UPDATE: Boeing Posts Upbeat Q2 Earnings, Raises 2014 Earnings Forecast

The Boeing Company

reported a 52% rise in its second-quarter profit and raised its earnings forecast for the year. Boeing now expects full-year earnings of $7.90 to $8.10 per share, versus its prior forecast of $7.15 to $7.35 per share. The Chicago, Illinois-based company posted a quarterly profit of $1.65 billion, or $2.24 per share, versus a year-ago profit of $1.09 billion, or $1.41 per share. Its core operating earnings, excluding some pension costs and other items, climbed to $2.42 per share from $1.67 per share. Its revenue rose 1.1% to $22.05 billion. However, analysts were estimating a profit of $2.01 per share on revenue of $22.23 billion. Operating cash flow declined 48% to $1.81 billion. The company delivered 181 jets to customers in the quarter, a 7.1% rise versus the 169 delivered in the year-ago period. Boeing's revenue at its commercial division climbed 5%, while revenue at defense, space and security division dropped 5.4%. Its total backlog of $440 billion as of June 30 was unchanged versus the start of the quarter. Boeing Chairman and Chief Executive Officer Jim McNerney said, "Strong operating performance across our production programs and services businesses drove revenue and earnings-per-share growth and healthy operating cash flow, which supported $1.5 billion in additional share repurchases in the quarter." Boeing shares gained 1.20% to $131.30 in pre-market trading.