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Airliner sales lift Boeing profit

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Airliner sales lift Boeing profit

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Boeing’s shares took off as it posted a quarterly profit that beat expectations.

The US aerospace and defence company also boosted its forecast for the full year thanks to a strong recovery in the market for commercial airliners with a surge in orders from the Middle East and Asia.

Airlines are updating their fleets as travel demand picks up.

Analysts said that is more than compensating for reduced defence spending as the US and European government slash their budgets.

Boeing, which competes with Europe’s Airbus, said its third-quarter net profit was the equivalent of almost 600 million euros.

That compared with a 1.1 billion euro loss a year ago due to additional cots from the much delayed 787 Dreamliner and the newest version of the 747 jumbo jet.

Boeing reaffirmed its plan to make the first delivery of the 787 early next year.