Boeing Keeps Its Edge

On Wednesday, aerospace giant Boeing (BA) reported excellent third-quarter results that showed solid backlog trends and improving cash flow. We continue to believe that aerospace is one the strongest sectors in the global economy, boasting significant visibility as a result of the tremendous backlogs of the airframe makers. We do not expect to make a change to our fair-value estimate of Boeing at this time.

Boeing's revenue advanced 13% during the period, thanks to commercial airplane sales, which jumped 28% on higher delivery volume. Operating earnings rose roughly 6% in its commercial business, while defense earnings were roughly flat from the year-ago period. Excluding pension expense, earnings per share advanced 5% during the quarter. We continue to expect the pace of deliveries to increase in coming years as Boeing works through its multi-year backlog that stands at about 4,100 planes valued over $300 billion (that's about 6 times this year's expected commercial revenue!)....369 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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