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Boeing shares take off as airplane giant surpasses Street expectations on earnings and revenues

The airplane maker's total backlog rose to $491 billion, including more than 5,800 commercial aircraft

Boeing logo with plane
Boeing, based in Chicago, is the world's biggest airplane manufacturer

Boeing Company (NYSE:BA) shares took flight on Wednesday after surpassing expectations on third-quarter earnings per share and revenue while raising its full-year guidance.

The company said EPS came in at $3.58, topping the consensus of $3.47 and last year's $2.72. Revenue hit $25.1 billion, racing past the $23.986 billion expectation and last year's $24.31 billion. 

The company's total backlog rose to $491 billion, including more than 5,800 commercial airplanes valued at $413 billion. The backlog for the defense, space and security business unit was $58 billion, with 31% of those orders coming from customers outside the US.

Boeing's full-year revenue guidance went up $1 billion to between $98 billion to $100 billion. The company also raised its full-year adjusted earnings outlook to a range of $14.90 to $15.10 a share, compared with the prior forecast of $14.30 to $14.50 a share. Boeing, based in Chicago, is the world's biggest plane manufacturer.

Shares jumped nearly 4% to $362.40 in pre-market trade.

Reporting by Rene Pastor, contactable on [email protected]

Quick facts: Boeing Co

Price: 340.49 USD

Market: NYSE
Market Cap: $191.75 billion

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