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Boeing Co. (BA) Posts Better-than-Expected Earnings; Revised 787 Jetliner Schedule Planned for Q3

After sliding 11 cents in today’s early session, shares of Boeing Co. (NYSE: BA) climbed 20 cents mid-day after the company announced that its second-quarter earnings rose 17 percent over its 2008 second-quarter results, beating Wall Street expectations.

Boeing posted earnings of $998 million, or $1.41 per share, for the period ended June 30, up from $852 million, or $1.16 per share, for the second quarter of 2008. Earnings for the second-largest commercial plane maker include a charge of 22 cents per share for a late delivery of military aircraft.

Revenue increased 1 percent to $17.15 billion, up from $16.96 for the second quarter last year. Sales for its defense unit, which represents about half of Boeing’s overall revenue, rose 9 percent to $8.7 billion, while commercial plane revenue slipped 2 percent to $8.4 billion.

Boeing also said it will announce a revised schedule for its 787 jetliner in the third quarter, marking the fifth delay of the plane’s inaugural test flight and delivery schedule.

Last month Boeing said parts of the plane needed to be reinforced, hinting at another delay. Today the company said it has identified a technical solution and is now deciding how to implement this solution.

Despite the recent delay, the company today reiterated its 2009 profit forecast of $4.70 to $5 per share, which it lowered to $4.52 in April. Still, some analysts say the guidance doesn’t reflect the new schedule.

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