts anticipated.

Shares slipped 1.1% premarket to $181.55.

The world's largest aerospace company lifted both ends of its earnings guidance by a dime on the tax benefit. Boeing now expects adjusted earnings of $9.20 to $9.40 a share compared with previous guidance for $9.10 to $9.30 a share. Revenue is still expected between $90.5 billion and $92.5 billion, including between 760 and 765 commercial deliveries.

In all for the first quarter, Boeing earned $1.45 billion, or $2.34 a share, up from last year's $1.22 billion, or $1.83 a share.

Excluding items, the company earned an adjusted profit of $2.01 a share, topping the average analyst estimate for $1.94 a share, according to Thomson Reuters. Revenue fell 7.3% to $20.98 billion, on lower 737 and military aircraft deliveries. Analysts were looking for $21.3 billion in sales.

Boeing's backlog grew to $480 billion, including $27 billion of net orders during the most recent period.

Write to Anne Steele at [e-mail]

(END) Dow Jones Newswires

April 26, 2017 08:35 ET (12:35 GMT)

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