The Boeing Company (BA) bypassed the industrials selloff.
Boeing delivered core earnings of $3.58 per share on revenue of $25.1 billion for the quarter, exceeding analyst expectations of earnings of $3.47 per share on revenue of $23.91, according to data compiled by Bloomberg.
The aerospace manufacturer raised its full-year forecast for EPS to between $14.90 to $15.10, from its previous guidance of $14.30 to $14.50. Revenue guidance increased $1 billion to between $98 billion and $100 billion. Boeing has raised its guidance in each of its previous reports this fiscal year.
The stock rose 2.77% to $359.75 per share as of 10:27 a.m. ET.
During the quarter, Boeing “captured important new defense business, winning and investing in the MQ-25 and T-X programs and securing the MH-139 contract,” Boeing CEO Dennis Muilenburg said in a statement. He noted that “key wins in the quarter” included winning a contract to update the US Navy’s P-8 Poseidon system and an order from GE Capital Aviation Solutions for additional 737-800 Boeing Converted Freighters.
Commercial airplanes fell to 190 for the quarter from 202 in the third quarter of 2017, including 57 of the company’s 737 MAX airplanes. Investors were previously concerned about the company’s deliveries in the 737 family after Boeing left unfinished jetliners at a factory near Seattle. Total commercial airplane deliveries are now at 568 for the year, and Boeing is maintaining its forecast that it will deliver at least 810 airplanes for the full year of 2018.
The company also affirmed that the 777x program “remains on track for delivery in 2020 as the static test airplane was completed and moved into test setup and the first two flight test airplanes were in production.”
Boeing’s results diverge from many of its peer industrial stocks, with some delivering disappointing forecasts in reports earlier this week. 3M (MMM) shares tumbled Tuesday after the company missed on revenue and earnings per share and lowered its full year guidance for EPS to between $9.90 and $10.00, from $10.20 to $10.45 previously. Caterpillar’s (CAT) stock dropped the most in seven years Tuesday after the company said its manufacturing costs were rising due to increases in costs for materials including steel on account of tariffs.
Chicago-based Boeing has previously rebounded from selloffs spurred by tariff-related concerns. Shares of the company were up about 19% year-to-date as of market close Tuesday, situating it among the top 10 performers in the Dow.
—
Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck
Read more from Emily:
Netflix user growth beats expectations, shares spike
Now is a ‘once-in-a-lifetime chance’ to invest in US pot companies, investor says
There are ‘4 headwinds’ facing markets rights now
