Investing.com – Shares in Boeing fell in pre-market trade on Wednesday as the company reported mixed second quarter results.
The Dow component reported core earnings per share of $3.33 in the April to June period. Analysts had forecast $3.34 per share. The company reported a 5% increase in revenue to $24.26 billion. Economists had estimated revenue of $24 billion.
Boeing chief Dennis Muilenburg was upbeat on the numbers, highlighting the fact that the company improved revenue and earnings, delivered strong cash and captured $27 billion in new orders.
The company lifted its revenue guidance by $1 billion to between $97 and $99 billion, nothing that the increase was driven by defense volume and services growth.
"Commercial Airplanes margin guidance was increased to greater than 11.5% on strong performance and Defense, Space & Security margin guidance was adjusted to reflect the impact of cost growth on the KC-46 Tanker program," Boeing said in the press release.
“Continued services growth, increasing defense volume and strong performance of our commercial business, as well as our positive market outlook, give us the confidence to raise our revenue and Commercial Airplanes margin guidance for the year,” Muilenburg said.
At 7:54 AM ET (11:54 GMT), shares in Boeing (NYSE:BA) lost 3.09% to $347.00, compared to the previous closing price of $358.27.