The Boeing Co. is raising its financial sights for the year as a result of a stronger-than-expected first quarter, and that was reflected today in its stock price as well.
First-quarter revenue was up 6 percent year over year at $23.4 billion. and net earnings per share rose 57 percent to $4.15, the company reported. Adjusted earnings per share hit $3.64, 68 percent higher than the year-ago figure and 40 percent higher than the consensus forecast from analysts.
Vertical Research Partners’ reaction to the financial results was headlined “Everything Goes Right.”
Boeing attributed the improved performance to higher commercial airplane deliveries, with a more profitable mix of planes, plus growth in its defense and service lines. As a result, the company’s full-year guidance for earnings per share was increased by 50 cents, to between $16.40 and $16.60.
