Boeing reports second-quarter financial results, reaffirms guidance

The Boeing Company’s second-quarter earnings per share decreased 14% to $1.16 per share, on revenue of $17.0 billion and an operating margin of 7.4%. Results were affected by the previously disclosed charge for the Airborne Early Warning & Control (AEW&C) program and lower profitability due to mix and timing in Commercial Airplanes, partially offset by lower centralized costs.

For the first half of 2008, revenue grew 2% to $33.0 billion, operating margin grew to 9.2%, net income rose 7% to $2.1 billion, and earnings per share increased 13% to $2.79 per share, despite the AEW&C charge. Results reflected good performance in the company’s core businesses and lower unallocated costs.

Boeing reaffirmed its 2008 earnings per share guidance of between $5.70 and $5.85 as well as its 2009 earnings per share guidance of between $6.80 and $7.00.

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