Published: Wednesday, July 22, 2009
Boeing 2Q profit up 17%; gives no new 787 schedule
Although the Boeing Co. has identified a fix for its delayed 787, the company couldn’t provide a new schedule on Wednesday.
Boeing reported a 17 percent increase in its second quarter earnings, compared to the same period in 2008, as its defense business improved. Boeing delivered one fewer commercial aircraft in the second quarter than it did in 2008 but remains up in jet deliveries for the first half.
Boeing said it is studying how to implement the fix for the 787 side wall reinforcement, which the company disclosed in June. Boeing expects to provide an updated schedule in the third quarter.
“The 787 continues to challenge us …. The team is making solid progress," said Jim McNerney, Boeing's chief executive in a conference call.
In June, Boeing postponed the first flight of its 787, saying it needed to reinforce the area where the wings meet the fuselage. On Wednesday, McNerney said the company continues to believe the problem is localized to side-wing area.
"The fix design is straightforward," McNerney said.
For the quarter, Boeing's revenue increased 1 percent to $17.2 billion. Earnings per share rose 22 percent to $1.41. The company's prediction for earnings of $4.70 to $5 per share for 2009 remains unchanged.
Boeing's McNerney doesn't believe the company will need to slow jet production rates any further. The company previously announced it will slow 777 production here in Everett next year. That plan remains unchanged.
In the second quarter, Boeing customers requested to push out deliveries of 70 aircraft. Boeing had received 60 similar requests in the first quarter.
Boeing's McNerney said the company has completed nearly 75 percent of the assembly of its first 747-8 Freighter, which is expected to take flight later this year.
Boeing reported a 17 percent increase in its second quarter earnings, compared to the same period in 2008, as its defense business improved. Boeing delivered one fewer commercial aircraft in the second quarter than it did in 2008 but remains up in jet deliveries for the first half.
Boeing said it is studying how to implement the fix for the 787 side wall reinforcement, which the company disclosed in June. Boeing expects to provide an updated schedule in the third quarter.
“The 787 continues to challenge us …. The team is making solid progress," said Jim McNerney, Boeing's chief executive in a conference call.
In June, Boeing postponed the first flight of its 787, saying it needed to reinforce the area where the wings meet the fuselage. On Wednesday, McNerney said the company continues to believe the problem is localized to side-wing area.
"The fix design is straightforward," McNerney said.
For the quarter, Boeing's revenue increased 1 percent to $17.2 billion. Earnings per share rose 22 percent to $1.41. The company's prediction for earnings of $4.70 to $5 per share for 2009 remains unchanged.
Boeing's McNerney doesn't believe the company will need to slow jet production rates any further. The company previously announced it will slow 777 production here in Everett next year. That plan remains unchanged.
In the second quarter, Boeing customers requested to push out deliveries of 70 aircraft. Boeing had received 60 similar requests in the first quarter.
Boeing's McNerney said the company has completed nearly 75 percent of the assembly of its first 747-8 Freighter, which is expected to take flight later this year.
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