CHICAGO (MCT) — Chicago-based aerospace and defense giant Boeing Co. on Wednesday said third-quarter profit totaled $1.2 billion, up 12 percent over the same period a year ago.
The results handily beat Wall Street expectations, and Boeing increased its profit expectations for the year. Boeing reported core earnings, which excludes pension liability, of $1.80 per share, compared with an average Wall Street estimate of $1.55 per share.
Revenue in the quarter increased 11 percent to $22.1 billion based on more deliveries of commercial airplanes to airlines.
Its order backlog increased to a record $415 billion, including $27 billion in new orders during the third quarter.
Boeing CEO Jim McNerney in a statement attributed the higher profits to "consistently strong operating performance."
Shares of Boeing have risen 65 percent in 2013.
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