Boeing stock jumps after fluctuating to surprise earnings as commercial aircraft sales more than triple

Shares of Boeing Co. BA,
-1.59%
rose 3.6% in premarket trading Wednesday, after the aerospace and defense giant made a surprising profit amid higher commercial volume and lower period costs. Net income for the quarter ended June 30 was $587 million, or $1.00 per share, after a loss of $2.38 billion or $4.20 per share for the same period a year ago. Excluding one-time items, Boeing rose to core earnings per share of 40 cents from a loss per share of $4.79, surpassing the FactSet consensus for a loss per share of 83 cents. Revenue rose 44.0% to $17.00 billion, surpassing the FactSet consensus of $16.60 billion. Within Boeing’s business segments, Commercial Airplanes revenue grew 268% to $6.02 billion, surpassing the FactSet consensus of $6.0 billion as shipments rose from 20 to 79; Defense, Space & Security revenue grew 4% to $6.88 billion, above expectations of $6.78 billion; and Global Services revenue grew 17% to $4.07 billion, beating expectations of $3.69 billion. The company said the 737 MAX program is producing at a rate of 16 aircraft per month, and that the rate is expected to gradually increase to 31 per month by 2022. closely monitor rates, vaccine distribution and global trade as key indicators of the stability of our industry,” said Chief Executive David Calhoun. The stock is up 3.8% through Tuesday, while the Dow Jones Industrial Average DJIA,
-0.24%
won 14.6%.

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