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Boeing tops profit estimates, takes further tanker charge

Boeing tops profit estimates, takes further tanker charge
Signage for Boeing is seen on a trade pavilion at Farnborough International Airshow in Farnborough, Britain, July 17, 2018. REUTERS/Toby Melville   -   Copyright  TOBY MELVILLE(Reuters)
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(Reuters) – Boeing <BA.N> topped analysts’ forecasts for quarterly profit on Wednesday and raised its forecasts for annual profit per share by more than half a dollar as it continued to benefit from a boom in global air travel and demand for airplanes.

The world’s biggest planemaker recorded another $176 million in charges on its KC-46 aerial refueling tanker, bringing the total cost of the program to more than $3 billion.

It also took a charge of $691 million related to the MQ25 refueling drone and T-X training jet contracts it won in August and September.

The Chicago-based firm’s core earnings, which exclude some pension and other costs, beat analysts’ average forecast by 11 cents at $3.58 per share in the quarter ended Sept. 30.

Boeing raised its full year profit forecast to $14.90-$15.10 from a previous $14.30-$14.50 per share.

(Reporting by Ankit Ajmera in Bengaluru; editing by Patrick Graham)

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