Bloomberg News reports that Boeing Co. (NYSE: BA) beat and lowered. But the market is applauding -- lifting its shares 1.6% in pre-market action.
The market likes nothing more than a company that beats earnings estimates and raises its sales and profit guidance. But Boeing seems to have exceeded expectations while lowering guidance -- albeit less than expected. Boeing reported that its earnings rose 61% in the third quarter as it increased production to deliver nine more jetliners than a year earlier.
Its earnings and sales exceeded expectations. Net income increased to $1.11 billion, or $1.44 a share, from $694 million, or 89 cents, a year earlier. This was 18 cents a share about the $1.26 a share that 11 analysts surveyed by Bloomberg expected. Revenue of $16.5 billion exceeded the analysts' $16 billion forecast.
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