Boeing on Wednesday announced that its third-quarter profit was 78 percent greater than the profit for the same period last year, due largely to double-digit growth in its defense and space division.
The company reported a profit of $456 million for the quarter, up from $256 million last year. On a per-share basis, earnings grew to 56 cents, from 32 cents.
Total revenue grew 8 percent, to about $13.2 billion, from $12.2 billion, with Boeings defense units once again out-selling its commercial airplane group. Boeings Integrated Defense Systems group had revenue of roughly $8.3 billion, up from $7.3 billion in the third quarter last year.
Boeing Commercial Airplanes reported an 8-percent drop in revenue, to $4.6 billion from $5 billion, largely because it delivered a higher proportion of lower-cost 737s during the quarter. However, the divisions profitability improved, thanks to better performance across all cost units, chief financial officer James Bell said.
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